25 Feb 2025
Around 2 lac Overseas Filipino Workers (OFW) are residents of the UK because of its strong economy. Life as an Overseas Filipino Worker (OFW) in the UK can be fulfilling but comes with many financial challenges. High living costs, exchange rate fluctuation, and unexpected expenses can consume your hard-earned money. Here are five practical ways to reduce your monthly expenses to save more and send money to Philippines.
Rent is often one of the highest monthly expenses in the UK. To save on housing costs, consider looking for shared accommodations or renting a room in a house rather than an entire apartment. Shared living arrangements can significantly lower rent and utility bills. If possible, try to find accommodation away from the city center, where rent is usually lower. Commuting may take a little longer, but the savings can be worth it.
Also, check local community boards, social media groups, and housing websites regularly for good deals, which can sometimes be more affordable. Setting aside time to research and explore different housing options can result in long-term savings.
Transportation can be costly in the UK, especially if you rely on taxis or drive long distances. Instead, make use of the UK’s efficient public transportation system. Buses and trains are generally affordable, and you can save more by getting a weekly or monthly pass. If public transportation isn’t convenient for your work, consider carpooling with colleagues or friends who live nearby.
For those who cycle, it is a free and healthy commute option. Even minor efforts, like walking for short distances instead of driving or taking public transport, can add up to big savings over time.
Eating out may be convenient, but it’s much more expensive than cooking at home. By planning your meals in advance, you’ll spend less on food, enjoy healthier meals, and avoid impulse buys at restaurants.
Start by making a weekly meal plan and a shopping list to match. Buying ingredients in bulk also reduces costs over time. Look for deals at local markets or discount stores for essentials like rice, pasta, and canned goods. Cooking meals from scratch may take a bit of time, but it pays off financially.
Many people have subscriptions they rarely use, whether for streaming services, magazines, or fitness apps. Review all your subscriptions and cancel those that don’t bring you value. This small step can free up extra cash each month.
Keeping track of your spending is essential to understanding where your money goes. Use budgeting apps or simple spreadsheets to categorize and monitor your expenses. This practice will help you identify areas where you can cut back.
Set a monthly review date to review your spending, adjust your budget, and celebrate any savings you achieve by giving yourself a small treat. This habit keeps you financially aware and motivated, helping you stay on track with your financial goals.
The UK offers a wealth of free entertainment options. There are plenty of ways to have fun without spending money, from parks and museums to local festivals and concerts.
Instead of hiring someone for home repairs, try to tackle minor issues yourself. There are many online tutorials and resources available for DIY projects. Learn basic home maintenance skills to save on handyman fees.
One of the main reasons OFWs work abroad is to support their families back home. However, the fees associated with sending money to the Philippines are quite high. To minimize these costs, use online remittance services that offer competitive rates and lower fees.
Monitor exchange rates regularly. Try to send your remittances around times when exchange rates are favorable. Some online resources allow you to compare rates easily. This can be a great way to maximize the money you send back home.
These strategies may seem small individually, but they can help you save a significant amount each month. More importantly, the money you save can contribute to fulfilling your long-term goals. Download the ACE app and sign up today to make a money transfer to Phillipines affordably.
To save on utility bills, practice energy conservation by turning off lights when not in use, using energy-efficient appliances, and unplugging devices that are not being used.
Compare rates and choose budget-friendly mobile providers. Also, bundle your internet and phone services for potential discounts.
If your schedule allows it, a part-time job can provide extra income to help cover expenses. However, be mindful of work-life balance and ensure it doesn’t negatively impact your main job or personal life.
Check local job boards, community centers, or online platforms like LinkedIn for flexible part-time opportunities. Networking with friends and colleagues can also lead to job leads.
Look for free or low-cost entertainment options like local community events, free museum days, and parks. Streaming services often have family plans that can save money for making a money transfer to Phillipines. Consider hosting movie or game nights at home instead of going out.
