Spending hacks that you ought to know—and do

MANILA, Philippines — When it comes to your hard earned money, practicality is key.

But every now and then, it is also healthy (and worthy) to indulge and give in to your whims—an impromptu vacation getaway, a relaxing day at the spa, a sumptuous buffet dinner, or even just a retail therapy at the mall. And to be able to do so, you need to have extra funds that you can readily dip into.

It’s just a matter of increasing your money reserve while keeping your spending in check. Achieve this by following these simple tips and tricks:

Allocate additional weekly savings.

You know that you have to automatically set aside at least 20 percent of your earnings to a savings fund and apportion the remaining to your other needs—rent, utilities, food, entertainment, etc. You don't have to necessarily spend every peso of your budget. Why don't you put aside a small portion of your food and/or entertainment budget on a weekly basis? Giving up P200 a week will mean an additional P10,400 of savings for the entire year.

Track your purchases.

You've also probably heard this a thousand times before, but are you actually doing it? Making a summary of your spending doesn't only enable you to stay within budget but it also gives you a clear picture of your overall finances, and allow you to assess which expense items you can still cut back on. Go and get your smartphone and download (for free!) an expense tracker app, or if you're old school, create an Excel spreadsheet right away.

Be mindful of your power consumption.

This is simple enough. Switch off your lights and appliances when not in use, whether at home or in the office (be mindful of Mother Earth too!) Also set your gadgets on power saving mode to lessen the need for frequent charging.

Never go grocery shopping hungry.

Sounds weird but this actually makes sense—and has been proven by research. You see, when you're hungry, you'll have the tendency to grab everything (and anything!) you see in the grocery aisles because everything will just looks delicious. Therefore, next time you're out to go grocery shopping, remember to grab a snack first for the sake of your wallet and health.

Be a wise gift giver.

Birthdays, anniversaries, graduations, and other milestone events that require you to buy gifts for family, friends and loved ones, need not cost you an arm and a leg. As they say, when it comes to gift giving, it's the thought that counts, and it should never be about the price tag.

Maximize your debit card.

Yes, your debit card. Since it's tied up to either your savings or checking account, you won't ever run the risk of overspending. You can just apportion and allocate a certain amount from your account and use it to pay for your expenses.

And BDO just has the perfect debit card for you that allows you to shop, dine, gas up or do your groceries with ease. Just present it at the cashier and in a swipe, you're fully paid.

Essentially, there's no need for you to bring cash. You just have to debit with BDO!

But in case you suddenly need cash, you also need not worry. With your BDO Debit Card, you can withdraw cash or pay your bills with ease from thousands of ATMs nationwide. Fast and easy.

What's more, you can enjoy instant discounts and freebies from hundreds of BDO Debit Card partner establishments nationwide.

For more details, click here.

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