I can put a whole new meaning to being frugal, sometimes. And I’m proud of it. Unfortunately, the golden dust of stinginess can wear off so quickly because the next minute, I can be the worst spendthrift on the planet. Have you ever been bitten by these financial mood swings?
Here’s an example. I love my more than 10-year old Esprit wristwatch. I bought it with money I earned from my first award as a journalist back in 1997 (and I mention that here only to explain its sentimental value). In a moment of extreme klutzness, it fell from a super-high tower rack and it stopped working. The face was a mess of broken glass.
In a normal situation, I would have loved shopping for a replacement. This time, however, I was moping about in the mall, not excited to buy a new one. I kept telling myself that it’s more than 10 years old, for heaven’s sake. I deserve to buy one with a spiffy new design or a classic Omega-like look, you know?
I got it back for P500, including an P80 tip for the guy who fixed and cleaned it. The sturdy Swiss parts saved me P10,000, but that means I’m still wearing what I wore as a cub reporter.
Turn back the reels to the previous scene. Hubby and I decide to buy some beach shorts from Landmark department store. Most expensive pair of beach wear I ever saw at P4,500. Before we knew it, I had decided that he also “needed” two new shirts, I “needed” new clothes, the kids “needed” new shuttlecocks and Speedo goggles. Err… and this example is pretty tame.
One moment, extra stingy I could put Ilocanos to shame. Next, total spendthrift. Solution: self-awareness.
Mindless impulse spending starts when self-awareness ends. Who likes to feel deprived, after all? Who likes to be the country mouse in the big city? Who would choose to keep P30,000 untouched when it’s a bonus from a job well done? A little pandering to the latest fashion trends won’t hurt! I will pay that credit card bill next month, honest! (Yeah, right).
Ideally, every time we open our wallets we should be thinking, not feeling. But that’s easier said than done. That’s why consistency in frugality is difficult to achieve and we’re often caught between money mood swings that raid our bank accounts and our peace of mind.
Tempering money mood swings is a worthy goal, however. In the beginning, we might need tricks to bear down on feelings of deprivation, like taking one small bite of chocolate instead of mindlessly digging into a whole bag of Kisses chocolate.
If the mood swings are volatile, keep trying. Let’s use incentives and remember to give ourselves time in the hopes that soon, just the mere fact that we have been consistent is all that we need to feel satisfied.
July 10th, 2008 at 3:16 pm
Try reading “Secrets of the Millionaire Mind” by Harv Eker. He mentioned in the book techniques on how you can manage money mood swings that afflicts us all and how our money blueprints are created from experiences we have as kids. Happy reading!
July 5th, 2008 at 5:01 pm
Salve, I think M&S refunds their customer for returned items. Most stores only allows exchange or they give you credit notes if you paid by credit card.
Minsan kasi nahihiya yong mga customers na magreturn or exchange. Kahit ako nga dati sa US, mali yong punch. Yoko na mag-complian kasi nahihiya ako. Pero sabi ng friend ko sayang daw kaya siya ang nagreklamo.
July 5th, 2008 at 4:55 pm
No hidden fees. One time QR100 ($1 = QR 30) membership fee and just the shipping fees from NY to Qatar which is per kilo.
July 5th, 2008 at 9:16 am
DB, I gotta find out if they do that in the stores here too. That’s really interesting. I think consumer advocacy here is non-existent
July 5th, 2008 at 9:13 am
Nina, how about hidden fees?
July 5th, 2008 at 9:12 am
*trying to knock G to her senses*
Great bedsheets are supposed to make your old bed look new!!!
c’mon girl, resist the urge to splurge on a new bed…
on second thoughts, there must be a new furniture sale ongoing right now…
hahaha
July 4th, 2008 at 3:07 am
Salve, the store usually issues refunds for returned items in the same type of payment you issued them (in my case, they reversed the charge on my Amex-Amex is the great when it comes to charge disputes). I use the cell phone sparingly even after I chucked the landline which hardly gets used anyway, and keep it off because 1) relatives call at ungodly hours 2) it’s a hassle charging batteries 3) in true Ilocano fashion, I don’t want to go over my minutes. With a blackberry, my boss will be in my life 24/7. Last night, I managed to snag my techie friend’s latest phone cast-off (for free). It will give me time to wait for a sale, maybe a coupon (check dealcatcher.com, etc — you can also find coupon codes you can use online). As my nephew would say, I would have a heart attack if I had to pay anything at full price. For clothes and accessories, my cousins and I have annual swapping parties — since they shop higher end stores, do dry cleaning, and get fatter faster than me, I get the mother lode.
