Unplanned splurges like a new phone, a laptop, or a car can throw your finances off track, sometimes for years. Before you know it, what seemed like a simple treat can lead to buyer's remorse or high-interest credit card debt.
That’s why planning is key when you’re aiming for something expensive. A calculated approach ensures you make a purchase without sacrificing your daily needs or turning your lifestyle upside down. Here’s how to do it the smart way.
1. Start with a Clear Goal and a Timeline
Saving becomes much easier when you know exactly what you're working toward. Let’s say you’re aiming to buy a new phone from a high-end brand. Look up its price, identify its launch date, and decide when you ideally want to make the purchase. Creating a precise timeline and defining the goal more granularly makes it feel more real and helps you pace your savings.
Make sure to do a little digging, too. Many brands run promotional tie-ups with banks like EastWest. These can include discounts, 0% installment plans, or cashback deals. You might find that using your EastWest Visa Debit Card could save you more or make your payments easier.
2. Open a Separate Savings Account for Your Goal
Mixing your savings for different purposes like emergencies, daily needs, or vacation plans can easily blur your financial boundaries. That’s why creating a separate account just for a specific big purchase can be a smart move. This dedicated account creates a mental barrier, reminding you that the money is off-limits for other expenses. It also helps you track progress without confusion.
EastWest can help you create a savings account suited to your needs. If you want something straightforward, the Regular Savings Account comes with a globally recognized Visa Debit Card and helps you build your funds with interest. The minimum initial deposit is just PHP 5,000, and you only need to maintain PHP 10,000 to earn 0.125% p.a.
Prefer something more traditional? The Passbook Savings Account makes it easy to track deposits while still enjoying flexibility and access. The minimum initial deposit is PHP 10,000, with a maintenance requirement of PHP 25,000 to earn 0.125% p.a.
For something unique, there’s Save and Pawtect, which combines savings with up to PHP 50,000 worth of free insurance coverage for you and your pet. If your big-ticket goal is a custom kennel or pet-friendly travel gear, this adds value beyond traditional options.
3. Follow a Realistic and Consistent Savings Plan
Setting aside money is one thing. Doing it consistently is another. That’s why it helps to build a savings plan you can stick to. One strategy that still works wonders is the envelope method.
Here’s how it works: divide your budget into categories like transportation, food, savings, and entertainment. Allocate a set amount of cash for each and place them in separate envelopes. Once you’ve used up what’s in an envelope, no more spending in that category until the next month. This method can be adjusted even if you don’t use physical cash. Just replicate the idea digitally.
This helps because it makes your spending limits tangible. It also encourages discipline without forcing you into extreme cutbacks. Plus, you can move any leftover cash at the end of the month straight into your dedicated savings account.
4. Trim Costs, But Don’t Cut Out Joy
Many people hear the word “budget” and assume it means cutting out everything that makes them happy. This doesn’t have to always be the case. For example, planning home-cooked meals for the week means fewer last-minute food deliveries and less food waste. A bit of prep and bulk buying can also cut hundreds of pesos from your expenses every month.
Another area often overlooked is subscriptions. How many apps, streaming services, or software tools are you actually using? Cancel those you rarely open and consider sharing family plans where possible. These may seem like small adjustments, but collectively, they can give your budget serious breathing room.
5. Look Ahead and Plan for the Future
Every few months, take a quick look at your calendar. What’s coming up in the next quarter? What events or holidays might require spending? Anticipating times when spending is unavoidable will help you adjust your savings, so you won’t have to touch the funds you’ve set aside for your big purchase.
At the same time, you’ll want to keep an eye out for extra income. Maybe you’ve got a freelance gig lined up or your 13th month pay is around the corner. These additional revenue sources are perfect for boosting your savings. Since they’re not part of your regular income, you won’t miss them when you automatically transfer them to your big-purchase savings account.
6. Celebrate Small Wins
Big goals can sometimes feel far away. That’s why it’s important to celebrate key milestones. For example, if you’re saving PHP 20,000, celebrate when you reach PHP 5,000 or PHP 10,000. You can use the EasyWay app to monitor your savings grow in real time.
Moreover, your celebration doesn’t have to be extravagant. A special home-cooked meal, a relaxed weekend, or a movie night can be a great morale boost. What matters is that they build positive momentum. You’ll feel your progress, and that progress reinforces your motivation. Just make sure the reward doesn’t set you back!
Make the Journey Worth It
Saving for a big purchase is not just about the item. It’s about learning discipline, managing your finances well, and proving to yourself that you can make long-term goals a reality. It’s also about creating habits that serve you beyond that one purchase. You might find that after hitting one goal, you’re ready to use your EastWest savings account for the next big-ticket purchase.
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