How to Handle 5 Common Fears OFWs Have About Their Future

Being an overseas Filipino worker (OFW) is a far cry from the glitzy and glamorous life that most people imagine. Sure, you earn far more than what you make in the Philippines, but all that money can disappear in an instant if you don’t know how to manage it.

What’s the worst that can happen? Here’s a rundown of the most common financial concerns that keep OFWs like you awake at night:

1. “What happens to my family when I stop working?”
   
   More often than not, families rely on you to support all their needs and desires. It’s common to see families living a wealthy lifestyle while their breadwinner is on the other side of the world, taking on two to three jobs to sustain the family’s needs.
   
   Solution: While there’s nothing wrong with helping your loved ones, it shouldn’t get in the way of their financial independence. You may be the breadwinner, but that doesn’t mean that you should give them money every time they ask.
   
   Set boundaries and say no to unnecessary expenses. Give your family members a chance to learn how to budget the money you’re giving them.
   
   
2. “What if I get sick?”
   
   Medical emergencies are one of the biggest money-draining situations that can happen to OFWs. What took you years of toiling and saving up can disappear within a few weeks because of an unexpected illness.
   
   Solution: Aside from living a healthy lifestyle, invest in a whole life health insurance plan like BPI AIA's Critical Care 100 to protect your savings. It provides you with a cash benefit to help you recover from any of the 100 covered illnesses, both major and minor. Its built-in life insurance benefit also ensures your family’s protection should anything happen to you.
   
   
3. “What if I don’t save enough money?”
   
   One of the reasons why many OFWs are reluctant to stop working is the fear that they’ll run out of money. Many OFWs send most of their earnings back home, forgetting that they also need to build their personal savings for emergency situations and retirement.
   
   Solution: Pay yourself first by treating your savings as an expense. Instead of saving what’s left after paying your bills, you should include your savings as part of your monthly dues so that it becomes a priority, not an afterthought. Also, make your money work for you by investing it in real estate, businesses, mutual funds, and the stock market.
   
   
4. “What if I’m unable to pay off all my debts?”
   
   Many OFWs look at cars, condo units, and other big-ticket purchases as assets. And while these can rake in additional income depending on your situation, they can also quickly turn into a liability if not used well, draining money off your pockets.
   
   Solution: Whenever you invest in a huge purchase like a car or a home, make sure that you have a business plan on how these can make you earn in the long run. Carefully assess your capacity to pay your loans based on your current inflows. Ideally, don’t take out a loan that will take you more than 20 years to pay off so that you won’t be forced to work overseas for a long time.
   
   
5. “What if an emergency arises and wipes out all my savings?”
   
   The lack of emergency fund is one of the main reasons why OFWs struggle financially. Aside from illness, some emergencies that might happen include accidents and getting laid off from work.
   
   Because of these unexpected situations, you may be forced to borrow money from friends, or even take out loans as a temporary solution. The high interest rate can also take a toll on you, making it harder to pay off your debts.
   
   Solution: Protect yourself from medical emergencies and critical illnesses with Critical Care 100, which gives you a lifetime of protection from 100 critical diseases. It has flexible payment terms, plus optional riders which provide cash benefits to cover gender-specific illnesses, recovery income, as well as death and disability. It is also part of a suite of solutions powered by AIA Vitality, a science-backed wellness program that rewards you for living a healthy lifestyle. As you make healthy choices, you can get as much as 50% additional insurance coverage.

Live a worry-free life while working abroad and ensure the financial well-being of your family back home. To find out more about Critical Care 100, go to any BPI branch to speak to a Bancassurance Sales Executive, or visit the BPI AIA website.