Wednesday, July 24, 2019

Oct 31 18, 9:04 pm

Ambassador, Congen heed Duterte’s call, take action

DUBAI: Ambassador Hjayceelyn M. Quintana said she will follow and support President Duterte’s initiative to create a separate department for overseas Filipino workers (OFWs) even as Consul General Paul Raymund Cortes, for his part, vowed to implement a year-long...

UAE expats to have shorter Eid break than in other GCC states

UAE-based Filipinos and other expats looking forward for a long holiday during Eid Al-Adha will not be as lucky as their counterparts in other Gulf Cooperation Council (GCC) countries. The occasion in the UAE is likely to witness a four-day holiday starting from Aug 9...

Dubai maid killed defending employer’s home from burglar

Dubai: An unemployed male expat hammered an Asian housemaid to death as she tried to defend her employer's house which he tried to rob. The man, who was sacked from his firm three months ago, sneaked into the house from the back door. After ransacking a room, he went...

Gold bracelet lands Asian woman in jail

Abu Dhabi: An Asian housemaid, identity and nationality withheld, was locked up a prison in the Capital after she was accused of stealing her female employer's gold bracelet, a charge she has denied. During the trial, the prosecutor accused the maid of stealing her...

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

Dubai bus crash driver gets 7-yr prison term, to pay Dh3.4M

Dubai bus crash driver gets 7-yr prison term, to pay Dh3.4M

The bus driver in the horrific road crash that killed 17 passengers has been sentenced to seven years' imprisonment and was ordered to pay Dh3.4 million compensation to the families of the victims. The 53-year-old Omani driver will pay Dh200,000 in blood money to each...

The Pinoy twang. Do you have it?

The Pinoy twang. Do you have it?

DUBAI: Filipino, according to some experts, is the most accent-neutral language, reason why the Philippines has replaced India as the “Call Center Capital” of the world. Philippine outsourcing revenue from call centers surged 160 percent to an estimated $23 billion in...

UAE Pinoys, 3rd top money senders

UAE Pinoys, 3rd top money senders

DUBAI: Overseas Filipino workers (OFW) sent home the third biggest remittances among other expatriates working in the UAE last year. Filipino workers in the UAE sent Dh3.2 billion or around 7.9 percent of the entire remittances from the emirates. This is the third...

PH completes 8-0 sweep of William Jones Cup

The Philippines downed Taiwan-B, 81-71 to complete its dominant show in the Jones Cup in a performance that duplicated its grand sweep of the championship three years ago at the Xinzhuang Gym in New Taipei City, Taiwan. The country’s representative to the annual club...

Blackwater defeats Rain or Shine, 100-96

MANILA, Philippines – Blackwater almost barely beat Rain or Shine, 100-96 to keep kicking in the 2019 PBA Commissioner's Cup quarterfinals at the Araneta Coliseum. Credits go to Greg Smith who put in 31 points and 18 rebounds “as the Elite dragged the Elasto Painters...

Ambassador, Congen heed Duterte’s call, take action

DUBAI: Ambassador Hjayceelyn M. Quintana said she will follow and support President Duterte’s initiative to create a separate department for overseas Filipino workers (OFWs) even as Consul General Paul Raymund Cortes, for his part, vowed to implement a year-long...

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