To save hard-earned cash, try visiting thrift stores, yard sales and online buying-and-selling sites

Stacy Johnson, in an article for MSN partner “Money Talks News,” cited several ways American consumers wasted money. Although some of the things she mentioned would not apply here, a number of observations she made were relevant to the Philippine situation and the Filipino consumer.

First on her list of wasteful habits was buying new things. Johnson said getting a product in its original packaging often meant paying more, sometimes even twice the price.

To save hard-earned cash, she suggested that, for certain things like furniture, clothing, textbooks, instead of going to department stores, boutiques or showrooms, you should try visiting thrift stores, yard sales and online buying-and-selling sites.

Johnson also said always ask if discounts were being given. Although haggling is almost a Filipino sport, there are certain circumstances where you probably feel embarrassed to ask for discounts. But Johnson said, “Many sellers of goods are willing to negotiate because they want your money as much as you want the product.” She said, “It never hurts to ask.”

Savings could also be made by buying generics not just in medicine, but in other consumer products, too. Johnson said, even in the grocery store, you could opt for generic instead of well-known brands. “In many cases, the only difference between generic and brand name is price,” she said.

Another suggestion from Johnson was having your meals at home, instead of eating out. She said, “Even if you drink water and take home half the meal, the cost per person is higher than cooking at home.”

Unhealthy habits also meant unnecessary expense, she said. The cost of smoking, for instance, Johnson pointed out, was much more than the price of cigarettes if medical expenses for the treatment of smoking-related illnesses were to be considered. “Excessive drinking is also an expensive and destructive pastime, as is gambling,” she added.

24-hour depository

This should be welcome news to establishments, such as gasoline stations, convenience stores, eateries, that operate 24 hours a day but worry about how to keep their earnings for the day safe after banking hours.

Although there are automated teller machines (ATMs) that accept deposits, they usually accept your checks or cash only if you put it in special envelopes. But now, the Bank of the Philippine Islands (BPI) has installed a different kind of deposit machine that will allow you to make a deposit without the special envelope.

Mike Bernabe, head of BPI’s express teller department, said about 70 units of the new Cash Accept Machine (BPI Express Deposit Machine) had already been installed nationwide. He said they expected to have a total of 100 units installed by the end of November.

“For BPI Express Deposit Machine, you can deposit cash in real time, 24/7,” Bernabe said. “This machine accepts cash in P100, P500 and P1,000 denominations, and the deposit is credited to the account in an instant. . . There is no need to fill out forms and put your cash in an envelope.”

As proof of the deposit, a receipt is issued after the transaction, Bernabe said. He also gave the assurance that the machine, which would be distinguishable from other BPI ATMs by its gold nugget color, would be simple to use.

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