OFWs and Budgeting

Its the "ber" months once again!  Yehey, malapit na naman ang Pasko!
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I bet if you are an OFW anywhere in the world, you can't wait to go home to your families in the Philippines to spend Christmas with them....

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By this time, maybe you already bought your plane ticket to Manila for a well deserved vacation....if not yet, better hurry, the earlier you buy, the cheaper the air fare.....
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Also, maybe you started your Christmas shoppings already for your "balikbayan" boxes....kase normally it takes a couple of weeks/months for your balikbayan boxes to reach home....
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Anyway, I once was an OFW in London....the "ber" months were always exciting and happy for me....please allow me to share some budgeting tips for our "bagong bayanis"....
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Have a budget...write down all the expenses that you will incur for your trip back home...these include the following:

• Plane fare;
• "Pasalubong" to be sent thru "balikbayan" box for your families and friends;
• "Pasalubong" to be handcarried during your trip to Manila/PH;
• "Pasalubong" to be handcarried from Manila/PH going back to the country wherein you are working....(this is assuming you will give some to your officemates and friends) 
• The expenses you expect during your vacation.....ex. meet up/reunions with relatives, friends,etc., trip to Boracay/Baguio/Palawan, etc....

Of course, as financial planners would say, "live below your means"....kung this XXX amount lang talaga ang budget mo, huwag mo piliting maging "Santa Claus" kung hindi kaya.....I heard one friend in London, everytime daw umuuwi sya sa Pilipinas parang laging may "fiesta" sa barrio nila....pinapakain nya ata buong bayan...wag naman!!!

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Don't just "splurge" and charge everything to your credit card kase BAHALA NA anyway susuweldo ka naman ako sa January....this is a dangerous attitude which may lead to huge debts....also DON'T USE YOUR INTERNATIONAL CREDIT CARD IN MANILA...doble-doble ang charges (including forex charges), if you use them here.....

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Kung hindi talaga kaya, re-think on how you can save on your "pasalubong"....maybe re-assess the list of families and friends you plan to give gifts....baka mas mura kung "group" pasalubong na lang kesa individual gifts...bka mas mura kung "magpakain ka na lang" sa friends mo kesa buy them individual gifts....or baka masaya na sila sa Christmas cards (like one of my friends do)...anyway, its that thought that counts! =)

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Please don't touch your savings....if, after working so many years abroad, you are able to set aside some savings, please don't just withdraw and use them during your Christmas vacation....instead, you should go home to Manila and add more to your savings....if you are expecting a bonus, maybe you can set aside 20 - 30% of your bonus to top up or increase your savings and investments...

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Now where to save....MAKE YOUR MONEY WORK HARD for you....don't be lazy and just put them in savings or time deposits....there are a lot of investment vehicles you can use to have greater interest income....nandyan ang STOCKS, MUTUAL FUNDS, UNIT INVESTMENT TRUST FUNDS, VARIABLE INSURANCE........maybe when you go home, include in your itinerary to meet with your Financial Advisor...teka, do you have a Financial Advisor or Planner????...

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I know paguwi mo dito, there will be several trips to the MALLS....before buying left and right, ask yourself, it is a WANT or a NEED???....kailangan nyo ba talaga ng bagong TV, Stereo, Washing Machine, Kotse, Bahay, Computer???....

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Lastly, I would like to impart that SPENDING CHRISTMAS IN THE PHILIPPINES WITH YOUR FAMILIES AND FRIENDS IS PRICELESS!!!! However, it pays to budget, budget and budget as you are not Santa Claus.....

Hope this helps.

Ge

Gerald Cantor is a Registered Financial Planner graduate, a Certified Public Accountant and a Certified Internal Auditor.  He is also a Financial Consultant of Pru Life UK.  Ge is proud to be an ex-OFW, a "career-shifter", a "high-leaping" baller, a newby entrepreneur and most importantly, a "dedicated" dad of Gia (4yo) and Clarie (2yo).