5 spending moments that can actually help you save more
MANILA, Philippines – You’ve probably heard the advice that in order to save, you have to cut back on spending. But on certain occasions, spending more can actually lead to bigger savings.
Once you’ve mastered the art of “smart spending,” you’ll never feel deprived. You’ll also possess more things with better quality.
Get the most out of your peso when you do the following:
When you invest in quality
Usually, an item’s price reflects the time, effort, and materials that were used to put it on a shelf. Go for the pricier option if you’ll be using something for a long time.
Take your caffeine habit for example. Buying a P5000 coffeemaker seems like an expensive indulgence. But if you use it everyday, and actually stop buying lattes from the coffee shop, you’ll save thousands of pesos in a year.
When you build an aspirational wardrobe
Fill your wardrobe with pieces you imagine your future, more successful self wearing.
The right clothes can affect your confidence and disposition. According to Abraham Rutchick, a psychology professor from California State University, formal clothing and business attire influence people to think more like a leader. Another study conducted at the Yale School of Management found a link between smart dressing and higher income.
Wear items that make you feel empowered. Don’t limit yourself to brand names. Mix and match expensive, classic pieces with affordable, trendy accessories.
When you invest in appliances
Energy-efficient appliances can help lower your monthly electricity costs.
For example, LED lights are more expensive, but they also last longer and consume less electricity. For every 60-watt incandescent bulb, there’s a 6 to 13-watt LED bulb that can do the job.
When looking for a new television set, get one with a LED screen. LED TVs are generally pricier but their backlight and brightness settings can be controlled – something old-school LCD TVs can’t do. Aesthetically, LED TVs are also a great option: because LED tubes are smaller than older CCFL tubes, LED TVs are thinner and sleeker.
When you buy big
When it comes to daily commodities, such as shampoo, detergent, and food items, buy in bulk instead of small packages. You get more of your money’s worth if you go for the bigger bottle or bag.
Make it a habit to create a list and set a regular budget for grocery shopping. This way, you can buy big for your household items. You’ll also be less tempted to buy unnecessary items.
When you use your debit card to shop
Getting freebies or premiums is always nice. Don’t know where to find them? Start with the ones being offered by your debit card!
Your debit card may have special promos that you may have missed. Check out your debit card’s partner stores and current discount offers regularly. If an item you want to buy can be found in one of the stores, head there.
Using a debit card is also more convenient than paying with cash. If you plan on buying something pricey, it's safer to pay with your card upfront than withdrawing a large sum in one go. It’s also a handy tool to track and monitor your expenses since it's linked to your savings or current account, helping and inspiring you to save more. – Rappler.com
BDO Debit Cardholders can enjoy instant discounts and freebies when they shop, dine or travel using their BDO Debit Card at partner merchants nationwide. For more information, click here.