July 3rd, 2008 at 8:00 pm
I’m also guilty of ordering things online. Considering the lax rules here, it’s so tempting. They don’t tax items up to $1000 per shipment. If you are lucky they still don’t tax you even if it is over $1000. Then there’s a cheap courier here (Aramex) which offers a forwarding address in New York and then they ship the goods here. Hay!….
July 3rd, 2008 at 3:43 pm
yes. amazon ships free for every $25 purchase provided the seller is amazon and not another online seller.
I have bought bedsheets for less than $20 and nothing more than $30. Complete set — 2 pillowcases, fitted sheet, and flat sheet at 300 thread count, 100% cotton! in here a sheet set like that (and not 100% cotton) would be worth Php 2000, at least!
just browse the sale section of housewares. you’d find some really good bargains. I have two sets i bought last year, still unused. saving it to use on a new bed…. hahahaha!
July 3rd, 2008 at 11:39 am
Ria, hahaha. not a hug — more like a kick on the rear end to bring me back to money-smart mode.
July 3rd, 2008 at 11:37 am
G, whoa! Shipping is free even for bedsheets? Hmmm. *giving you a wicked look* you are giving me some terrible ideas hahaha.
July 3rd, 2008 at 11:20 am
Memo to Salve, you are not alone. Do you need a hug? Haha!
I live a similar lifestyle with Ghia. But the suitcase, well, it became suitcases. I just gave 3/4 of my ‘closet’ content to the typhoon donation drive last week. Now it can be truly said I am now living on a single suitcase. Yeehaa!
PS: Donations are still being received by the Sagip Kapamilya for the typhoon Frank victims. [Am not connected with this company]
July 3rd, 2008 at 10:50 am
ah, amazon!
once i discovered it, there was no turning back!
i have bought books, cameras and lenses (hubby’s requests), toys, bedsheets (what bargains!) and other what have you’s. Such a shopper’s haven! And delivery is free for a $25 purchase too! I just have the stuff delivered also to the hubby (when he’s there) or to officemates who are on training. Doesn’t matter in what State as long as i get my stuff in the end! (*_*)
I even buy jewelry online! And on installment!
*sigh*
July 3rd, 2008 at 8:52 am
Ripemango, I so agree! As I read somewhere, cheap is not the same as being frugal. I’m also choosy when buying from malls as I see clothes there that are also being sold in tiangges. For kids, its alright sometimes because they grow out of their clothes easily too. I say, sometimes. Because even for my toddler, i stick to Enfant and St. Patrick because they don’t look frayed even after being worn for quite a while!
July 3rd, 2008 at 8:51 am
Ghia, that’s what i’m talking about. the discipline and the self-awareness. congratulations on setting aside 10% of your savings regularly! experts say when the habit’s there, its easier to raise the amount to match your savings needs, say make it 15% in a year’s time, or 20% even.
Hmm. i should aim for a suitcase life too hehe. that’s a good strategy for keeping life simple!
July 3rd, 2008 at 8:51 am
DB, i have a friend who sounds just like you :-). do they give you a refund or do you have to get another item that costs the same? By the way, don’t you live abroad? My blackberry has trimmed down my family’s phone bill, because my mom and my sisters now just have to email me and i get their messages whether i’m on the road or at the office.
July 3rd, 2008 at 8:49 am
@femaad, oh dont get me started on that! My amazon.com bill at one time went up really high (ducking my head in shame). It is just sooo convenient since i get the stuff delivered to my mom in the States. If you shop in amazon, sometimes, it makes sense to buy second-hand books, but not all the time :-). The hubby had a big laugh at my expense the last time I bought second-hand books for half a dollar each because the shipping expense ended up bloating the total bill. would have made more sense getting the Amazon special offer on free shipping for at least three books ordered! (slap my forehead)
July 3rd, 2008 at 8:47 am
@moody, had to laugh at that. so true with me sometimes!
July 3rd, 2008 at 8:47 am
@g and nina, yey, i’m not alone! :-D. i’m gonna ramp up that self-awareness thing. join me?
July 3rd, 2008 at 8:42 am
@paetechie, hmmm. one guy, seven girls. could money mood swings be a girl thing?
makes sense, i guess. we are lunar beings. monthly moodyness, ya know?
thanks for the tip regarding speedo. i’m so brand-loyal! i’ve been buying speedo for years. i think there are more options these days too. re: everything that you need — at any price — is expensive. really good nugget of wisdom, but could be negated by the changing definition of “needs”. im talking of the usual slide from wants to needs. i’m sure you don’t have a problem about that either!
