20 Oct 2023
Are you moving to Ireland soon? Or have you already moved to Ireland and want to start your work journey as a Filipino expat? Living abroad can be an exciting experience but comes with multiple financial challenges. Filipinos work and live overseas, far from home, to support their loved ones. They regularly send money to Philippines from Ireland to fulfill their needs and for a better future.
According to a survey by the Philippine Statistics Authority (PSA), around 1.83 million Overseas Filipino Workers (OFWs) worked abroad far from their home from April to September 2021. If you want to live a successful life, financial management is the most important thing you need to do as a Filipino expat in Ireland. You need to understand that your finances will not run on their own; you need to make a proper plan to follow and lead ahead in your new life.
Financial management applies to all aspects of your life and includes planning, organizing, managing, and controlling your financial undertaking. To support your expat life, you need to set goals and follow the new plan realistically. As Finance management is one of the major concerns in an expat's life, let's look at the ways and learn how to manage your Finances successfully.
Ireland has now come a long way in strengthening its financial regulations and supervision since 2016, aided by its membership in ESFS, the European System of Financial Supervision.
According to Statista, in 2017-2021, 1.83 million Filipino overseas workers from the Philippines worked abroad to earn money, indicating a significant increase in overseas Filipino workers. It is also observed that 60% of female OFWs mainly work overseas from the Philippines.
The recent development in money transfer methods has helped people save more money and give it back to their families. Hence, being a Filipino expat, you will enjoy sending money back home with the peace of mind that most are being saved and not spent on exchange rates and currency conversions.
You can use banking systems and money transfer services to send money online to Philippines from Ireland. Money transfer services like ACE Money Transfer have helped people bridge the gap between their families in different countries. This can be your way to connect with your family back home quickly.
The taxation system in Ireland runs throughout the year from 1st January to 31st December. If you have recently moved to Ireland and started working here, you may have to apply for your PPSN, the Personal Public Service Number. If you're returning to Ireland and have worked here, you already have your PPSN.
If you spend 183 days or more in Ireland this year or have spent 280 days or more in Ireland in two years consecutively, you will be known as a resident for the 2nd tax year, too. You won't be a tax-paying resident if you have spent 30 or even fewer days in Ireland.
You are taxed in the pay and file system if you are self-employed. You can explore starting your business options after knowing different taxation rules.
To make yourself financially secure and to send money to Philippines online from Ireland, you must build a proper strategy for saving money and spending it on necessities. An appropriate savings strategy will allow you to meet your savings goal. Otherwise, you will end up in currencies and lose money over time.
To survive long-term in Ireland, you should also look into different retirement plans and ensure you have gone through all pension options. This will let you make long-term plans in the country and also be able to send money to the Philippines consistently.
Your options in a retirement plan might include:
There are many ways to manage your finances; for example, you can get economical residence and transportation services while living in Ireland, which can save you money. Let's read ahead to learn how to manage your budget using cost-effective strategies to keep a good work-life balance.
There are many choices when considering accommodation on rent or for purchase, including apartments, houses, or house shares. House shares are private bedrooms rented in a shared place. These are the most common options for living in Ireland. Rents are widely dependent on location, and you can find different rents in different parts of the city. You can consider buying the house or renting it for the time being.
Transportation also depends mainly on finding the right solution for moving around the city or the country. You can choose to have your ride or take the cab anywhere you want. These are feasible solutions for you to avail and make the most of your time in Ireland. This way, you can save more money and send money to the Philippines whenever you want to.
Begin with creating a proper expense management plan that helps you spend wisely, save wisely, and make instant money transfer to Philippines. You should always create a practical budget that suits you and allows you to live comfortably without cutting off your expenses too much. Always keep a track record of how well you are doing, enabling you to stay on track and not run out of it.
Being your boss in saving money and running a budget can be tricky as a new Irish citizen, but tracking and optimizing your expenses can help you in the long run. You will better understand where your money is going, allowing you to make necessary changes in your budget plan. Besides these matters, you may miss your family and want to keep your mind calm and stress-free. You may get help by reading ways to stay healthy and safe while working abroad.
Once you move to Ireland, you must create social networks to thrive in city life. You will need a supportive community you can count on once you move to the city. This way, you will also find many hacks and insider tips on how to save money, adjust to the new country, and support your family back home.
You will adapt to life in Ireland if you follow the flow and understand your financial goals. Embracing this new lifestyle will be easier if you know what you will face in the coming future, as this will lead you to a better life ahead for yourself and your family back home.
Ireland can be your chance to live a better life, as it offers Filipino expats many opportunities. You need to understand different financial requirements first. To make an online money transfer to Philippines, you can use a money transfer service such as ACE Money Transfer, which works tirelessly to bridge expats and their families living back home financially smoothly.
Explore the budgeting strategies and low exchange rate benefits, and understand taxation considerations to build a solid financial foundation. Discover the finest ways of transferring money back to your homeland through money transfer companies, such as ACE Money Transfer, which not only facilitates you with the fastest money transfer but also charges a very reasonable amount.
Your financial well-being is already waiting for you to grasp all the opportunities in Ireland. You must stick to your financial plans and ensure you save enough to send money to Philippines back home in time. This can be your chance to make the most of your life in Ireland. This way, you can achieve financial freedom in Ireland and grow as a leader and fighter for your family back home.
Filipino workers should understand the criteria for tax residency, the importance of obtaining a Personal Public Service Number (PPSN), and taxation rules for self-employed individuals.
Building a solid financial foundation involves developing a savings strategy, exploring retirement plans, and considering various pension options. This ensures financial security and consistent money transfers to the Philippines.
Create a budget allocating a portion of your income for savings, and consider seeking additional income sources to meet both financial goals.
Online money transfer companies are generally safe for sending money from the Philippines to Ireland. However, it's crucial to choose reputable and licensed service providers.
Reference Links:
https://www.statista.com/statistics/1287067/philippines-number-of-overseas-filipino-workers/
https://psa.gov.ph/statistics/survey/labor-and-employment/survey-overseas-filipinos
