It’s that time of the year again when Christmas carols are played continuously in malls, and you’re starting to feel that itch for shopping while waiting to come home from abroad. Many OFWs take a break from their grueling jobs overseas to spend the holidays with their family and friends in the Philippines. When this happens, it also means that they will be spending money – and huge amounts, most likely.
OFWs love to enjoy their short vacation, so they spend a good chunk of their money on parties, dining out and shopping with and for family members. It’s a lot easier for them to spend what they’ve earned abroad since they get more out of the exchange rate, and the prices here are mostly cheaper.
What usually happens is they go all out until the vacation is over and then it’s back to work because of the little money left during the holidays. To help avoid this, here are a few financial blunders OFWs should avoid during the Christmas season.
Not Setting a Christmas Budget Before Coming Home
Overspending always seems to be the culprit whenever OFWs are left with almost nothing every time they come home during the holidays. To avoid this, setting a budget is key. Stick to it as much as possible. You can categorize them accordingly, like for presents, shopping, dining out and parties among others.
It’s also important to leave a little cushion for extras or emergency expenses. Adhering to a budget prevents you from spending like there’s no tomorrow.
Not Knowing the Difference Between Needs and Wants
The problem with being an OFW when they come home for the holidays is you feel that what your family couldn’t afford before you started working abroad is automatically deemed a ‘need.’
It’s okay to buy a house for the family, perhaps including items such as furniture and appliances, but you should stay within the bounds of your needs. Why purchase an expensive smart fridge when you can go for the standard two-door and just go for a big one?
Extending Financial Responsibility Outside the Family
It’s relatively common to see OFWs throw parties or treat neighbors, former co-workers, and friends at bars and restaurants. Some even shoulder the expenses of extended family to address their needs.
What you should realize is, you are not financially responsible for anybody other than your immediate family.
Feeling Embarrassed When You Don’t Offer to Help
Having money when you come home doesn’t mean you’re out to be the self-appointed savior of anybody who needs help. Remember, you have a budget to stick to. You’re not a loan app or ATM they can get money from just because.
You don’t have to ruin your budget just because you feel ashamed for not shelling out money for the repairs of somebody else’s house.
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Being away from your family to work for months or even years at a time is tough, so spending for them when you come home can be the only way you think can compensate for your absence. This is fine, but you should also think long-term. Set financial goals and focus on achieving them. This will not only make all your troubles worthwhile, but it will also bring financial security to your family, which is the reason why you’re working overseas in the first place.
Rock your way to abundance!
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