Thursday, April 25, 2019

Oct 31 18, 9:04 pm

Emirati woman regains consciousness after 27 years in coma

A family of an Emirati woman said on Wednesday that she opened her eyes and regained consciousness after spending 27 years in a coma induced by a serious brain injury. Munira Omar was 32 when she was injured in a road traffic accident in 1991 after picking up her son...

24-year old man wins US$768 million Powerball prize

Manuel Franco just stopped by a gas station in Wisconsin, picked a series of numbers randomly, then paid US$10. “I honestly felt so lucky that I did look at the camera, and I really wanted to wink at it, because I just had that lucky feeling,” Franco said, as reported...

Fil-Am mail bombing suspect pleads guilty

A Filipino-American man has pleaded guilty of sending mail pipe bombs to critics of US President Donald Trump but claimed he has mental disorder, being a steroid addict for over 40 years. The Associated Press reported that Cesar Sayoc made this assertion in his...

Mayor dismissed over Boracay’s decay

Ombudsman has ordered the dismissal of the Aklan mayor in charge of Boracay Island after finding him guilty with charges that led to the environment issues besetting the country’s prime tourist destination. The country’s graft body found Malay Mayor Ciceron Cawaling...

UUWI KA BA SA PASKO? MAGKANO BUDGET MO?

by | EDITOR’S CHOICE, Feature, TOP STORIES

Oct. 31, 18 | 9:04 pm

“Sa Paskong darating, Santa Claus ako rin.” That’s the feeling that most Overseas Filipino Workers, not only in the UAE but across the world, dread to experience. Isn’t it? Since the yuletide season is just seven weeks away, many of us abroad are for sure utterly excited to go home and enjoy the extraordinary and extra magical way of how Filipinos celebrate Christmas. Now, you ask: How do I budget my money to make my money last till the last day of my stay in the Philippines?

We all know how things can get gradually too ripped off and sometimes go over budget. The little expenses and aguinaldo that you splurge our money on can add up, without you knowing that you’re already broke. Let’s make it simple. It’s time to put the meaning back into Christmas without burning a hole in our pocket.

1. Learn to say ‘no’
Randell Tiongson, one of the Philippines’ respected personal finance coach, who strongly advocates financial education for OFWs, brings it all in proper perspective: “They need to learn to say no,” he said.

Tiongson said OFWs should not allow themselves to be egged on (“kantsaw” in Filipino) by relatives and friends into spending for this and that; nor, he said, should OFWs splurge like they hate money and just want to keep spending it on what typically would be the“ubos-biyaya” (impulsive spending) attitude.

It makes a lot of sense especially considering that tons of articles have been published regarding the matter, the most recent of which was a viral post on The Filipino Times online edition about an OFW who realized that the P50,000 budget he had set aside for a three-week vacation was not enough due to the financial demands of his relatives.

“Plan, budget and stick to it. Prioritize and don’t be pressured,” said Tiongson.

2. Set a specific budget and stick to it
Arman Vengco Felipe, financial advisor with the advocacy group, Truly Rich Club, echoed Tiongson’s advice, saying “OFWs are not ATM machines.”

“Set a specific and planned budget that you will spend while in the Philippines. OFW’s are not ATM machines that always have available cash for disposal,” Felipe said.

“Remember the big ‘why,’” he stressed. “The reason why you are looking forward to go home is to primarily spend time with your loved ones, not money.”
Felipe, a financial planner and senior consultant at an insurance company, said OFWs can also check out hotel and travel discounts as well as packages that would suit their budget without sacrificing enjoyment when travelling.

3. Avoid using the plastic card
Setting a specific budget apparently is just the first step, according to Francis Errol Medina, another financial literacy advocate, who also is head of market reach and business improvement for the Middle East, Turkey and Africa of a big asset management software company.

Medina said OFWs should stir clear of using credit cards or signing cash advances with their employers.

