Aside from spending quality time with your friends and relatives, one of the most important things you can do if you are an overseas Filipino worker (OFW) in vacation is to manage your finances while you are in the country.
That may not sound like a fun idea but believe us, it will be a great advantage for you if you keep your finances in check. Here are financial must-do’s for vacationing OFWs:
1. Get a TIN Number
In case you don’t have your own TIN Number yet, now would be a perfect time to get one. Just visit a Bureau of Internal Revenue (BIR) office in your location. This would be useful if you will need to open a bank savings account or start an investment account in the near future.
2. Open Your Own Online Savings Account
Also, opening an online savings account with your chosen bank can be a wonderful thing. You can use this for two purposes – for saving a portion of your earnings or for sending money to your family. Moreover, you may also use it for monitoring your remittances, paying bills, and others. Having an active online account will allow you to do transactions much faster.
3. Sign Up For An Insurance
While some people remain uninterested about acquiring insurance coverage, it is highly crucial to have one these days. An insurance can be a good way to secure the well-being of your family members, long after you are no longer working abroad. So don’t take this for granted and take the time to speak with a licensed insurance agent to learn more about how to apply for the right coverage.
4. Learn More About Investments
If you have the opportunity, grab the chance to attend seminars about investments from banks, mutual fund companies, and stockbrokers. That way, you can expand your knowledge regarding the topic. This could be a good option for you if you want to grow your money as well.
5. Manage Local Accounts
Aside from taking control of your finances, now is also a great time to manage accounts such as renewing your IDs and licenses, checking the status of your SSS, Pag-IBIG, and PhilHealth accounts, etc.