July 3rd, 2008 at 8:04 am
When it comes to office clothes, i noticed that buying branded items seems to be worth it than buying in the tiangge or SM / Robinsons’ house-brands
I had an inventory of my closet lately, and those that i bought in bazaars and tiangge, dilapidates quicker, or really looks cheap in a few months time.
But the stuff that i bought in Zara or Mango, albeit, on sale, still retains their beautiful colors, and the styles are unique, that i still get compliments whenever i use them.
They’ve been with me for 2-3years already, and still look great.
So, I’ve resolved to minimize buying from tiangge, Except of course those stuff that are branded-overruns that i use as pambahay… and really just save the money, for pieces that are lasting.
July 3rd, 2008 at 7:55 am
that’s a classic one Salve!
what I’ve been trying to practise for months is to set aside 10% of my earnings for savings once I get my pay cheque. whatever is left will be disposable income: rent, money to remit back home, food, utilities, phone and internet bills, entertainment, and maybe a bit of splurging on clothes and kikay stuff. but priority is always food, i don’t want to starve myself so I can buy the latest gadget on display (hey the second largest Apple store recently opened here in Sydney).
I was a spendthrift too, when I was still working in Phils. I was living from pay cheque to pay cheque. But when I started earning in dollars, I splurged - buying things I don’t even need. Now my problem is how to pack and bring my things with me. Because of work, I have to move around, from city to city, from one country to another. I have to live a suitcase life.
Now, that’s a lesson learned for me. The next time I see the cashmere cardigan on display, even if it’s freezing here in Sydney at 8 degrees, I would think twice buying it. I already have enough clothes to keep me warm anyway. And who knows where I will be going next, maybe in hot, humid city such as Dubai.
July 2nd, 2008 at 10:51 pm
Some people feel embarrassed about returning store-bought items. I return items after I come into my senses – after all, I will be the one stuck with the unwanted item and the bill. Just make sure to keep the bill and for goodness sake, do not use the items, and return the item within the prescribed date allowed for returning. Last night, I walked into a store with the sole purpose of replacing my ancient cell phone with another basic feature phone. I ended up with a blackberry device whose data plan I may never use. After the buyer’s remorse this morning, I am returning it tonight after work. I don’t care about the snotty look from the salesperson whom I may never see again in this lifetime anyway
July 2nd, 2008 at 8:44 pm
babae nga naman…am guilty, too! i have been a “good” girl for the past months - no splurges on clothes, shoes, bags; regularly setting aside money; no starbucks/figaro/seattle’s best coffee…tapos, na-discover ko yang online buying (@g, i can relate)..ginoo! in a wks’ time, i bought 6 bags! do i need them? of course not!
and re chocolates, i do try not to eat too much bec i’m watching my weight; but, when that bag of M&M’s is beside me, i eat it like popcorn!
help!!!
July 2nd, 2008 at 7:32 pm
penny wise, pound foolish!
July 2nd, 2008 at 5:44 pm
I’ve been quite good lately in resisting the urge to buy high ticket items but I’m really bad for small items (e.g. new blouse) especially when I try to justify it by saying - “one blouse is okay, it’s not gonna hurt my budget. When bills arrive, then I would realize, I could have saved that amount so I can buy the high-ticket item that I’ve been dreaming for months.
July 2nd, 2008 at 5:29 pm
i can totally relate salve!
although im pretty cheap when buying clothes, i can be a super spendthrift on bags and shoes. and other stuff esp when buying over the internet hehehhehe…
i guess one should just consider the bottom line: the total spending/splurging vs the targeted savings.
July 2nd, 2008 at 3:29 pm
money mood swings, something I really don’t have. my only luxury really is my pricey camera. I agonized spending P60k for it for quite some time but I rationalized that I’m also preserving memories in the form of pictures of my travels.
I guess it has something to do with my childhood where I grew up not as “lucky” as other kids. I looked for ways to earn money just to buy myself a pair of pants and shoes when kids my age are just playing. I only got a simple wristwatch when I started working.
regarding speedo, it’s popular and pricey but not the best there is. there are better yet cheaper alternatives to that brand particularly goggles and snorkeling masks.
my philosophy is this: anything that I don’t need, at any price, is expensive. I only buy signature brands when there’s no cheaper alternative at the same quality.