Paying it Forward

Aneth Ng-Lim

<img src="https://news-image-api.abs-cbn.com/Prod/editorImage/171573949381920221206-christmas-shoppers-GC-2.jpg" style="width: 950px;" class="fr-fic fr-dib" alt="Shoppers sift through overrun clothes for sale inside the Greenhills Shopping Center in San Juan on December 6, 2022. George Calvelo, ABS-CBN News"><span id="isPasted" style="color: rgb(65, 65, 65); letter-spacing: normal; orphans: 2; text-align: left; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; background-color: rgb(255, 255, 255); text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; display: inline !important; float: none;">Shoppers sift through overrun clothes for sale inside the Greenhills Shopping Center in San Juan on December 6, 2022. George Calvelo, ABS-CBN News&nbsp; The term may not be familiar, but chances are you&rsquo;ve been guilty of spaving. Coined from the words &lsquo;Spending&rsquo; and &lsquo;Saving&rsquo;, &lsquo;Spaving&rsquo; is when consumers end up spending more money thinking they are actually saving money.Remember that time you bought something because it was Buy One, Get One at 50 percent off? &nbsp;But you only needed one, so buying a second one, even at a generous discount, was more spending for you. &nbsp;Or how about when you added more to your online shopping cart so your order will qualify for free shipping? &nbsp;Chances are your final cost exceeded the amount you intended to spend.Personal finance experts describe spaving as a sneaky marketing tactic that is mostly bad for consumers&rsquo; wallet. &nbsp;It&rsquo;s not all bad because there are times when spaving is a good idea. &nbsp;One example is getting an annual subscription instead of paying monthly and saving on the total fees. &nbsp;Another is when you spend more for a better quality product that will last longer, instead of a cheaper option that will need replacing sooner. &nbsp;Or when you decide to buy in bulk an item that you really need, such as diapers for babies.So when is spaving bad? &nbsp;When you are spending more than you intended, for items you do not really need or planned to buy. &nbsp;To make sure you do not fall for spaving marketing tactics, here are some tips to help you keep your cash when the sale sign starts flashing. #1 Turn off sale alerts Ignorance can be a blissful thing for you and your wallet, so turn off those notifications you receive as emails, text messages, and also from mobile apps about daily deals, flash sales and limited time offers. &nbsp;If you&rsquo;ve been spending on things you have come to regret from certain shopping apps, consider deleting the apps altogether.<iframe width="640" height="360" src="https://www.youtube.com/embed/k-z3GuesrTQ?&t=5s&wmode=opaque&rel=0" frameborder="0" allowfullscreen="" class="fr-draggable"></iframe> #2 Delete stored payment information One of the things that have made spaving convenient is stored payment information on apps, online sites with your membership, and payment platforms. &nbsp;So go ahead and delete your credit card or electronic wallet information from all these shopping hooks. &nbsp;When you have to manually enter your payment information, the hassle may just be enough to wake you up from the spaving daze. #3 Always price check online Unless you are intimately familiar with product prices, how sure are you that the sale price is really a sale price? &nbsp;I never buy anything online without opening another browser and doing a price check and image search. &nbsp;There is this marketing trick called anchoring, where your mind uses the first piece of information it receives as an anchor to make decisions. This is why stores will post say P8,000 as original price, and P3,999 as sale price. &nbsp;The higher price acts as an anchor and can trick you to think you are making huge savings. <iframe width="640" height="360" src="https://www.youtube.com/embed/wJY6wtG_GIk?&wmode=opaque&rel=0" frameborder="0" allowfullscreen="" class="fr-draggable"></iframe> #4 Set a waiting period Another way to hold off spaving is setting a minimum time frame for you before you make an unplanned purchase. &nbsp;If a pair of shoes caught your eye, and it&rsquo;s supposed to be a really good deal, wait for 24 hours or even 48 hours or even one week before buying it. &nbsp;You can wake up from a good night&rsquo;s sleep and realize you don&rsquo;t really want it. &nbsp;Or that you want it. &nbsp;The wait can only be good for you. #5 Don&rsquo;t worry about missing out Consumers buy items on sale for fear of missing out on a good deal. &nbsp;But stores always have sales, and there are always newer and better items. &nbsp;Do not give in to the pressure to buy now, as impulse purchases rarely are good ones. &nbsp;Plus, note that most items bought on sale cannot be returned. &nbsp;So by rushing, you could really get stuck with something you do not like. &nbsp;Take a deep breath and think what&rsquo;s best for your savings and your wallet. ABOUT THE AUTHOR<span id="isPasted" style="color: rgb(34, 34, 34); letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; background-color: rgb(255, 255, 255); text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; display: inline !important; float: none;">Aneth Ng-Lim returns to writing after more than two decades of working as a communications specialist in the government and the private sector. Her advocacy for financial inclusion and personal finance began when she served as head for Consumer Education during her stint at a multinational bank.&nbsp;

