Avoiding unnecessary home spending

Here is a common scenario: You’re a fresh graduate and in just a few months you got a low income job. That is fine; you’re not paying for anything else. All that hard earned dough is yours. And so you spend a little on whatever you like: on food, movies, smart devices, etc. You save a little and begin to travel to places and countries you’ve never been before -- South Korea, Japan, Bali and many more other places. You get to experience the different culture, food, and people. You bring home some souvenirs and memories. The cycle repeats and then bam…the next thing you know you’re married and with children.

Truly, lifestyle changes are inevitable. You work more and sleep less. And although you work harder, your bills get higher. Ultimately, you are spending more than what you usually do and what you actually earn. Need to slow down on your spending habits? Then let’s begin at home.

You may not notice it; but you may have fallen to some home spending traps. These are home or personal items or probably subscriptions that your home can actually do without. Have you fallen to any of these traps?

Streaming subscriptions

Unless you got a sibling-in-law you can share their/your account with, think twice if you really need a subscription for a streaming platform. If you don’t even get to binge watch movies at least a couple of hours a day, and you end up only watching a show or two every other week, then it’sprobably best to cut off that subscription and focus on saving money instead. Basic rate for Netflix is P370. It may not sound much, but if you’re not maximizing the experience then it is not worth the subscription. Remember,P370, for some people, is already enough to cover their water bill.

Consider legitimate ebooks

I’m one of those who prefer to read an actual book. Just imagine the sound of flipping pages and the smell of books are cathartic in its own way. Aside from space issues, the cost of some ebooks are significantly cheaper than physical books. For instance, some books can go as high as P700 in a bookstore, but if you check in Amazon Kindle, it can be as low as $2.99 which is roughly P180 (if you add extra charges). You can use Master or VISA debit or credit cards, or, payment services like PayMaya to make purchases.

Fix it or toss it

If your old car begins to show signs of wear – engine wear, etc. expect other issues to arise. If you’ve been constantly replacing parts and have been constantly doing repeated repairs; then maybe it is time for a replacement. In the end, it’ll be cheaper to buy a new car than constantly spending on repairs. If buying a new car, consider promos that can give you huge savings. Consider the number of passengers and your family’s lifestyle. You don’t need an SUV if you are only a family of 3. There are a lot of options to choose from.

Not all sales are good

A software and videogame digital distribution platform, Steam, often have sales — discounts going for as low as 80 and even 90%. Games that cost P2800 sometimes become P200. It’s very tempting, I know. Most often, I fallfor it. I’ll purchase about 10 or even 20 games for a total of P2000. It’s crazy I know! Sadly, I end up never playing any of those games. It’s a total waste and there’s no one but myself to blame. This also applies to other online shopping sites. Even if there is a huge sale, think carefully if the items you will purchase can actually be used and enjoyed. After all, P2000 is still P2000 and it could have been spent on something far more important like food and other necessities.

Smartphone options

Everyone wants the newest and latest smartphones out there; I get that. But technology has progressed to a point where upgrading your current phone to a new one is no longer a smart move. Most smartphones release new models at least every 6 months; but that doesn’t mean you have to change yours too. Ask yourself what will you be using the smartphone for? How much of its performance will you actually need? How old is your current phone? Phones these days can last at least three years and it will serve you just fine. It can last so much longer, depending of course, on how you take care of it. On top of that, if you’re interested in getting a flagship model, ask yourself if it’s really something that you actually need. Prioritize your needs and not your wants.

Run

As a bonus: I would suggest to eat healthy and stay healthy that way. Do try to wake up an hour or two earlier than usual, and take the time to walk or jog, build cardio, and work on burning those fat. It may be difficult at first; but give it a few days and when routine settles in you’ll reap the benefits. Staying healthy lowers the risk of getting sick. Not getting sick means no time spent visiting doctors and no thousands of pesos spent on medications. Run, it’s worth it.