Starting The New Year Right

The beginning of the year gives many of us a chance to take a deep breath, contemplate, and hope for the best for the coming year. It can also be a time to take stock of where we are and consider the things that we can do to improve our lot. Some of the things that you may want to strive for in your financial life can include the following:

1. Living within one's means. We've all heard this before, but you still keep wondering how to know if you are doing it. We'll devote more space to this in future posts.

2. Paying off expensive debts. The most obvious one for this is the balance in one's credit card which probably came about during the holiday's spending spree. See more about it in this previous post.

3. Starting off on savings.

4. Getting some security for something untoward.

5. Living a healthier lifestyle. This doesn't necessarily put money into your coffers, but it can drastically reduce the amount you take out.

I hope this simple list provided some spark on what you can do focus on in the weeks and months to come.

Happy New Year Everyone!

Good Deals: Discount Websites

Everybody loves a good deal. Especially if you can have it regularly. So I thought it would be nice to let you know of three online services that offer discounts through their partner merchants.

(Disclaimer: I am not affiliated with these three companies, except as a member)

Ensogo

The first one is Ensogo. It's currently offering a hotel buffet deal at 50% off the regular price (click pic to get to their page). They also have a number of deals that are running simultaneously with the main deal. One feature of Ensogo is that they donate a portion of the money they receive to a chosen charity. The amount donated is disclosed in their done deals list. Check out their site now and they might have a deal for you.

Beeconomic

Beeconomic operates on the same principle as Ensogo. However, for a deal to take effect, a certain number of orders must be placed within the promo period. Otherwise, the deal is canceled. But the minimum is usually low enough that most if not all of the deals pushes through.

CashCashPinoy

Finally we have CashCashPinoy. It's pretty much similar with the other two. The default is that they don't have a minimum threshold for a deal to be on. Though in some rare instances they would have that requirement.

All of these sites accept payments either thru credit card, Paypal, debit bank account, or over-the-counter payment (thru a bank). Then you get emailed a voucher you can print and present to the merchant to claim the deal.

Now, what are some of the things that you need to consider when using sites like these? A few tips:

1. A good deal is a good deal only if it's something that you would probably be spending within the foreseeable future or within the deadline of the deal, whichever comes first. A significant number of deals in these sites can still be costly even with the discounts. A good rule of thumb is that the deal would be something that you would probably be spending on anyway. In that case, you really are lowering your expenses. Of course, you may want to get the deal to treat yourself. That's well and good, for as long as you are aware of such a decision and you aren't going overboard by having too many of them. In a sense it follows the same principle of getting freebies from credit cards, which I talked about here.

2. Be aware of the reputation of the site itself and the merchant they partnered with. In most cases, the site is a reputable one, but they can have partnered with a merchant that became unsavory with the customers. You can get a feel of it by checking out the discussions, or by making a general search on the quality of the merchant (a simple Google can often do that).

3. Be aware of the charges when you make your payment. If you are paying by credit cards, it's good that you do not let any interest grow on it by not paying within the cycle. Charges against your deposit account can also entail some fees, though they are often minimal.

4. Lastly, do remember that you purchased something! This may not be that obvious a reminder when you've just made your purchase. But if you are planning to use your voucher for a much later date, you just might need to set yourself up a reminder. Otherwise, you may end up losing on a good deal altogether.

If you've made a purchase through the above sites or you know of similar ones, do share your experiences with us. Or you can click on any of the pics to get to their sites and get yourself an account.


Be Wealthy!

Credit Cards: The Real Deal

Free meals. Rebates. Double or triple reward points. Travel mileage. Movie passes. Your favorite shoes or bag. All these can be yours, just charge your daily expenses on your credit card. Here in the Philippines, major credit card issuers have been trying to one-up each other with bigger and better deals that leave you thinking: how in the world can they still earn from that? Especially if you are paying off your balance at the end of every month, which means they won't earn interest on from you. It's been such a competition that choosing the card to charge for your expense that for some, it is now a decision that one pauses for.

Those deals are fine and good. But before you head out again to swipe that plastic, consider these:

1. Are you spending more now?

2. Are you advancing future purchases today?

3. Are you buying stuff you never bought in the past and saying to yourself these are part of your "regular" expenses?

If you are, then you might be too happy with the freebies that you've been getting that you hardly noticed that you're probably digging yourself slowly to financial trouble. And the road to credit card debt is a slippery downhill path, as many have found out the hard way. To fully benefit from the deals that are being offered, the use of your credit card should merely be a change in the manner by which you pay, which would be cash.

Of course, a careful analysis could probably show that you are really benefiting from all these promotions they've been offering. But it doesn't hurt to step back a bit and catch your breath.


Be Wealthy!