Are you the kind of person who always make New Year’s resolutions and vow to break bad habits? Well, you are not alone. Statistics show that many people like to plan before the old year ends and face a new year with a list-to-do. Sadly, only few manage to follow their resolutions. Bad money habits in particular remain unchanged. Many individuals remain stuck in financial woes and stay in earn-spend-borrow mindset. This reality gave birth to various types of credit companies offering cash loan Philippines.
If you belong to the group, don’t despair because it is never too late to break the habits. It is however necessary to admit that you are guilty of one or more bad money habits such as:
- Procrastination or “Mamaya Na”
You promise to save portions of your income to your egg nest and emergency fund. When you are not able to do it in the January, you promise to start in February. Days pass by quickly and it is June, you are still promising to save. But the result remains the same like last year – a little or nothing at all.
To get rid of this “mamaya na” habit, you need self-discipline and commitment. Every payday, pay yourself first 10% of your earnings or the amount you decide to save monthly. Do not skip. You will happy with the result at the end of the year.
- “Bahala na”
A large number of Filipinos are guilty of this “bahala na” attitude. They spend recklessly and finance their wants. When cash is low or depleted, they look for ways like borrowing or getting loans. One of the most popular types is online cash loan Philippines.
The downside of this habit is the potential risk of having none when there is a personal or family emergency. The best thing to eliminate this habit is to be responsible and follow a budget.
It is not bad to treat friends and relatives. But not at the extent of spending more than you can afford or using your savings just to please them.
An occasional treat is fine but learn to say “NO” if you see that you are being taken advantage of.
If you always buy stuff just to keep up with the lifestyle of your friends, you are guilty of this habit. The “pasikat” mentality brings havoc to your finances. Most of the time, you are looking for money to finance something you want or you are using huge portion of your income to pay for it.
If is fine if you have extra funds, It is not good if you depend on your salary alone. Assess your priorities and live simply.
Eliminating these 4 bad money habits can help you save for your future goals and keep stress at bay. Avoid spending your savings. Be wise by utilizing cash loan Philippines to finance essential purchases or investments if you need to.