Many OFWs feel guilty for leaving their families behind in exchange of good life. To make up for it, many of you resort to material things and buying all the bilins as your way of showing your love.
That’s fine, as long as you do it occasionally. The problem lies when you send a balikbayan box to your family once a month (or once every two months) that is full of goods. Sure, you were able to appease your family, but what will be the effect of your purchases on your bank account?
The key here is to be wise with the items you need to buy. If you really want to retire early, then make sure you avoid splurging on these items:
1) The latest gadgets – Do you really need to buy the latest iPhone when you only bought one few months ago and the difference is the camera’s megapixels? It’s okay to buy gadgets, but if you will do it after every few months or if the existing gadgets are not yet broken, then these items are not worth splurging, even if they cost lower abroad than in the Philippines.
2) Too much cosmetics. Unless you plan to sell it for additional income, it is advisable to take it easy on makeup and other cosmetic products. Cosmetics have a short shelf life, which means they are not meant to last long, especially once it is opened. Plus, your wife doesn’t need a dozen of lipstick and surely, your daughter doesn’t need to wear one, especially when in school.
3) Food available in the Philippines. There’s a buy one, take one of chocolates and canned goods, so you bought tons to give it out to friends and family. The promo can be tempting, but it turns out that you can buy all those items in the Philippines too – and yes, it can be a waste of money. If you want to buy consumable items, make sure it is not available in the Philippines – but take it easy on your purchases, please.
4) Common pasalubong items. Keychains, generic shoes, shirts in different sizes, and fridge magnets – these are some of the common items you buy when you go home and to be honest, you don’t need them. Even if your intention is to give something to your family and friends, there is a chance that they won’t use it too, or at least treasure what you gave. Save yourself some time – and cash – and minimize buying for other people.
5) Expensive or trendy shoes and clothes. They may be in or they have “yabang” factor, but does your family really need them? One or two expensive shoes is fine, but buying them all the time can hurt your savings. Plus, it is something they won’t use forever, so what’s the point of spending on them?
The bottom line: Take it easy on your spending. It’s okay to buy pasalubong for your family, but don’t spend your hard-earned money worrying about your extended family and friends’ bilin. If you want to increase your savings, then you have to be wise with your spending.