Christmas season is truly a happy one in the Philippines, especially because the seasons unofficially begins in September and ends in January! But with such long months to enjoy the holiday season, it also means that many Filipinos spend a lot of money.
Overseas Filipino workers (OFWs) are more susceptible to losing a lot of money during Christmas season. But here are tips to help you avoid the top 5 common money mistakes that OFWs make.
Don’t be an impulse buyer
During Christmas season, there are lots of mall sales and promotions – and everyone feels tempted to buy as much as they could. But don’t be fooled by the ‘savings’ you get. When buying something on sale, particularly something you don’t need, you didn’t save money – you spent money!
You’re not Santa Claus
A lot of OFWs feel that they have to buy things for every member of the family, including extended families up to several degrees! You’re not Santa Claus. You don’t have to do that. Save money for the rainy days because you wouldn’t always have a lot of money.
Pay your obligations first
Many OFWs think that it’s alright to skip on their obligations, particularly payments for insurance premiums, debts, and other stuff that are supposed to be paid every month. But the lack of discipline in paying these items could mean financial trouble. Pay your obligations first before going shopping.
Don’t buy expensive items just to be ‘sosyal’
Many OFWs think that because they are working abroad, they have an image to maintain – and they should buy branded items. While it’s alright to indulge in these gifts, of course, don’t overindulge yourself and buy expensive items just to be ‘sosyal’. Buy to make yourself happy, not to please others.
A lot of store promotions actually trick people into buying things they don’t need or thinking they got a good bargain for an item. But compare prices because that item you got for ‘free’ might be something you actually paid for.