Nu 6 - New Spending Habits - Armando Coloma Jr.

NEW SPENDING HABITS                 In order to better save money is to monitor spending. Prioritizing needs and limiting wants is an overused cliché.                 Practicality is the key to have better spending habits. For example, generic medicines are cheap, while those made by popular pharmaceutical companies are far more expensive, even if they have the same strength. Go for generic.                 Buy by the bulk. The "tingi" practice actually costs more than buying in large quantities. Take advantage of the discounts.                 Sometimes, you can't help but buy on the spot when strolling at the mall. To minimize impulsive buying, leave your credit card/s at home and bring just enough cash for what you need to purchase.                 It's ok to splurge once in a while, but only when you have enough savings and all the necessities have been prioritized, and payables have been settled.                 Avoid using credit cards as much as possible. If you are after the points (miles, etc.) make sure you set the payment aside, and pay at the bank ahead of the bill. Remember, spending money you haven't earned yet is a no-no!                 List all the monthly expenses and allocate your income. Having knowledge of the spendings will help you be wiser in handling money.                 Some people like to own status symbols, such as expensive cell phones, cars, etc. to have the image of "can afford." This is OK, except when these are bought just to show off, especially when you have neglected other important things for that. Living beyond means as a way of life will take its toll sooner or later. 3 Armando Coloma Jr. Regis Sta. Rosa