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It's a brand new year. This means clean slate and leave everything behind, including money habits. 

Yes, you read that right. 

At this time, there are many Flipinos who are drowning in debt or don't have sufficient savings. Then, you blame it on banks who have high interest rate or your lack of financial understanding. If you dig deeper, it boils down to bad money habits that are taking a toll on your financial future. 

The good news is it's not too late to change and kick those bad money habits. Since you're already here, below are money habits that you need to get rid of your system NOW: 

Bad Money Habit No. 1: Manana Habit. 

How many times did you say, "Next time na ko mago-open ng savings account" or "Sa susunod nalang ako magi-invest ng pera?" This is called manana habit- and it's not a good one, especially when it comes to money.  

Cramming could work in school or at work, but once your financial future is at risk or when you are caught in a situation that requires immediate funds, cramming to save money or invest might not work. 

Therefore, don't wait for emergencies to happen. If you can start saving or investing now, then do it now before it's too late. 

Bad Money Habit No. 2: Aiming for short-term pleasure. 

You only live once, so they say. Yes, you were able to travel here and there or buy expensive shoes and bags, but how is your bank account doing? 

Most people these days are choosing short-term pleasure over a secured financial future. While there's nothing wrong with relaxing and treating yourself once in a while, it is imperative that you don't risk your financial future just because it's not seen in social media. 

The key here is to schedule everything before you spend. Once you spend, make sure you have sufficient money left on your bank account that could sustain you for at least three months. This way, you have something to hold on to in case of emergency. 

Bad Money Habit No. 3: The "Libre naman!" Attitude

Don't you find it weird when you have to treat people out just because it's your birthday? Why do you have to shoulder the expenses juust because you got a promotion or you achieved another milestone? 

Irregardless, Filipinos are fond of the "libre ka naman!" chant, thereby "forcing" you to give in. You figured this doesn't happen all the time, plus, you don't want people to say negative things about you. Unfortunately, this mindset could go on and on - unless you learned how to say NO. 

Bad Money Habit No. 4: The "Hindi Ko Yan Maintindihan" Attitude

Despite overflowing information in the World Wide Web, not everyone know financial concepts and how it works. That's fine. Apparently, this lack of knowledge made a lot of Filipinos "ignorant" on how to save or invest money properly. Worse, many of us don't even want to try. This is because instead of asking questions for clarification, most of us refuse to do so out of fear of being judged for being ignorant. 

Get rid of that mindset. There's nothing wrong with asking questions because you're not expected to know everything. There are people who could help you better understand the financial world. On your spare time, read up. There are tons of information online so take advantage of that. 

This leads us to our next tip. 

Bad Money Habit No. 5: Falling for get Rich Scams 

Admit it. You want to grow your money as quick as possible. If someone offers you a scheme that promises to double or triple your money in just a week, you are tempted to give it a try. 

Apparently, money doesn't grow overnight. It takes time to double or triple your money, especially when you invest it in the right platform. This is why it is important to get yourself acquainted with legitimate investment schemes so you will know which one you will go for. 

Bad Money Habit No. 6: Keeping Up with the Joneses

Social media has its advantages and disadvantages. Sadly, one of the not-so-good things about social media is that people are becoming envious of other people. 

For instance, you saw a friend went to Japan last Christmas vacation or bought a new phone last week (and actually posted it). You want to keep up so you decided to "reward yourself" with a new bag and post it in your Instagram account. They wouldn't know that you paid for it in installment basis or borrowed money from your family anyway. 

The point is don't try to keep up with friends who can actually afford expensive things or project a "wealthy" image. Be simple. 

Bad Money Habits 7: Not prioritizing savings and investment. 

It's alarming to know that there are millions of Filipinos who don't have at least savings account. If you are one of them, then you need to work on it now. If you choose to spend first before you save, then you might be in serious trouble. 

What you can do is to automate your savings. Open a savings account and then link your payroll account to it. Automate savings by allowing the bank to deduct a particular amount of money from your payroll so you can jumpstart your savings. You'll never know what could happen, so it is best to be prepared. 

Which among these money habits are you guilty of? Don't worry. It's not too late to change. 

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