5 Money Saving Tips for OFWs this Christmas Season

Pasko na naman! Surely, your family back home has a long list of bilin – and they are expecting to see every single item inside the balikbayan box. After all, you only go home once a year, so you want to make sure that every member of the family is happy.

Apparently, Christmas season means more spending than saving. Since you are earning in dollars, your family and friends are expecting you to be extra generous during the holiday.

Don’t worry. Remember these tips to make sure you won’t compromise your savings even if it’s the season of giving:

1) Set a Christmas budget. 

and make sure you stick to it!

This is the first thing you need to do even before the festivities start. Christmas season means eating out, shopping, preparing for Noche Buena, going out with the family, gift-giving, and the list goes on. It is tempting to use your bonus, especially since you got yours in dollars. If you don’t set a budget, you might end up going back to the country where you’re working with no money at all.

Don’t live the millionaire life and budget everything. Having a budget encourages you to spend within your means and avoid going overboard. Try the envelope system and place a particular amount for every expense. This way, you still have something left as you head back to your normal routine.

2) Make a Christmas list. 

Aside from setting a budget, making a list is also important during this season.

List down the people you plan to give gifts to and the gift you plan to give. This way, you can easily keep track of your spending and at the same time, make sure that you won’t miss someone who really matters to you.

Remember: you don’t have to give gifts to everyone you know. Choose those who are closest to you. Be practical.

3) It’s okay to say no. 

Your kids want this and that, and to make up for the time lost, you gave in to their demands and buy everything they want. Apparently, that’s not a wise thing to do, especially if you want to be financially secure.

The best way to handle this is to impose a one-gift policy. Let your family choose what they want for Christmas and check if it is within the budget. Explain the need to budget your spending as well since you will never know what could happen in the future.

Hey, this includes relatives and friends as well.

READ: How to Say No to Extended Family’s Requests

4) Stay away from freebies. 

Christmas sales and freebies are rampant this holiday season. Surely, you are excited to buy something for every member of the family, which you can’t buy in the Philippines.

Relax, take a deep breath, and never buy anything based on the discount or freebie available. Nothing is for free and you will always have to pay for something one way or another. Go back to your list and stick to what you can afford.

5) Spend your Christmas bonus wisely. 

Does your employer give Christmas bonus? Don’t get too excited yet. If you really want to prioritize saving even during Christmas season, then you need to be wise on how to use your bonus.

You can get a few dollars from it, but the rest must be kept for emergency purposes. Use the additional money to pay off existing debts (a must!), start an Emergency or Retirement fund in case you still don’t have one, or even invest it in products like Mutual Fund or stocks. You can even deposit a part of your bonus in your savings account to increase your money.

We still want you to enjoy the holidays, but this doesn’t mean spending everything you have up to the last centavo. Remember that Christmas is about family and togetherness, and that’s what matters more than anything in the world.