Christmas season is more than a ‘tsokolate’ or ‘balikbayan’ box
Christmas is not always the reason to spend but also the right time to start topping-up on your investment.
FOR most of us, Christmas is the time to be jolly, but for overseas Filipino worker (OFW) this is the time that struck them directly into the heart. Christmas season is a bittersweet experience for Filipino working overseas who are fighting homesickness just to provide things and food for their families. Being an OFW myself, this familiar feeling becomes a recurring and difficult emotion every time I spend Christmas onboard a ship and to mask my absence from my family, like every other OFW, sending money is the best cover to make up for our absence.
Bangko Sentral ng Pilipinas data show remittance exhibiting a seasonal pattern. Money coming from abroad is highest in June and July—at the start of the school year, and on December when families spend for holiday festivities. But we all know that to become a successful OFW is not only about how much one can give to one’s family but how far one accomplishes one’s dreams, as well.
So the best Christmas gift that an OFW can give to his family is a promise—a promise of when you are going to stop leaving them and spend your time with them for good.
The holiday season is more than a tsokolate or balikbayan box. It can also be a realization of a promise of financial independence. But in order for this promise to be fulfilled, the help of each family member is badly needed.
Last year World Bank data show remittance contributed 9.8 percent to our gross domestic product amounting to $22.9 billion. But how much does an OFW is able to save? No matter how hard he tries or how much money he sends home, there often is nothing left until the next contract is signed.
This Christmas there are lots of things that the families of OFWs can do to help manage their money and save and invest more. Knowing how difficult it is to work abroad, many OFW families incur a debt hangover well into the New Year. But with right planning and sticking to life’s priorities, it is possible to cut expenses and still be happy during the Yuletide season. Some points to remember this season:
OFWs sacrifice so much to attain their family’s goals and aspirations. So if you are a remittance recipient, sit down with your family and ask each one what sacrifice they are willing to offer. This will remind everyone the reason a family member is working hard abroad is because there are important family goals to achieve.
Set a budget for food festivities and price limit for gifts. If possible, set a “children only” rule for gifts if the budget is really tight. Small gifts here and there can quickly pile up into a huge burden.
Redeem your rewards and loyalty points and various reward cards for items that might be ideal for your gift giving.
Instead of asking family members to call you via cellular or satellite phones, encourage them to use free Web calls.
Remember, Christmas is only a day. This is not the time to go above and beyond your budget and a frugal Christmas is still Christmas. Many OFWs love Christmas but some end up dreading the season simply because of financial stress and the incredible amount of debt they incur. Christmas is not only about the things that can be found in the mall—it is also the best time to revisit the goals.
Christmas is not always the reason to spend but also the right time to start topping-up on your investment. Unfortunately, most OFWs refuse to invest their hard-earned money because of this fear of losing their money. They fail to realize that spending it all is a total waste of their money.
After the holiday is over, many of us are left with list of expenses and no savings in the New Year ahead. While we are able to celebrate the holidays, its aftermath often mean a prolonged period of being away from family or, in certain cases, an inability to realize our lifelong dream. But Christmas need not break our savings for life’s priorities.
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Capt. Christopher G. Cervantes is a registered financial planner of RFP Philippines. He is a seafarer for more than 15 years and author of the best-selling book Financial Planning for the Fast Changing World.
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