In the Philippines, people sometimes have this misconception that being frugal is synonymous with being a cheapskate, meaning that a person saves money, no matter what, at the expense of enjoying value or quality. However, this couldn’t be further from the truth. Being matipid is not the same as being kuripot. Frugality isn’t just about spending the least amount of money possible; rather, it’s about making deliberate and thoughtful choices to maximize the value of each purchase.
One way to practice frugality is by using a credit card wisely. A frugal spender strategically uses their credit card to take advantage of rewards and promotions while ensuring they pay their balance on time. In many cases, credit cards can even help a cardholder save money when shopping online. The Maya Landers Cashback Everywhere Credit Card is a strong contender for the best credit card for online shopping in the Philippines, thanks to its generous cashback rewards—offering up to 5% cashback at Landers, 2% on dining, and 1% on all other qualified transactions.* Cardholders can also enjoy an annual cashback cap of PHP 200,000, making it a top choice for frugal shoppers looking to maximize their savings.
Using Maya’s best credit card for online shopping can be a smart way to complement your frugal spending, ensuring that you get rewarded for each purchase. To boost your savings even further, here are some additional tips to help you spend responsibly without sacrificing quality or comfort.
1. Prioritize Value Over Price
Instead of choosing the cheapest option, focus on getting the best quality within your budget. For instance, while a cheap pair of shoes may seem like a bargain, its poor durability could lead to more expenses in the long run due to repeated purchases. It’s often wiser to invest in a slightly more expensive but well-made pair that will last longer.
To make informed purchasing decisions, read reviews or ask for recommendations from friends about brands known for their durability. Prioritizing value over price ensures that you don’t end up using low-quality items that will only make you miserable—just to save money.
2. Plan Your Purchases and Budget Your Money Wisely
Being frugal doesn’t mean never spending money on enjoyment—it means planning and budgeting wisely so you can allocate funds for “treat yourself” moments without guilt. Make it a habit to plan your expenses ahead of time and stick to your budget. This approach helps prevent impulsive spending and allows you to save for meaningful purchases, such as travel, experiences, or quality personal investments.
Regularly tracking your income and expenses is essential. Fortunately, using your Landers Cashback Everywhere Credit Card for daily purchases makes this easier, as you can conveniently monitor your transactions in real time through the Maya app. Additionally, utilizing the card’s spending limits function can help you avoid the temptation to overspend.
3. Look for Discounts, Coupons, and Cashback Rewards You Can Leverage
There’s nothing wrong with buying things simply because they bring you joy. However, to maximize your savings, try to time your purchases during sales events, use discount vouchers, and take advantage of cashback rewards offered by financial tools like the Landers Cashback Everywhere Credit Card. Any qualified spending you accumulate with this card can be converted to vouchers that you can spend on future grocery runs at Landers. These strategies will allow you to indulge occasionally while still being financially smart.
4. Invest in Experiences Over Things
Research shows that people tend to derive more lasting happiness from experiences, such as travel or hobbies, rather than material possessions. When planning for indulgences, consider allocating funds toward experiences instead. A weekend trip with family or friends can create lasting memories while reducing your urge to engage in impulsive purchases or to seek short-term gratification.
Investing in personal growth, such as enrolling in a workshop or learning a new skill through a proper class, is another worthwhile expense. In some cases, these investments can even become a secondary source of income if properly honed and leveraged.
5. Buy Secondhand When Practical
Pre-owned items can be just as good and satisfying to have as new ones, provided you check them for condition and quality. If you want to reward yourself with a new outfit or bag, for example, consider shopping at thrift stores or online marketplaces so that you can get the item at a fraction of their retail cost.
However, be critical when purchasing secondhand goods. For clothing, check for stains, irreparable holes, fabric fraying, or broken zippers to ensure the item is still worth the money. For gadgets, always test them thoroughly or opt for certified refurbished products that come with warranties.
Learn How to Best Spend Your Money without Shortchanging Yourself
Frugal living doesn’t mean sacrificing comfort or happiness. By being smart with your spending and following these tips, you can still enjoy life’s pleasures while maintaining your financial stability. The key is to make mindful choices that also take quality and overall value into consideration, ensuring you get the most out of your hard-earned money.
*Transactions that don’t qualify include: cash in, cash advance, quasi cash purchases, casinos and gambling, fuel, supermarket, pharmaceuticals, utilities, telco, and government.
