Dasurv!

This colloquial contraction of the English word “deserve” is popular among Filipinos to justify consumerism. And if you ever found yourself justifying an often extravagant purchase by saying this phrase, you are not alone, luv. You see, this vibrant example of consumerism isn’t just a practice, it’s almost a culture.

We’ve all been there, right? That moment when you buy something you don't necessarily need because, hey, you've worked hard for it anyway.

But what does this mentality mean for our personal finances? Let’s find out.

The Rise of Consumer Culture in the Philippines

Gone are the days of simple living and saving for the rainy days. The consumer landscape in the Philippines has dramatically shifted over the years, becoming a vivid portrait of consumerism. Thanks to globalization and social media, Filipinos are now more exposed to global trends, fueling a desire for the latest gadgets, fashion, and lifestyle products. Add to this the significant contributions from OFWs, and we find a perfect recipe for a burgeoning consumer culture.

"Dasurv": The Mindset Behind Impulsive Spending

Why do we often spend impulsively? It's a complex mix of emotion and social pressure. The Filipino concept of "amor propio" (self-love) and maintaining social status sometimes leads to spending beyond one's means. This trend is a clear reflection of consumerism where the acquisition of goods becomes a priority. We've all heard stories of someone buying a new phone or car to keep up with friends or relatives. It's this psychological tug-of-war between desire and reason, a central theme in consumerism.

The Impact on Personal Finances

The thrill of buying something new is undeniable, but it's often a fleeting joy, luv. The harsh reality? Many Filipinos struggle with savings and debt management. Reports show concerning trends in savings rates and increasing household debt, painting a clear picture of the consequences of rampant consumerism. We've seen real-life consequences where unchecked spending leads to financial instability.

Balancing Desires and Financial Responsibility

But all is not lost, luv. Financial responsibility is about balance. Here are five things you can do to balance your desires and financial responsibility:

1. Embrace Effective Budgeting: Start by creating a budget that reflects your income, expenses, and financial goals. This is the foundation for managing your finances effectively. Keep track of your spending to avoid overspending and ensure you have enough for essentials.

 

2. Understand Wants vs. Needs: Distinguish between what you need for a basic, comfortable life and what you want as extras. Needs are essentials like food, housing, and healthcare, while wants could include luxury items, entertainment, and non-essential gadgets. You can definitely spend for your wants, luv. Just make sure you’re doing it within your means.

 

3. Develop Financial Literacy: Educate yourself about financial management. Understanding concepts like savings, investments, debts, and interest rates can help you make more informed decisions about your money.

 

4. Invest Wisely: Allocate a portion of your budget for investments or wise purchases that can grow your wealth over time. This might include stocks, bonds, real estate, or even investing in your own education or business ventures. Not all spending is consumption. Some can be an investment in your future.

 

5. Seek Advice from Financial Advisors: Consult financial advisors for personalized guidance. They can help you develop a budget that suits your lifestyle and financial goals, ensuring you maintain a healthy balance between your desires and responsibilities.

The Way Forward: Cultivating a Healthy Financial Mindset

The "Dasurv" mentality is deeply ingrained in Filipino consumer culture, significantly impacting personal finances. It's a call to action for each of us to reassess our spending habits in this consumerism-driven world.

As much as you deserve something new every now and then, you deserve a life of financial freedom and prosperity, too. Why not go for “dasurv na dasurv!” That’s when you can buy something you want, taking it out of your savings pocket or Stash for unplanned purchases, perhaps?

And speaking of Stashes, we're excited to introduce our Luv Stash Promo. This is the first-ever high-yield savings account specially created for couples. With Luv Stash, you and your special someone can enjoy up to 4.5% interest p.a. for your savings goals. Learn more here.

So, remember: There’s a fine line between enjoying the fruits of our labor and jeopardizing our financial future. The balance lies in making informed and mindful choices. You’ve got this, luv!