“Since you chose to go for vacation during the holidays, you need to plan and save ahead of time as definitely expenses are higher at this time of the year. Once budget is set, stick to it and avoid salary advances and credit card usage,” he said.

4. Allot something for “unavoidable” expenses
Still on the budget, Franie Maquinay, an OFW-turned-entrepreneur who runs an online gift shop, said a certain percentage of the monetary appropriation should be saved for miscellaneous expenses.

“Yung miscellaneous expenses ko na 20 percent, I make sure na gagastusin lang sya sa ‘unavoidables,’” he explained. (I set aside 20 percent of my budget strictly for unavoidable expenses.)

5. Note that it’s about ‘needs’ over ‘wants’
Christmas shopping with your loved ones can be tricky, said Medina, thus the need for everyone to have a certain degree of discipline.

“Go back to your priority list and check for ‘wants’ which can wait and ‘needs’ that require urgent attention,” Medina said.

6. Buy gifts early to avoid on-the-spot shopping
Vince Lubrin, international property specialist at a Philippine real estate company, whose job keeps him in constant contact with OFWs to help them plan on their fixed asset investments, said buying gifts before you fly goes a long way.

“Line up your activities and buy gifts before you go, so that you would not have to do much shopping when you arrive in the Philippines,” Lubrin said.

He explained that shopping during your holiday can cause impulsive buying which could wreck the budget.

“Kung minsan ‘yun ang sanhi ng impulsive shopping; yung mapapasabay ka sa mga nagsa-shopping dahil nagmamadali ka na at may dala kang pera,” (Sometimes you tend to end up joining the rush and spend impulsively because you have the money.)

7. Don’t be a braggart show-off
Another attitude working to an OFW’s disadvantage is being a show-off, picking the tab with all smiles to save face while worrying at the back of his mind about the budget.

“We tend na magpasikat kaya napapadami ang gastos,” said Lubrin. (We tend to show off which brings expenses up.)

8. Don’t try to please everyone
Franz Ramirez, registered financial planner with Money Talks UAE, another advocacy group, for her part said OFWs should try to understand beforehand that they cannot please everyone during their stay.

“Don’t try to make everyone happy kasi that will not happen,” Ramirez, who works at a multinational energy company, said.

OFWs should instead do it in batches, treating other friends and relatives the next time they come back, other financial literacy advocates said.

9. Set an itinerary
Equally important as setting a budget is a finalized itinerary, Ramirez said, as this would be an OFW’s guide as a blueprint is to an engineer. She said it will work best for an OFW to have a daily schedule of activities running hand in hand with a budget to keep track of expenses like a dipstick.

10. Remember, it’s the thought that counts.
At the end of the day, it all comes down to this: it’s the thought that counts.

“Be creative, presents may not be expensive. Anyway it’s the thought that counts,” she said. “Spend more time (it is invaluable) with loved ones while on vacation rather than on things,” she said.

Added Lubrin: “Simpleng pagdiriwang… ang mahalaga ay sama-sama kayong buong pamilya at naisasabuhay ang tunay na kahulugan ng Pasko.” (Simple celebration… the family is together and that’s all that counts, the real Christmas spirit.)

(By Jojo Dass and Mark Nituma)


Jobs

Editors Choice

PPIE na! Handa na ba kayo?

PPIE na! Handa na ba kayo?

DUBAI: Filipinos across the UAE are excited about the much-awaited 7th edition of the Philippine Property and Investment Exhibition (PPIE) happening April 26 and 27 where major property developers from the Philippines will be huddled under one roof, rolling out best...

LOOK: Palm Sunday 2019 mass schedules in the UAE

LOOK: Palm Sunday 2019 mass schedules in the UAE

Catholic faithful around the UAE are expected to gather at the churches today, April 14 as they celebrate Palm Sunday that marks the beginning of the Holy Week and the last week of the Lenten season. Palm Sunday commemorates the arrival of Jesus in Jerusalem before...

