As an OFW, the aspiration to live comfortably and peacefully during retirement will always be there. But this doesn’t have to remain a far-fetched reality. By being committed to good money habits, you can start earning and saving to support your post-retirement needs and more.
Remember that the right habits can bring you closer to your goal and help you become the person you want to be. To achieve financial freedom and be happy in retirement, work on these practices:
On Saving: Record Your Expenses
When you keep track of your expenses, you’ll know where your money goes. It “forces” you to see if your finances are used wisely and discover any spending issues. At the same time, tracking your expenses triggers you to stick to a budget plan. Both activities are crucial if you’re also saving for a big-ticket purchase, say an acquired property in Laguna, where you can spend post-retirement days.
On Saving: Automate Transfers
There’s a greater chance of maintaining a habit if it’s easy to do. So each time you receive your paycheck, consider making automatic transfers to your savings account. It’s a low-effort way to prioritize savings and meet your monthly or yearly financial goals.
On Spending: Live a Frugal Life
You can live within your means if your environment is designed for this specific objective. Hence, you may want to consider living in the province, where the cost of living is more affordable than in urbanized cities.
Bulacan is an ideal home location since it also has foreclosed properties that can fall within your budget. An acquired 187-square meter house in this province, for example, may cost less than P5 million. In the areas of Baliuag and Marilao, you’ll also find bank-owned houses and lots that are relatively affordable. The province, at large, is home to many gated communities like Granville Subdivision, so neighborhood safety won’t be an issue.
On Spending: Be a Mindful Shopper
On a daily basis, you can shop mindfully by knowing your needs and wants. You can determine if you really need to acquire new things by looking at what you already have. Other ways to become a mindful shopper include having a shopping list (and sticking to it!) and giving yourself an allowance to spend each month. Spending stops when the money is gone.
On Investing: Protect Your Money with Low-Risk Investments
To invest safely, start small and gradually increase as your income grows. This means opting for low-risk investments first, like foreclosed properties. Some options worth considering are:
- A house and lot in Tayabas City, Quezon that you can refurbish and resell.
- A spacious home in Lucena City, Quezon with extra rooms you can rent out.
- A modern house in Lucena City that can be passed on to your next of kin.
- A house in Tarlac City with a garage that can be converted into a commercial area.
When investing in properties, take note that tourist destinations like Batangas are also worth exploring. Houses here can generate passive income through short-term and long-term rentals. Many tourists nowadays prefer rental homes for their affordability and homey, suburban feel.
The following foreclosed properties in Batangas can also double as retirement homes because of their peaceful surroundings and access to sceneries:
- A house and lot with a pool area in Santo Tomas, Batangas
- A 98-square meter home in Lipa City, Batangas
- A single-detached house with a balcony in Lipa City, Batangas
On Investing: Reassess Your Investment Portfolio
Every time your financial goals and risk tolerance change, you should re-evaluate your investment plan. OFWs who are serious about investing do not put all their money in one place. So if they decide to invest in a physical property, they may also grow wealth through real estate investment trusts (REITs) or money market securities.
Of course, there are no hard and fast rules for investing. If you want fewer risks and predictable income sources, foreclosed properties remain among the best options. When you’re ready to make a purchase, note the following documents you may need:
- Notarized Special Power of Attorney with specific property details (should be consularized if the buyer is abroad)
- Attorney-In-Fact Information Sheet (if the buyer is abroad)
- Proof of Remittance
While all the habits mentioned are crucial to achieving financial security, investing has the most profound effect. Visit this link to explore your foreclosed property options.
