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

    04 December 2017


    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. 

    1. Have a holiday spending plan.

    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. 

    2. Pay in cash.

    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.

    3. Set a rule for gifts.

    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! 

    4. Give presents that rise in value.

    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.

    5. It’s okay to say “No.”

    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.

    6. Protect your future – allocate a portion to life insurance.

    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!

    Did you know?

    You can buy a life insurance at any BPI branch nationwide! Talk to a bancassurance sales executive now!

    RECOMMENDED PRODUCTS

    Life Ready Plus

    Protection

    Get the power to protect yourself and your family with an affordable life insurance plan. Life Ready Plus is easy on the budget, but offers coverage of up to 30 times your yearly payment to support the financial needs of your loved ones.

    The plan gives you fast access to coverage and benefits and can match your long-term financial goals when maintained within an appropriate term.

    Philam Life Vitality

    Critical Care Max

    Health

    Critical Care Max will help you make more memories by providing financial aid during the early stages of a critical illness. This unit-linked life and health insurance plan offers assistance on your recovery. You can build a health fund that grows over time, depending on your chosen investment, to pay for other medical costs.

     

    In addition, it comes with a hospital confinement benefit that will replace lost income due to hospitalization. This daily cash benefit may also come with optional benefits like cash payout for surgery-related expenses, allowance for consultation fees, and many others.

    Philam Life Vitality

    Build Estate Plus

    Life Protection

    Let your loved ones enjoy the fruits of your labor even when you’re no longer around. Build Estate Plus is a unit-linked protection plan that will cover your estate taxes after your passing so that you can ease your family’s burden.

    It doubles as an investment savings fund that builds Account Value as you pay. It is also integrated with AIA Vitality that provides additional upfront coverage of 20% to your policy and add-ons.

    Philam Life Vitality

    CRITICAL CARE PLUS

    Health

    Be in good hands in times of sickness. Let Critical Care Plus, a unit-linked health and life insurance plan, take care of you with financial aid in case of a major illness, so you can focus on getting better and spending more time with your loved ones.

     

    It even gives you more benefits for having good health through the AIA Vitality program that adds 20% upfront coverage and supplemental benefits on your policy. 

     

     

    Philam Life Vitality
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    15th Floor BPI-Philam Life Makati (formerly Ayala-FGU Bldg) 6811 Ayala Avenue Makati City 1226

    CONTACT BPI AIA

    (02) 8 528 5501

    FACEBOOK MESSENGER

    15th Floor BPI-Philam Life Makati (formerly Ayala-FGU Bldg) 6811 Ayala Avenue Makati City 1226

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