An OFW Get Out from Loans and Saved Half Millions Pesos

How to Get Out From Loan and Save Money

People get loans to secure their needs, pull out some funds for emergency cases or pay unpaid debts from past loans. We have different reasons why we put ourselves into loans. Some of us are having trouble paying their loans. Some can’t get out of their loans worse than that some of them are put behind bars because they don’t have the capacity to pay their loans or debts. Lenders don’t ask why you need loans as long as you met their requirements.

They have the quota to hit their target and get bonuses from the lending company.

Here’s some tips on how I get out of loans and start saving money and reach almost half million that will secure my future.

  1. Define Needs And Wants Into Your Self.

Have you ever asked yourself how will you save more money by defining what you really need and control your wants? According to study by Crediting Firm last September 2019, person who often goes outside and roams the malls has the biggest chance to save money than people who regularly go to the malls. Some of the people are emotionally buying after seeing a postcard that says 75% off without realizing that the items is not valuable and not really need. We don’t say going out and checking out the mall is bad.

 Well here’s your tip: If you can’t resist going to the mall every weekend, you can do what I did to save money. (Don’t bring a large amount of money, leave your credit and debit cards at your house if possible, Before going to a grocery store make sure you stomach is loaded with food so you can lessen your impulsive buying of foods and just grab the things you really needed.)

  1. Eating Before Going for Groceries.

Eat First Before Going To Groceries

Have you ever felt eating after a long lines and tiring day in the grocery? People does grocery before eating which is I guess it’s the wrong way. In fact, there are some reasons why people do this. The tendency people are impulsively buying extra foods that they really don’t need. As I mentioned above, you need to eat your snack or lunch before you go for a grocery shopping to avoid shopping spree. You also need to list down all the things you need to buy from the grocery so you can have a budget. Getting into sale items will also squeeze your budget, but you need to check the expiration dates to avoid inconvenient to yourself.

  1. The Pizza Chart.

The Pizza chart

Budgeting is one of the important things in this list, since you don’t have other basic income. You can slice your budget from different percentage as per your needs. Just like a pizza, you make slice to different size. This idea will help you to budget your basic income.

  1. Financial Plan And Management.

Making a list of your expenses will give you insight of your monthly expenses, where you can eliminate the unnecessary expenses and turns it into savings.

  1. Make your debts your priorities.


Being responsible from your debts will lead you to a comfortable life, since you advanced your money from your loan adding interest from it. You need to be responsible to pay them off and avoid losing the opportunity to pay your debt loans. Paying your debts should be in your top list of financial list.

  1. Saving From Your Basic Income.


Once you get your basic income or salary of the month. Saving before spending your hard earned money will secure you in the future. Pulling out at least 20% from your salary into your savings will make a difference after a couple of years. You can compute that into two years but I highly recommend that you keep your money and make a consistent savings. Without knowing you’ll probably going to save more than what you expected.

  1. Avoid Eating From Fast Foods and Restaurants.

It’s beneficial when you avoid eating out instead cooking homemade foods to save money. Eating outside is not a big deal however, in time saving perspective, if you have extra money or your working late you can just grab some food from fast food and go straight to bed. But the point is you can save more money if you cooked at home since you don’t have to pay anything.

  1. Adding Source of Income

There are many ways you can do to add your source of income. Are you earning a minimum wage? Which is not enough to level your lifestyle? Adding a source of income will balance your asset to pay off those expenses.

Adding Income Source

How did I add my source of income? I simply figured my passion then applied it to make money. There are lots of ways you can do to add your source of income. You can check my broad list here, what are the trend businesses you can do to add more money from your income salary. However, starting a micro business where you can spend a spare time will be a big help to add into your income.

  1. Sending Remittances Is Bad!

Sending Money Is Bad

It’s our responsibility to send remittances to our family since we are working overseas. They’re expecting a big amount of money to receive on the end of the month. But do you know that sending a big amount of money to your family is making them lazy and being dependent to you? I’m not saying that you need to stop sending money to them, but you have to educate them on how to save money and start investing to business.

  1. Stay Away From Credit Cards.

Get Rid of Credit cards

Credit card is the obvious reason why most of the people get into debts without realizing that they have been losing a lot of money from it. If you stay away from this card you can avoid shopping spree during black Friday.