This Holiday season, there are too many discounts and temptations to run away from. You have your shopping malls, your local stores, your grocery savers, and your online shopping apps. All of them are relying on your decision to spend your 13th month pay, but you should not forget that you also have other expenses, even after the Christmas season ends, hence, why you should have a definite amount of self-control. Many are distracted by the whole festivities to notice that the shopping expenses can stack up, leaving you with little to no amount by the start of the New Year. Pinoys aren’t even particularly careful during this season, as they believe that this is the “season of giving,” and there’s nothing wrong about giving right? Well, that particular belief has been misused from time to time, and this is no different than those other situations.
If you think we’re just over exaggerating on the spending habits of Pinoys during the holidays, then why not take a peek into this data taken from 2017:
- “Among respondents participating in the data gathering, 55% indicated that December is the heaviest shopping month, with November coming in second at 24%. Only 5% of respondents said they shop in either September or October.”
- “Among respondents participating in the data gathering, only 35% of respondents said they own a credit card, while 48% still do not own a debit card.” This data alone indicates that a majority of holiday shoppers pay with their cash, and definitely, no other resource is more used than their 13th month pay.
- “Many of the respondents prefer clothes over other material items.” Of course, we are not ignoring those who prefer to receive or purchase electronics, but still, clothes and apparels are the most must-buys during the holidays. You have the influence of social media personalities to thank for that. Whatever they are wearing, that’s the “in-thing” nowadays.
With all of these in mind, you may be wondering how you can best save money during the holidays. You are faced with temptations, faced with countless discounts and price drops, faced with bundle packs and deals. Well, look no further than our money savings tips for the Yuletide season:
1.)Make a strict budget out of your 13th month pay/Christmas bonus
No means no and yes means yes. Self-control begins with setting boundaries, the same goes for your budget. Perhaps, you may set aside one-third of your bonus for gifts and holiday expenses, and then set aside the rest for your savings and expenses after the holidays. You can also do the reverse, where one-third is kept in your bank account while two-thirds are utilized for the holidays. It may be tough to avoid temptations during the holidays, but remember, you should spend all of your resources in one go. Many businesses and individuals found themselves at the bottom of a deep mound of debt due to lack of proper financial management. Speaking of temptations..
2.)Avoid dwelling too much into your social media accounts for the time being
You may try sticking to text messages, calls, and e-mails during the holidays. Nowadays, corporations and big brands are targeting their potential customers via customized ads online, and your social media accounts aren’t safe. Sellers spend a lot of money to roll out these customized ads in order to capitalize on spending habits, corporations are very much aware of this and would take advantage of everyone’s mutual bonuses to capitalize on their gains and revenues before the year ends. This leaves all the decision making to you, in terms of your purchases. Yes, there are temptations everywhere, yes, there are amazing deals as advertised on your screens, but these are mere marketing tactics to hook you into buying a brand’s products. A common joke nowadays is that people are drowning their sadness away through online shopping, an outlet which may turn into addiction if not monitored. It’s all funny for the time being, but it holds a certain reality at its core. People can fall victim to this outlet and be in debt at the end of every holiday season. Don’t be one of them.
3.)Be sure to track your spending
Many people spend their money without taking note of their expenses overall. You may find yourself buying a discounted item, and then be tempted to buy another, and another, until you are left with only a few centavos from your thousands of bonus pay. This is a result of two things; not planning your purchases ahead of time and not setting aside an amount from your holiday earnings. It may seem harmless at first, but remember that all bad things begin from those which do not pose a great threat at the first sight. If you go shopping for gifts, be sure to have a notepad with you. If you’re not comfortable carrying around a pen and paper, then at least use your cellphone’s calculator and note functionality to tally your expenditures. Begin by window shopping, take note of the prices, and decide which items and bundles would fit your budget. Be disciplined enough to set aside an amount in the first place and then choose to spend the rest. If you can, you may opt for cheaper alternatives, as not all expensive items are really of high quality, you’re mostly paying for the brand, after all.
4.)Choose homemade gifts instead
We’ve already said it and we’ll say it again, Pinoys love to honor the spirit of giving. There’s nothing wrong about being generous and mindful of your family, friends, and loved ones, but if it’s going to greatly affect your budget, then at least be creative enough to gift them with something affordable, yet, presentable. It could be a homemade figurines, food specialty, or any artsy craft. Remember, it’s the thought that counts.
With all of these in mind, you may be looking for a well-trusted name that would safely value the security of your hard-earned money. Well, look no further than Cebuana Lhuillier’s Micro Savings, at its core, it aims to provide easier banking access to Filipinos. The product is almost the same with any regular savings account in the Philippines, but doesn’t require a maintaining balance. You will only need 1 government ID and atleast P50 initial deposit, Filipino citizens as young as 7 years old are also qualified to open an account, which can be considered as a “kids savings” or “junior savings” account. So what are you waiting for? Feel free to visit the nearest Cebuana Lhuillier now!