6 Tips to Make Your Hard-Earned Money Work For You: Guide for OFWs

Christmas is fast approaching, and everyone’s busy planning for office parties and family reunions. For Filipinos living or working abroad, the holiday excitement is building up as they count the days until their much-awaited homecoming to celebrate with their loved ones.

As we enjoy the season, expenses are inevitable. So, if you’re an overseas Filipino worker, you might want to put the brakes on spending your hard-earned money this Christmas season. While it’s OK to give your family a holiday treat, it’s practical to think of the consequences that lavish spending could do in your life.

As the breadwinner of your family, you should not only be concerned with earning for your loved ones, but also saving for your future as early as you can. You don’t want to end up being an OFW for a longer time than you want to (which could mean missing more occasions in the future).

Enjoy the Christmas season with your loved ones while being vigilant about spending. Follow these tips on how to manage your hard-earned money during the holidays. 

There’s unli-expenses during Christmas. You have to spend on party food, gifts, family vacations, personal shopping needs, and so many more. If you don’t come up with a budget, you could end up spending more than what you can afford.

To avoid overspending, make a list of all the things you’re planning to spend on. Set a budget cap for each item on your list and commit to it. 

You might want to leave your credit cards at home when shopping. It’s not cool to start the New Year with credit card bills and debts. 

A more practical way to spend this holiday is by paying in cash. Get your money ready in your wallet to buy the things that you have on your list. At the same time, be cautious to avoid falling victim to pickpockets lurking at malls and other commercial establishments.

It’s okay not to give gifts to everyone. Everybody knows that Christmas celebrations are for children. So, there’s nothing wrong if you will follow the “children only” rule when shopping for gifts.

If you want to spread the holiday cheer through gift-giving, you can limit it to immediate family members only. Spending minimal amounts buying gifts for everybody can balloon into a large amount when put altogether.

Set a price limit for the gifts that you buy, too.  Be creative and take time to think of something valuable yet affordable. Remember, Christmas gifts don’t have to be pricey. It’s the thought that counts! 

Gifts need not be limited to material things. Yes, clothes, gadgets, smartphones and toys are popular choices, but these things get worn out over time, lessening their value after months or years.

Express your love for people who are dear to you with gifts they don’t usually receive. Investments and other bank products are good options because their value appreciates through interests or dividends as time goes by.

Acts of kindness and generosity are common around Christmas time especially for balikbayans. Sometimes though, friends and relatives tend to go overboard asking requests or favors from you.

You might have encountered a brother- or a sister-in-law and other distant relatives asking for souvenir items from abroad to give to every member of their family. This could put a strain on your budget. Politely turn down requests that are beyond your means or try to give something equally valuable.

One of the best Christmas gifts you can give to your parents, spouse, or children is protection. Your homecoming for the holidays is the perfect time to invest a good amount of your income in life insurance. Protecting your loved ones with the insurance benefits that go with your plan can give you and your family a sense of financial security and peace of mind.

Christmas and other holidays are best spent with families and loved ones. Make it your goal to be with them for good by saving and spending your money wisely, as early as possible.

If you want to know more about managing your money earned abroad, talk to a Bancassurance Sales Executive from any of BPI’s 800 branches nationwide. Start saving and investing for your future today!