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| MONEY MISTAKES |
We all make
mistakes when it comes to handling money matters. Managing money is an
important factor in life. However, too many Filipinos are making mistakes that
hinder them from taking control of their finances.
Peso
Mistake #1: Filipinos do not have clear financial goals.
Filipinos
have this general idea of desiring their dream house and dream car. However,
most Pinoys do not have an idea on what they really want and on how to get
there.
Pinoys
spend their money on shoes and clothes and some Starbucks. Although these are needed (I doubt with the
Starbucks part), they do not realize that their money goes to these items and
not to their dream house or dream car. Buying more cappuccino is less likely to
be found in their financial goals, but this is where most Pinoys spend their
money on the little things.
If you know
what you want, you will shift all of your resources towards that mark.
Peso
Mistake #2: Filipinos avoid finances.
Pinoys tend
not to look at their statement bills or even look at their bank account. Pinoys
avoid discussing money with their parents, with their partners, because they do
not want to create guilt or conflict, or discussion makes them too anxious.
It is
recommended that this issue should be resolved rather than just put away. It is
more stressful to avoid the problem rather than face the problem.
Peso
Mistake #3: Filipinos do not know how much they are spending.
During my
elementary days, I had this classmate named Ria Mae Corda, who at the mere age
of 8 years, already knows how to take note of her finances. She had this small
notebook and she uses this to record ALL of her spending for the day.
Imagine a
small child knowing how to manage her finances yet most adults do not even know
where their money goes to. Pinoys know the big bills like rent or electricity
bill, however, they do not know where their money goes on the smaller stuff
like new clothes or groceries.
Walkington, a Canadian money coach, recommends keeping
record of everything for a few months to know where the money goes. She advises
to make a limit to each expense and not to spend beyond it.
Peso Mistake #4. Filipinos depend on credit.
Suze Orman, a Pinoy financial coach, said that credit card
debt is “financial sin.” She gives advice that before saving money, before
investing, the number one goal is on how to pay off the credit card debt.
Pinoys will be in greater problem at the 36% interest.
These are four common money mistakes that you do not know
you’re doing. You should start creating and defining your financial goal. Even
if you think that your financial outlook does not look so bright, you still can
manage your money.
Create your goal, be motivated by it, manage your finances,
and then your financial future will look brighter.
To Your Success!
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