Overseas absentee voting for Filipinos begins

Overseas absentee voting for Filipinos begins

DUBAI: Registered overseas Filipino voters start trooping to the Philippine Embassy and Consulate on April 13 as they cast their votes in the Philippines' midterm election where 12 Senate seats and one in the lower house are at stake. This as Ambassador Hjayceelyn...

‘Go out and vote’ — PH officials urge OFWs

‘Go out and vote’ — PH officials urge OFWs

DUBAI: It’s all systems go for the Philippine Embassy and Consulate as polling stations open at 8am on Saturday, April 13, in what will be the start of a 29-day electoral exercise of some 361,265 registered overseas Filipino voters in the UAE, who will be making their...

New policy on sponsoring relatives

New policy on sponsoring relatives

DUBAI: The Filipino community in the UAE has welcomed the host government’s move to approve a measure requiring expats bringing their family members to the country to show proof of income instead of profession as has been the practice. Though an income bracket has yet...

Former child star Nash Aguas buys home in Las Vegas

Kapamilya actor Nash Aguas proudly shared on his Instagram account that he now owns a house in the state of Nevada in the United States. The 20-year-old actor posted a photo of him standing in a room of his new home in Las Vegas while holding the deed to the house....

Ogie to Ben Tulfo: “I ask that you focus on me”

Ogie Alcasid has stepped in to defend his wife Regine after Ben Tulfo “maligned” her in a Facebook live video. It all started when Velasquez called out Foreign Affairs Secretary Teodoro Locsin Jr. for his statement about the alleged collection of endangered giant...

Emirati woman regains consciousness after 27 years in coma

A family of an Emirati woman said on Wednesday that she opened her eyes and regained consciousness after spending 27 years in a coma induced by a serious brain injury. Munira Omar was 32 when she was injured in a road traffic accident in 1991 after picking up her son...

Recent posts

We listed over 1,000,000 jobs from United Arab Emirates monthly.

Accomodation option available in the market.

Latest News
Subscribe to our free weekly newsletter and never miss a thing. No spam. Only hand-picked trending news.

THE FILIPINO TIMES is the biggest and most trusted Filipino newspaper in the UAE.

It has a print run of 60,000 copies and 250,000 readership per week; bolstered by 1 million visitors to its website every month. It also has an e-newsletter sent to its 250,000 subscribers every day.

The Filipino Times is FREE and has the widest targeted circulation across the 7 emirates of the UAE.

With more than 2,500 strategic distribution spots, TFT is available where the Filipinos are - at Smart Bus Shelters, Metro Stations, restaurants, supermarkets, schools, airport lounges, Emirates and Etihad Philippine-bound flights, churches, Filipino community events and many more.

THE FILIPINO TIMES. We are where the Filipinos are.

FOLLOW US

SIGN UP FOR NEWSLETTER

THE FILIPINO TIMES is the biggest and most trusted Filipino newspaper in the UAE.

It has a print run of 60,000 copies and 250,000 readership per week; bolstered by 1 million visitors to its website every month. It also has an e-newsletter sent to its 250,000 subscribers every day.

The Filipino Times is FREE and has the widest targeted circulation across the 7 emirates of the UAE.

With more than 2,500 strategic distribution spots, TFT is available where the Filipinos are - at Smart Bus Shelters, Metro Stations, restaurants, supermarkets, schools, airport lounges, Emirates and Etihad Philippine-bound flights, churches, Filipino community events and many more.

THE FILIPINO TIMES. We are where the Filipinos are.

FOLLOW US

SIGN UP FOR NEWSLETTER

© 2018 The Filipino Times. All rights reserved

Subscribe To Our Newsletter

Join our mailing list to receive the latest news and updates from our team.

You have Successfully Subscribed!

More in EDITOR’S CHOICE, Feature, TOP STORIES
This businessman now earns Php430,000 monthly by “accident”
Published On  October 31, 2018
Filipino kid finishes 1st place in Al Ain Zoo Fun Run
Published On  October 31, 2018
OFWs can help Dubai achieve new world record
Published On  October 31, 2018
Close