10 Bad Filipino Financial Habits You Must Break

10 Bad Filipino Financial Habits You Must Break

Successful and wealthy people did not just suddenly become rich and successful (except for lottery winners). More so, keeping success and wealth is achieved not by accident but with discipline and proper money-habits. Self-made wealthy people build their success over plenty of years, and discipline. 

Unfortunately for us, Filipinos, a number of our traditional or customary norms are incompatible with the basic principles of personal economy or the idea of managing one’s personal financial health.

In this article, we have compile ten spending habits that will prevent you from achieving your financial independence and success.

1. Spending on impulse.

Going to the supermarket or the department store without a To-Buy list would most probably cause you to buy anything desirable you see in the stores. Spontaneous spending is a bad, tempting habit. This is a habit most of us is guilty of.

This is especially tempting if you are using your credit card on a daily basis! Using your credit card to make ordinary purchases is a bad money habit.

To avoid irrationally splurging, plan your spending beforehand and stick with your spending plan. Make a TO-BUY List before you head out to the supermarket and stick to it.


2. Using your credit card even for ordinary purchases.

Buying something above your means is a dangerous financial behavior. Why buy something ordinary that you cannot buy through cash?

Credit cards are only good for large investment purchases (e.g. you bought a laptop and a mobile wifi so you could do your freelance work more anywhere you go) you could pay staggeredly.

Remember that credit card debt is the third cause of bankruptcy, other than job loss, and medical cost.


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