Homecoming season is the time that every Overseas Filipino Worker (OFW) looks forward to. It’s a chance to be with family and a time to celebrate all the hard work. However, the pressure to spend generously, especially with pasalubong and gifts, can quickly derail financial plans.
While the homecoming is a time of celebration, it’s also a moment to reassess financial priorities. The joy of reunions and festivities can easily lead to overspending or neglecting long-term goals. That’s why it’s essential for OFWs to come home not just with gifts, but with a clear financial strategy. Here are some money management tips to ensure your homecoming is memorable and financially secure.
- Set a “Homecoming Budget”.
The biggest mistake is operating without a plan. Before you purchase your plane ticket to go home, set a realistic budget for your entire stay. A well-planned budget acts as a financial compass, as it allows you to enjoy the season without the stress of overspending or dipping into funds meant for future goals.
List down everything you will need to spend on, including pasalubong, reunions dinners, family trips, aguinaldo for nephews and nieces, and even unexpected requests. More importantly, it should not eat into your regular allocations for savings, investments, and emergency funds.
When thinking of your pasalubong for your loved ones, it is important to remember that the value of a gift lies in the thought behind it, not the price tag. OFWs often feel pressured to bring home luxury items or expensive gadgets, but practical and more affordable gifts such as useful household items can be just as appreciated.
- Manage expectations with love.
There is a common notion that OFWs have unlimited funds, and as such, relatives and friends tend to expect them to spend during gatherings or borrow from them for certain needs. This is why setting financial boundaries is important. It’s a delicate and sensitive conversation, but it’s also an act of responsible love.
Begin this conversation by communicating your goals. Explain that work is being done towards an important long-term goal, such as starting a family or buying a home. This helps relatives and friends understand that money is allocated for the family’s future, not just current wants.
It is also acceptable to politely decline loan requests, especially those that are not for critical emergencies. Should you opt to lend, anticipate the possibility that they may not pay you back and consider how it can affect your own expenses and future goals.
- Have a family financial planning session.
Use your time at home to have a discussion with your family on financial goals. Whether you are saving for a house, a child’s education, retirement, or your plan to come home for good, open communication is key.
To make the session more productive, consider inviting a Sun Life financial advisor to guide the conversation. Advisors can help assess your current financial standing, clarify insurance needs, and recommend suitable investment options. Their expertise can also help family members understand the importance of financial planning.
To keep the session engaging, especially for the younger family members, your advisor can incorporate Sun Life’s original board game, Play for Life: A Game of Choices. There is a version developed specifically for OFWs and their families to have a fun and educational way to learn about financial literacy and spark meaningful conversations.
As you enjoy your homecoming, don’t forget to mind your well-being too. Being an OFW, protecting all your hard work also means securing your health because this is directly tied to your and your family’s financial security. This is why Sun Life Philippines created Sun Life OFW Health Protect, the first insurance solution made of Overseas Filipinos, which offers comprehensive life and health protection tailored to your evolving needs. This solution provides coverage up to age 100, access to 24/7 teleconsultations with Filipino doctors, and flexible payment terms depending on the contract duration.
While you’re in the Philippines, this may be a good time to talk to a Sun Life advisor to ask about Sun Life OFW Health Protect, so you can give yourself the ultimate pasalubong: the peace of mind that comes with knowing that your future is protected against unexpected health crises.
Homecoming season is a beautiful time in every OFW’s journey. It is a time to celebrate, reconnect, and reflect. By budgeting wisely and planning with your family, you can turn your homecoming into a powerful step forward, not just for yourself but for the people you love. Your hard work deserves nothing less than a brighter, healthier future.
To know more about how Sun Life helps overseas Filipino workers come home for good, visit www.sunlife.co/HomeForGood.
