How to save money tips for OFWs

The importance of having an emergency fund

Worse for worse scenario. What if all of the sudden your boss told you “you are fired!” and your last working day is today. For how long you will survive without worrying looking for a new job?

Well, I experience something similar but not as worse as the above scenario. I still have the job, but my salary was delayed for as long as six months. But I managed to survive and stayed in the same company for three years. I only quit when I was approached and recruited to join in another reputable company in the same business line.

How I survive?

Well it is because of an emergency fund, which I built during the golden days of the company. I managed to set aside an amount equivalent to my six months salary. So, what I did was, every end of the month, I took a sum equivalent to my monthly salary and use it as if I’m having the regular salary. I set aside an amount for the┬ástock market — intended for my retirement, UITF and or mutual fund for mid term goals. And of course I sent money back to the Philippines for my family.

Whenever the company released delayed salary, I put it back to my emergency fund. The routine goes on and on until the delayed salary accumulated to six months. My emergency fund was drained. But it was just in time that I was recruited to join to a new company. Take note, I did not look for a new job desperately. It just came in at the right time.

Imagine if I did not set aside a certain amount of money for bad scenarios like delayed salary. What will happen to me and my family? I imagine two things: First, maybe I will look desperately for a new job and maybe I will accept salary lower than what I’m getting as long as the new company pays on time; second, I may go back home to the Philippines and be with my family penniless.

What about you? Do you set aside food for the rainy season? Do you remember the story of Tipaklong at Langgam? Sabi nga nila hindi araw araw ay pasko. Kaya dapat mag tabi din baka biglang mag ka Biernes santo.

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