According to the Philippine government, almost one million visitors visit the Philippines every December, including our balikbayans and OFWs from Asian countries and the Western part of the world who would like to enjoy Christmas season and spend quality time with loved ones. And just like every year, a large number of parents, sons, and Filipino women migrant workers who have been away from their families for a considerable amount of time due to overseas employment will receive a warm welcome home from their family members at the airport, while being crammed into the viewing areas of the airport screen displays.
During this most anticipated visit, most overseas Filipinos often let their spending get the best of them over the holiday season, going on shopping binges to buy presents for loved ones and eating out to celebrate with friends and family.
But, no matter how thrilling it all sounds, we need to be careful not to blow our Christmas budget and instead make the best value for money, especially in light of the present economic situation and inflation rate.
How Can Overseas Filipino Workers Navigate Wisely Through Their Christmas Spending?
Whether you’re a first-year overseas Filipino worker or a seasoned balikbayan, you should know how to keep from overspending on your holiday break. If you put some thought into your finances and spend wisely, you may have fun without draining your bank account and perhaps start saving for a condo investment in the future. Here are some ways to do it:
Step 1. Do not lose sight of your purpose for returning home.
Gathering with loved ones is at the heart of the Christmas season. When you return home for the holidays, what counts most is not the tangible Christmas gifts but the love and connection you feel with them.
Set necessities apart from your wants.
To avoid going crazy purchasing stuff overseas before returning home for the holidays, OFWs can practice comparing prices and figuring out what they need versus what they want. Realizing life’s basic pleasures becomes possible when you prioritize necessities over less important things.
Avoid letting peer pressure get the better of you.
Those beyond your immediate family, including relatives, are no longer your financial obligations. Thus, you should not be concerned about them. These are the individuals that will treat your job loss overseas with complete indifference.
Step 2. Gain an early advantage.
If you have any spare time before your homecoming, take advantage of this opportunity to make preparations.
Make a Christmas spending plan before you get home.
Before your return to the Philippines, establish a firm budget. Sort them into appropriate buckets, such as gifts, eating out, shopping, etc. You may even set aside some extra money in case of unexpected costs. You can control your spending and stay out of debt by making a budget.
Set a precedent by your actions.
Everyone thinks that many OFWs always have more cash on hand since their wages are in currencies that are doing better. Friends and relatives are less likely to seek financial aid if they see that you lead a modest lifestyle.
Oversee your local accounts.
Sort out all of your local accounts before you return to your country of work. Doing so will save money by avoiding fines and penalties for inactivity.
Step 3. Maintain a set spending limit.
Establish a spending limit for your stay and adhere to it.
Keep gift-giving to your immediate family only.
Immediate loved ones should be your focus on gift-giving. Expand on this by allocating a certain amount of money to each member of your immediate family each year.
Practice the art of politely declining requests.
Bringing back souvenirs for friends and extended family is one of the requests that Filipinos working abroad commonly encounter. In order to avoid spending on unnecessary material things, you can explain to them that you have enrolled your paycheck in automatic bank loan payments since you are looking to start an investment in a condo in Philippines.
Naturally, you also need to put your words into action by finding a condo for sale in Philippines where you can start your investment. Fortunately, Asterra, the newest mid-rise affordable condominium in town, is currently offering great deals for preselling condo units. Feel free to chat with our available agents and sellers to learn more about these great offers!
Avoid bringing your debit or credit cards when going out.
Just like sticking to a budget, keeping your credit or debit cards at home may help you control your spending. Simply put, when you run out of money, you have no choice but to rely on what you have on hand.
Step 4. Keep your parties or gifts cute and modest.
Throw a Christmas party and invite all your relatives and friends over instead of going out to a bar or restaurant. Inviting friends and family to the party is a great way to celebrate, so have them bring their favorite dishes to share.
For giveaways, you can stock up on inexpensive, readily distributable presents, such as fridge magnets, little packages of local candies or delicacies, or souvenirs from the country you’re working in.
Step 5. Make preparations in advance.
You should constantly be ready for everything since that’s just how life is. Prepare for what can happen and start making preparations as soon as you know you’re going home.
Always think about the bigger picture and your long-term goals.
The mentality that one can’t work forever, especially abroad, is essential for overseas Filipino workers. OFWs must save and invest a large portion of their foreign currency earnings to accelerate the growth of their net worth. It’s also important to strike a balance between your current and future selves. Live in the present, but don’t forget to save up for the future.
The best gifts for your family are those that grow in value over time.
Presents that grow in value over time are the best kind to give to someone you care about, and one prime example of this is a condominium investment.
Get an affordable condo for sale located in the suburbs and within a reasonable commute time to the urban area so that you can also enjoy the convenience and movability of going to the metro. Asterra’s residential mid-rise structures enable this reasonably priced urban living in the suburbs. Aspiring homeowners are greeted with refreshing contemporary aesthetics, high-quality construction, spacious living areas, and family-friendly facilities.
Many Filipino migrant workers usually have a certain amount of worry around the Christmas season, even if returning home and spending time with family is something they eagerly anticipate. The root cause of this concern can be avoided when you know the right preparation and management of your hard-earned money.
Follow our wise tips above and start investing in an affordable condominium with Asterra without sacrificing quality and convenience. Explore and visit our three preselling sites in San Fernando, Pampanga, General Trias, Cavite, and Calamba, Laguna.
