All OFWs leave the country with one goal – to support their family’s financial needs. Leaving the country can be really nerve-wracking. Almost all look forward to the day they can finally come back home for good, but the only question is when they can be financially ready to do so?
Time flies so fast. You have to start planning and preparing for your return before it is already out of time for you to catch up. The following are 7 practical things that OFWs should consider before coming back home:
1. Do you have enough for your everyday expenditures? If you’re coming back home for good, make sure that you do the math and estimate your expenditures before you can have a new job. Make sure that you have at least 6 months’ worth to cover your expenses before deciding to go home.
2. Can you still continue to support your family financially? Another thing that you must take into considerations is the need of your family, most especially the education of your kids or the medication of your sick parents. You have to ensure that you can still support their needs with no disruption. Another thing to prepare for is the amortization for your car and house.
3. Do you have a new and secure job lined up? As much as we would like to take some rest when we come back home after years of working hard abroad, our expenses wouldn’t. You can browse the internet for jobs and apply online before you return home.
4. Have you saved enough capital to start a business? Starting a business can be a good way to provide your family with a sustainable livelihood when you return home for good, the only question is if you already have enough capital. To succeed, you should know the particulars such as how much capital you would need and what kind of business you will start.
Make sure that you pay for your OWWA membership so you can avail the programs available for returning OFWs like you such as “Trabaho, Negosyo, Kabuhayan”. If you’re planning to open a bakery shop, a small café, a welding shop or a computer shop, you can also avail their scholarships from TESDA.
5. Are you and your whole family covered by a medical or health insurance? High costs of medical bills can easily wipe out our life savings but it will be avoided if you and your family have a health insurance. Make sure to check if you have an active Philhealth membership because it will be very helpful once you decided to stay in the Philippines for good.
6. Do you have a secure emergency fund? Emergencies can happen when you least expect it and having an emergency saving is a wise financial move.
7. Are you prepared enough to retire? Preparing for retirement is all about planning. You can invest in the stock market, mutual funds, etc. A life insurance plan and pension are basic ways to cover your needs in your senior years.
Working abroad is not and should not be forever. Once you set foot on the foreign land, you must already plan your return. This will help you determine how long you’ll be working abroad, according to a former OFW who is now a successful businessman. Preparing for things that matter most is one of the reasons why some OFWs fail and come back home with no investments, no savings and broke.