They say the Philippines has the longest Christmas season. That’s true. As soon as September starts, you will also start hearing Christmas songs on the radio and in malls. By the time the calendar hits November, Christmas trees and lights are everywhere, each mall and city giving something to boast about.
You may be thousands of miles away from the Philippines, but you can definitely feel the Christmas spirit every time you talk to your family. There’s long list of pabili as well, regardless of whether you’re going home or stay in the country where you’re currently working. Since it’s Christmas season, you tend to commit these money mistakes, which could compromise your savings and hard-earned money:
Forgetting about Christmas Budget
Fine, budgeting during the holidays can be challenging. Almost everything is on sale and there are tons of items available that make you want to buy them even if you’re don’t really need them. You justify it with the “Pasko naman” excuse until you realize that by next year, you have nothing left in your pocket.
What you can do is to set a Christmas budget and make sure you stick to it. You can even assign a specific amount per person to help you keep track of how much money you have and eventually, how much money is left. This way, you won’t be able to use all of the money you have.
Spending most, if not all of your money
You might justify your spending because it’s Christmas season. Still, don’t use this as an excuse to buy everything you want for your family and spend all of your Christmas bonus on material things, especially if you are going home. .
Keep in mind that the OFW life is uncertain. Stick to your Christmas budget and immediately set aside a portion for your savings or emergency fund. You’ll never know what will happen.
Borrowing money to buy gifts for the family
Gift-giving will always be part of Christmas. In fact, the celebration will never be complete without gifts under the tree. Kids are surely looking forward to opening their presents as well.
What if you are on tight budget? In that case. don’t borrow money just to appease your family. There are legitimate and acceptable reasons why borrowing money is advisable – and buying gifts is NOT one of them.
Keep things simple and explain ti your family why you cannot give all of their demands. Be honest about your financial status.
Too generous with gift-giving
There’s nothing wrong with giving gifts. It is and will always be part of Christmas. Still, take it easy on your spending. Your generosity is fine, but make sure that you will still have something left by the time the year ends.
Again, go back to your Christmas budget. Set a certain amount for each person and try your best to stick to it. At the end of the day, it’s the thought that counts.
The year may be ending soon, but this doesn’t mean your wallet should be empty. Take note and avoid these four holiday mistakes and you might be surprised with how much money is left by the time Christmas is done.