Money Questions for the Smart OFW Couple


BY ANNE QUINTOS

When married couples live apart for a very long time, a lot of things that can go wrong. Take time to answer these questions with your partner. It may not be the most romantic thing to talk about, but we believe it'll bring OFW families closer to a happy endings.

Current situation
  What financial obligations should we prioritize together?
  How do we handle our household expenses (in the Philippines and abroad)?
  How much debt do we have?
  How much savings do we have?
  Do we have enough emergency fund in place?

Communication
  When do we talk about our financial situation and plans?
  How should we divide financial duties?
  How much could we spend without immediately consulting one another?
  How will we keep important records and documents?
  When an extended family member or close friend is in need, what's the maximum amount could we lend out?

Family concern
  What are the financial booboos of some of our friends/family members that we want to avoid?
  How much could we spend on occasional vacations as a balikbayan?
  How do we teach our kids to learn the value of saving?
  How many years do we sacrifice apart to meet our financial goals?
  Are we committed to stick to our financial goals even when we're apart?


Financial vision
  How do we start paying off our debts?
  What are the best channels and arrangements for money remittance?
  What are investment opportunities we would like to explore within a year? In five to ten years?
  Do we need to get a life insurance?
  If planning to go back home, how much should we save before settling back?
  How much should we be saving for retirement?


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1 comment:

  1. Aside from financial concerns, what will make you come back home for good?

    ReplyDelete