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Making Money

First Big Purchase, A Big Deal

You get paid for the first time at your new job. What do you do?

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11 Jan 2011 Print This Post Print This Post

    Photo: www.photoxpress.com

    Once you start working and your student allowance is replaced by a monthly salary, temptations to shop and buy will be coming your way. It can’t be helped — you can suddenly afford stuff! You’ll also feel the need to make a big purchase, but will it be worth it?

    We talked to some young professionals and asked them what their “first big purchase” was, and if they ended up regretting it!

    Bianca, advertising account executive: “My first big purchase was a flat screen TV. I didn’t regret it because 10 years later, it still works. I’m a TV addict so it’s probably the most-used item I’ve ever had anyway.”

    EdgeWise.PH says: A TV is not the most practical investment, but you can think of your big purchase in terms of value for money. Is it going to be durable, and will you be using it regularly for the next ten years or more?

    Jeni, architect: “My first purchase was a cheap watch at a tiangge! But my first big purchase was a set of jewelry. I’m still happy with it [four years later] and I know it’s something I can pass on to my future children. But I think what I really needed to invest in back then was insurance, though.”

    EWPH says: Insurance and pension plans can seem like an unnecessary expense when you’re new at your job, but it’s always good to start on that early. If you’re considering getting one, make sure you get a good plan from a good company. (Talk to more than one to compare.) Start on it when you know you can keep up the payments, because it’s going to be a commitment for years and years to come.

    Layla, writer: “I started working around November so my first big purchase was a Christmas tree for our house. It was not very expensive and I liked that I was able to do exactly what I wanted with the money I had. The purchase allowed me to continue our family tradition of setting up the tree, something my sisters and I enjoyed with our parents before my dad passed away.”

    EWPH says: Maybe your first big purchase isn’t for you, but for your loved ones. Many Filipino families rely on the incomes of more than one family member, so if you’re considering your first big purchase to be something to help out at home, you’re not alone. Try to find something that everyone will enjoy or use, just to spread all the love around.

    Katrina, communications professional: “I got married one year after starting work. So that ‘big purchase’ was a refrigerator, iron, mattress and stove. Absolutely no regrets.”

    EWPH says: Who else would count “stove” as their first big purchase? You might if you’re starting a family at a young age, which is not unheard of. When you’ve got other people relying on you as a breadwinner, you may need to start with the home essentials when you plan for major spending.

    Your first big purchase is a big deal. Whether it’s a reward for yourself, or an investment, or a gift to your family, think it through and decide after some research. Spending your own money is a huge responsibility, but it’s also a good way to learn how to be independent. There’s no single thing that’s best for everything, but give it a little more thought just so you know you won’t regret anything.



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