Tips for not racking up debt on 11.11 sales 1

Hide your credit cards for here comes the World’s Biggest Shopping Day

Aneth Ng-Lim

Posted at Nov 08 2021 01:40 PM | Updated as of Nov 08 2021 01:58 PM

In just 3 days, Single’s Day or 11.11 will be here and retailers around the world are ready to get consumers to spend for things they need, or just want, and even for those they can’t really afford (thanks to pay later schemes and installment plans).

Sadly, it looks like many Filipinos who are ready to shop will mostly fall into the second and third categories. 

Using Google survey, Finder.com polled in early October over 2,000 Filipinos ages 18 and older and more than half said they are ready to shop. But while 15 percent confirmed they are looking for great deals, more than half or 30 percent admitted they will shop mostly because they are bored. Now that’s a wallet disaster waiting to happen.

The same survey disclosed that men are more likely than women to shop the sales, with 53 percent of men planning to shop compared to 50 percent of women. Further debunking the theory that women shop more than men, the study went on to show that men are also more likely than women to be shopping out of boredom (that’s 34 percent men vs 27 percent women). 
 
If we look at the age groups, the 45-54 year olds are most likely to shop Single’s Day, with 62 percent saying they’ll be making a purchase. Only 42 percent of those aged 55-64 say the same so it’s possible that money wisdom does come with age.

Why not take the next 3 days to shore up shopping smarts and make sure you do not end up in debt by year end?

#1 Window shopping is free

Whether you plan to go out and shop or click around using your phone or computer at home, it’s always good to know the lay of the land. Browse as much as you like to look at what will be on offer as some shops are already advertising the items that will be on sale on 11.11. Put them on your wish list or shopping cart and take the next couple of days to decide if these are purchases you really should make. 

#2 Rack up all the freebies and discount coupons

It’s not just the stores that are advertising, but your credit cards and debit cards too. Even electronic wallets are launching sweet deals. List them all and see which one will give you the most discount on 11.11. It’s even possible to combine some of them as you can get a discount from the retailer plus a rebate from your mode of payment such as your credit card or debit card. 
 
#3 Set your “boredom” budget

It’s really not a surprise that many want to shop away their boredom. For most of the last two years, we have not been able to travel or enjoy staycations or celebrate with family and friends. To make up for all that, how about setting a “boredom” budget so you don’t go overboard with your 11.11 shopping? 

#4 Comparison shopping never goes out of style

It’s strange that in this age of information on demand, we still have stores that sell the exact same item with prices that are far apart. When shopping for a washing machine, I discovered that one shop sells it at 12 percent less than other appliance stores. Considering the item costs over P60,000 – that’s easily P7,200 in savings. Do your homework so you can save as you shop (yes, this is possible!).

#5 Don’t forget to ask about warranties and returns

One sad thing with shopping here in the Philippines is that many stores still do not honor returns, or have very limited warranties. Always ask about these two so your money does not disappear after you click Buy. 

Recently, I shopped online from a high-end retailer with physical stores around the country. They gave me a welcome voucher to use (so of course I did) which I did not realize meant that it will forfeit my option to return items. It was a case of saving little and losing much. Read the fine print – always – because that’s your hard-earned money.

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Disclaimer: The views in this blog are those of the blogger and do not necessarily reflect the views of ABS-CBN Corp.