Being miles away from your family can be pretty tough. This is why OFWs (Overseas Filipino Workers) work hard for their family to give them a brighter future. How can you make sure your family's future is secure? Is it enough to just save? Sun Life Financial Philippines' Jenny Del Mundo discusses the ways that can help OFWs ensure that their family's future in this episode from ABS-CBN's Umagang Kay Ganda.
According to Ms. Del Mundo, the following are “bright choices” that OFWs and their families can make to achieve a secure and prosperous tomorrow:
- Be disciplined in budgeting. You can start by applying the 50-30-20 rule in allocating your money (50% for basic needs, 30% for lifestyle expenses, 20% for savings).
- Secure an emergency fund. This will prevent you from using your savings and investments that are set aside for your other goals.
- Get ample insurance coverage. You can try this Life Insurance Calculator to have an idea about how much you need to shell out for life insurance.
- Prioritize your goals. A Sun Life Advisor can help you create a financial plan that is right for you so you can scrupulously allot money for your dreams. Get connected with an advisor here.
- Invest to grow your money. You can know more about our mutual fund investment products called the Sun Life Prosperity Funds here
After all, the productive years are the best time for OFWs to lay a solid financial foundation. By saving and investing regularly, they can have enough funds for life milestones such as retirement as well as for unforeseen events – while still providing for the present.