The most festive time of the year is just around the corner, and there is one common thing Filipinos love to do during the holiday season— shopping. With bonuses expected and mall sales everywhere, it could be tempting to indulge in a "deserve ko 'to" (I deserve this) splurge.

It is okay to reward yourself and your family once in a while, but it is also necessary to be mindful of your purchases and finances to avoid impulsive buys or shopping more than usual. So, think twice before checking out those items on your cart.

Intelligent consumption is the new trend that Filipinos should practice. This will help you go a long way when it comes to saving and getting more out of life. This important value is shared by one of the country's leading consumer financing companies, Home Credit, which is celebrating its 9th year in the Philippines. As a commitment to helping Filipinos elevate their way of life, the brand shares some ways on how Filipinos can responsibly handle finances this holiday season.

"Home Credit has always been committed to empowering every Filipino to be financially capable. We want our customers not only to be able to buy the things they need, be it for work, school or even leisure, but also to learn and practice mindful spending, which is more rewarding in the long run. Our vision remains intact, and that is to be a channel for Filipinos to have a more rewarding life," shares Sheila Paul, Home Credit's Chief Marketing Officer.

Stay on track with your finances this season and develop financial discipline that will help you throughout the entire year.

Think long term

Before making any purchase, ask yourself: Will I be able to use this item more than once or am I only buying this because of a trend? If you really want to get it to give it to someone, ask yourself first, would the recipient need or use this item? Is it really worth its price?

Sometimes, it certainly is fun to join the bandwagon and get a few likes and shares once you post about your new purchase on social media, but at the end of the day, is your purchase a long-term investment or will it end up stacked somewhere?

If the reason for your purchase is to update your wardrobe, home, or gadgets – consider first repurposing or upcycling old or used items before buying new ones. This is also a creative way to keep you from accumulating more items that ends up cluttering your home. It is also a sustainable way of life.

Repainting will probably transform your old furniture, or an old pair of jeans may be made into a trendy pair of shorts. Perhaps a new phone case will do the trick to make your phone look and feel brand new.

If, however, you really need to get an item but it is out of your budget – say a kitchen appliance for a food business – purchasing it via installment plan might be the way to go. You do not have to worry about your purchase drastically affecting your budget as Home Credit offers low monthly installment rates for cash loans as well as gadget and appliance loans.

Plan ahead for purchases

If the item on your to-buy list is a huge purchase, plan how you would pay for it. For example, would you use your savings or get funds from your monthly budget? Think also about the impact of the purchase on your savings. Canvass first to compare product models and prices, study the payment options offered.

Be mindful of your purchases during flash sales and sale hauls. Impulsive purchases will not only mess with your week's or month's budget, but also take away money that otherwise could be saved up for something more important.

If you really want to purchase something but it is out of budget, try applying the principle of the 72-hour rule: If you are tempted to buy something non-essential, delay the purchase for 72 hours. If after that time frame, you still think you need the item, then decide to make the purchase. But if you have forgotten about it during that time or the desire to buy has waned, then you were probably interested in the purchase at first because of impulse.

Another approach you can do is to be smart about your purchases by looking for low interest. Whether you plan to buy via loan in-store or online, compare loan interests from different loan providers. This lets you calculate ahead of time how much an item is going to cost. If you are lucky, you may even score zero interest rates.

Manage retail therapy tendencies

Retail therapy may provide a break from stress and boredom; however, it does not really solve nor get to the root of your problems. So, it is okay to give in once in a while, but do not consider it as your only response to stressful situations.

Take note that adding items to your online cart may have the same effect as checking them out. But if the urge to complete the purchase is really strong, you may consider paying for them in installments. Just be sure that you can afford the monthly fees.

Look for flexible payment terms, low down payment and installment rates to avoid stressing over where and how to settle your dues. You can use the Home Credit app to have all your loans and payments consolidated in one place. Loans, after all, are not inherently bad as long as you are responsible and smart about handling it.

Home Credit has more than 11,000 partner stores nationwide. It allows its customers to make smart financial decisions through its flexible payment terms and monthly installment rates. It also helps protect customers from risks through HCProtect, which offers the affordable gadget protection for Home Credit-financed phones, tablets and laptops.

Loan applications are also approved in minutes with minimum qualifications and requirements.

"We have launched a number of programs and services these past nine years to better serve Filipinos. All of these improvements and updates are so we could empower them to create the life they want, without straining their wallet. Financial inclusion is at the core of our goals, and this will continue to be our guiding light in educating and empowering unbanked Filipinos in the coming years," shares Paul.

For more information, check the MyHomeCredit app.