Personal finance experts describe spaving as a sneaky marketing tactic that is mostly bad for consumers&rsquo; wallet. &nbsp;It&rsquo;s not all bad because there are times when spaving is a good idea. &nbsp;One example is getting an annual subscription instead of paying monthly and saving on the total fees. &nbsp;Another is when you spend more for a better quality product that will last longer, instead of a cheaper option that will need replacing sooner. &nbsp;Or when you decide to buy in bulk an item that you really need, such as diapers for babies.So when is spaving bad? &nbsp;When you are spending more than you intended, for items you do not really need or planned to buy. &nbsp;To make sure you do not fall for spaving marketing tactics, here are some tips to help you keep your cash when the sale sign starts flashing. #1 Turn off sale alerts Ignorance can be a blissful thing for you and your wallet, so turn off those notifications you receive as emails, text messages, and also from mobile apps about daily deals, flash sales and limited time offers. &nbsp;If you&rsquo;ve been spending on things you have come to regret from certain shopping apps, consider deleting the apps altogether.<iframe width="640" height="360" src="https://www.youtube.com/embed/k-z3GuesrTQ?&t=5s&wmode=opaque&rel=0" frameborder="0" allowfullscreen="" class="fr-draggable"></iframe> #2 Delete stored payment information One of the things that have made spaving convenient is stored payment information on apps, online sites with your membership, and payment platforms. &nbsp;So go ahead and delete your credit card or electronic wallet information from all these shopping hooks. &nbsp;When you have to manually enter your payment information, the hassle may just be enough to wake you up from the spaving daze. #3 Always price check online Unless you are intimately familiar with product prices, how sure are you that the sale price is really a sale price? &nbsp;I never buy anything online without opening another browser and doing a price check and image search. &nbsp;There is this marketing trick called anchoring, where your mind uses the first piece of information it receives as an anchor to make decisions. This is why stores will post say P8,000 as original price, and P3,999 as sale price. &nbsp;The higher price acts as an anchor and can trick you to think you are making huge savings. <iframe width="640" height="360" src="https://www.youtube.com/embed/wJY6wtG_GIk?&wmode=opaque&rel=0" frameborder="0" allowfullscreen="" class="fr-draggable"></iframe> #4 Set a waiting period Another way to hold off spaving is setting a minimum time frame for you before you make an unplanned purchase. &nbsp;If a pair of shoes caught your eye, and it&rsquo;s supposed to be a really good deal, wait for 24 hours or even 48 hours or even one week before buying it. &nbsp;You can wake up from a good night&rsquo;s sleep and realize you don&rsquo;t really want it. &nbsp;Or that you want it. &nbsp;The wait can only be good for you. #5 Don&rsquo;t worry about missing out Consumers buy items on sale for fear of missing out on a good deal. &nbsp;But stores always have sales, and there are always newer and better items. &nbsp;Do not give in to the pressure to buy now, as impulse purchases rarely are good ones. &nbsp;Plus, note that most items bought on sale cannot be returned. &nbsp;So by rushing, you could really get stuck with something you do not like. &nbsp;Take a deep breath and think what&rsquo;s best for your savings and your wallet. ABOUT THE AUTHOR<span id="isPasted" style="color: rgb(34, 34, 34); letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; background-color: rgb(255, 255, 255); text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; display: inline !important; float: none;">Aneth Ng-Lim returns to writing after more than two decades of working as a communications specialist in the government and the private sector. Her advocacy for financial inclusion and personal finance began when she served as head for Consumer Education during her stint at a multinational bank.&nbsp;

The term may not be familiar, but chances are you&rsquo;ve been guilty of spaving. Coined from the words &lsquo;Spending&rsquo; and &lsquo;Saving&rsquo;, &lsquo;Spaving&rsquo; is when consumers end up spending more money thinking they are actually saving money.Remember that time you bought something because it was Buy One, Get One at 50 percent off? &nbsp;But you only needed one, so buying a second one, even at a generous discount, was more spending for you. &nbsp;Or how about when you added more to your online shopping cart so your order will qualify for free shipping? &nbsp;Chances are your final cost exceeded the amount you intended to spend.

<img src="https://news-image-api.abs-cbn.com/Prod/editorImage/171573949381920221206-christmas-shoppers-GC-2.jpg" style="width: 950px;" class="fr-fic fr-dib" alt="Shoppers sift through overrun clothes for sale inside the Greenhills Shopping Center in San Juan on December 6, 2022. George Calvelo, ABS-CBN News"><span id="isPasted" style="color: rgb(65, 65, 65); letter-spacing: normal; orphans: 2; text-align: left; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; background-color: rgb(255, 255, 255); text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; display: inline !important; float: none;">Shoppers sift through overrun clothes for sale inside the Greenhills Shopping Center in San Juan on December 6, 2022. George Calvelo, ABS-CBN News&nbsp;

Remember that time you bought something because it was Buy One, Get One at 50 percent off?

Remember that time you bought something because it was Buy One, Get One at 50 percent off?

Are you guilty of Spaving (Spending to Save)? | ABS-CBN News

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Business

Are you guilty of Spaving (Spending to Save)?

Are you guilty of Spaving (Spending to Save)?