Your 5-Step Plan to Your Financial Freedom

Your 5-Step Plan to Your Financial FreedomAfter being inspired or somewhat triggered by an article you read or a meme you saw on the internet about money matters, depending on its impact, you'll never be the same person again. It's because you'll now be opened to seeing the other side of the coin.

Unfortunately, starting your journey towards financial freedom is not going to be a walk in the park.

It won't be easy, and that's almost guaranteed. From kicking out bad habits to dragging yourself to the bank, they all entail hard work and discipline.

On an important note, if you are an OFW then the more you need to take action sooner. Because OFWs are the more easy targets of scams and quick-rich schemes because (1) you have the money, (2) you are not yet educated about scams and (3) they will take advantage of what you feel --- the need to earn more so you can go home for good already!

So where and how do you start?

Start first with yourself. It's time to cut-off the time you spend watching, reading and sharing nothing but negative and non-sense articles or news. Instead, you should start reading business books, articles or watch programs that tackles success stories of businessmen. But you must remember that, as Zig Ziglar once said, motivation, just like taking a bath, doesn't last long (that's why it's recommended daily).
Feed your mind and body with positivity and inspiration, and make sure that just before they expire and leave you, you use them to act on your plans:
1. Tell your family about your plans
This is a very crucial step towards achieving your targets. Make sure that all the members in the family understands what you want to accomplish. This is especially true when you're a bread winner or a family provider. People from the so-called “Sandwich Generation”, or those that provide to both their own family and parents and siblings, may find this step very challenging. 

Don't think of yourself being selfish by doing this to keep you from being guilty. Always remember that your intentions are clean and that in the long term, it's still for your own family's well-being. 

From cutting the cable to lowering the electricity bill to limiting the “eating out” allowances, it is important that they support your decision to sacrifice small things now to enable a better life for all of you in the future.
2. Open  a separate savings account
The next step includes monitoring your expenses and planning to paying your debts. Is it OK to start saving while still paying for debts? I'd say yes, to start a habit and increase your confidence about your financial state. You don't have to start with big amounts, start small and increase when you're comfortable.

If you're an OFW and don't have an account yet, it's time to tell your family to open an account for you. If you already have one, you can still open another one, this time, as your “Future Fund”. It could be for your retirement or a business you plan to start once you go home for good. More convenient ways are now available to OFWs when it comes to banking. There should be little worry about your remittances not being deposited to your account, since some on-line and banking facilities now allow you to directly deposit money to your bank account here in the Philippines for a reasonable cost.
3. Research more about investments
While you're still working on paying your debts and saving money, you can start educating yourself more about the different investments that you can make such as Mutual Funds and Stocks.

With that, and to save you the time you'll need looking for answers about investments, here, these articles will entertain and teach you at the same time:
4. Start small, dream big!
You must remember that the goal is not to invest one time, big time. The goal is for you to make it a habit to save and invest on  a regular basis. It would be better if you can do it every time you would send money to your dependents.

Pay yourself first. Meaning, save first before spending.  Have a realistic plan, especially on how much you plan to save or invest. You don't want to start saving 30% of your income on the first month (because you're too pumped up and excited) and close the bank account after few months. You can start by saving at least 10% of your income (or lower depending on your financial obligations), then increase slowly until you're comfortable.
5. Start with yourself, start today!
Finally, you must continue to educate and grow yourself. Be hungry for learning new things and be open to opportunities. However, be very cautious when it comes to investing your hard-earned money.

If the first link you clicked from the links above is the “Double Your Money in 7 Days”, you're an easy target! Always remember that if the offer is too good to be true, such as a promise to double your money in just days or weeks or even months, then it's NOT TRUE!

Final Thoughts

Monitor your daily expenses, start paying your debts and seek advice from a financial advisor who would care about you and your finances and offer sound solutions customized for your needs. Lastly, but certainly important, get insured. Protect your number 1 money machine -  yourself. Get both life and health insurance for life uncertainties.

Thanks for reading this article. I hope that this would help you and your plans to prosper. If you find this helpful, please share it to your friends (OFWs or not) so they can have a clearer vision in life as well.

PisoandBeyond When will you start your journey towards financial freedom? Receive cool updates like this when you subscribe to PisoandBeyond!


  1. This is such an interesting post. I'm entering another chapter of my life as a married woman and I know I need to learn the art of saving. Thank you for sharing! "D


  2. Great tips. I wish they add topics like this in school curriculum. Many people don't have a financial literacy.

  3. Szarah TolentinoDecember 07, 2017

    Ang galing naman po! So inspiring! Thank you!

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