The holiday season is special for OFWs who celebrate the joy of homecoming with their families. Hundreds of thousands are expected to arrive this year to celebrate Christmas in the country. But side from spending quality time with loved ones, Christmas is also a good opportunity for OFWs to put their hard-earned money in the right place. 

As OFWs, it is a must to learn money management while still employed to ensure a secure and stable future. Here are some practical money management tips for OFWs to balance saving and spending money while on vacation for the holidays.


1. Set a budget for your stay in the Philippines.

Based on a survey, there is an OFW in 7% of Filipino households. OFWs need to set a practical budget before returning home to the Philippines. This will help limit the expenses and prevent unwise spending this Christmas. By setting a budget allocation, you can control your finances when drawn to spend out of hand. Here’s a checklist of what you can include in the budget:    

  1. Household utility bills
  2. Christmas shopping
  3. Dining out and traveling
  4. Reunions
  5. Saving and investment funds 

2. Give gifts within your budget.

Have a set budget for Christmas presents for the immediate family members. For OFWs, sticking to a budget is important. This way, you can live the spirit of giving and manage your family’s expectations at the same time.


3. Draw boundaries when lending.

It’s okay to say “No” if lending money will compromise the family’s financial resources. You  can politely explain to their relatives that you have a strict budget to follow and funds are already allocated for savings and investments.


4. Consider insurance and investments as viable gifts.

Give your family members sustainable gifts that increase in value over time. One of these precious presents could be insurance plans and investments that can help secure their future. OFWs can look for a reliable insurance company in the Philippines that offers insurance and investments that suit every family member’s needs.

Sun Life has various life insurance plans that meet the financial needs of OFWs in every important stage of life.


For first-time insurance buyers:

  1. Sun StartUp is a life insurance plan that offers protection for at least 10 years and returns a portion of the total payment if the insured outlives the 10-year coverage period. It also has a simple, affordable, and hassle-free application.
  2. SUN Safer Life is a simple and affordable life insurance plan that is ideal for budget-conscious family breadwinners. It is designed to provide maximum coverage until age 75. 


For your children’s future: 

  1. Sun Dream Achiever is a life insurance and savings plan that is created to fund a child’s education while providing financial security for the entire family. Its life coverage is for 15 to 20 years to ensure that the child has school funds even when life surprises happen.
  2. SUN Smarter Life Elite is a protection and savings plan that offers double life insurance coverage throughout the insured’s lifetime. It gives extra cash benefits that can be used to help fund a child’s education needs.


For  wealth building: 

  1. Sun Life Prosperity Peso Starter Fund is a mutual fund designed to provide possible higher yearly returns than standard savings accounts. It is suitable for people who are new to investments and want to have an alternative outlet for their emergency savings.
  2. Sun Life of Canada Prosperity Bond Fund enables investors to potentially earn modest returns from their investments. The Fund invests the cash in high-quality government and corporate debt issued by the Philippine government and prime Philippine companies. This is for people who want to try a lower-risk investment.


OFWs may sometimes think it is unavoidable to spend more than intended when returning to the Philippines, especially during the holiday season. However, with the right money management tips, it is possible to enjoy this special time of year and keep your hard-earned money protected at the same time. 

Find out how you can manage the family’s wealth by asking for expert advice from Sun Life advisors. Connect with a financial advisor today.  


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