Borrowing money to pay another debt is a common story here in Philippines. Though most of the people may find this a “common” scene and it seems like there’s nothing to worry about, in a financial perspective, this is very alarming.
Sad stories about debt problems has been growing in the Philippines and if we’re not going take any action to solve these financial issues, we will surely see more of our fellow Filipino kababayan swimming in debt.
One of the goals of this blog is to help fellow Filipinos increase their awareness in financial aspects of life. If you are one of us, please help us spread the word in by sharing this article to them.
Listed below are Filipino spending habits that are very evident in the Philippines. After reading this post, you’ll become more aware of these bad habits so you can take action and get yourself away from these negativity.
Saying that you can is one thing, but proving it is another thing.
1. Mañana habit
Many Filipinos understand how important it is to save money especially for emergency use. But despite this, they still ignore saving money and many people simply procrastinate. This is because many of us Filipinos lack discipline. This may hurt many readers’ ear, but it is true.
Tsaka na lang ako magiipon..
Tsaka ko na lang iisipin mag start ng business..
Tsaka na lang ako kukuha ng insurance..
Tsaka na lang..
When the need arise, guess what? We always use what we have learned from school, the power of cramming. Sad truth besh. Remember your school days? It is still in you subconsciously.
For us to overcome this mañana habit, we need to discipline ourselves and work things out to form good habits in our daily routine. This may take some time but it’s all worth the change.
2. Living life to the fullest
This perhaps is one of the most evil piece of advice you can get in your life. Why? This may seem good if you got a narrow thinking. You might say “Yeah, I only live once so I’ve got to live my life to the fullest” then you go party every weekends, do impulsive shopping, travel here and there, buy unnecessary things for short term pleasure.. ..then go broke in the future.
This piece of evil advice has blinded many people to enjoy the short term pleasures not seeing the long term effect in the future. This is one of the biggest reasons why people get poorer.
Don’t get me wrong here, it’s okay to treat yourself sometimes. But be careful, make sure that you carefully plan your expenditures.
3. Bahala na si Batman
You can hear this statement from those people who don’t have any plans or goals at all. Sadly, many Filipinos don’t know how prepare for the future. Harsh truth isn’t it? Many people get enticed with the ever wallet-magnetizing 70% off-the-tag sales promo from the malls. They entrust their future to the fictional character Batman.
Here’s the thing..
When one of the family member gets sick, guess what? A big surprise! They got no emergency funds to use for the hospitalization of their loved ones. No philhealth, no medicards, no insurance whatsoever!
And another guess what? No surprise. They will borrow money with very high interest rates which is nearly impossible for them to pay. Hey! Where’s batman?!?
4. Pakikisama and Libre
Birthdays, Fiestas, Christening, and all these kinds of events are making a lot Filipinos go broke! I know you’ve heard one these lines before.. “Painom ka naman!” (You’ll shoulder the drinks), “Oh Ikaw taya ngayon!” (You’ll shoulder the expenses), “Sayo ang inumin, sayo ang pulutan” (A birthday song ♪♫♪). (wag kang ngang ano LOL)
It has been the tradition for many Filipinos to serve foods in events even if it’s through borrowed money. Most of us find it hard to refuse these kind of situations because this has become our predisposition, para makisama.
5. Hiya Factor
This is one of the saddest part of our culture, I should say. We tend to keep silent rather than ask questions regarding things we don’t know. Why? because those who ask questions, those who show innocence, will most likely be ridiculed. As a result, we tend to play safe, keep things in ourselves, and miss the chance to learn and grow.
We should realize that it’s okay to look stupid for the mean time, then be smart for the rest of our lives than to look smart and all-knowing but know nothing really at all.
If you need advice, you can always look for the right people. Use the technology! There are many people out there who are willing to help especially those who are willing to learn.
Whether it be about finances, academics, businesses, etc., learn how to ask questions!
Ang taong mapagtanong, daig ang marunong.
At ang talagang marunong, marunong din magtanong.
6. Inggit
Don’t be one of the social climbers! Don’t be an attention whore. Get yourself away from these kind of people or you might acquire their poor characters. Don’t get yourself envy about other people’s new gadgets or new fashion statements.
These things can make you look cool for the mean time, but it can also make you go broke in the future as well.
Asses what you need. Live below your means.
Don’t be like other people who love posting flashy stuff and travel galore in their social media accounts. (“Feeling Blessed” ang lolo mo. Huwag ka, utang naman.. Don’t me, Besh)
Huwag tiis ganda beh! Maganda at mukha ka ngang rich kid sa instagram at facebook, pero ang reality, gutom ka naman. Konting utak beh. Labyu. May kilalaka bang ganito? share mo sa kanya para mahalin ka nya.
7. Investing in get rich quick scams
This is not so new. From the lazy lifestyle and impatient attitude people have these days, it’s not surprising that many Filipinos will fall for these get-rich-quick scams that are popping out like mushrooms here in Philippines.
There are a lot of online opportunities nowadays where you can legitimately earn money fast. But still, you need to learn the craft and that takes time. Don’t just invest and wait and do the “bahala na si batman” thing.
Most of the Filipinos who join legitimate network marketing businesses here in our country do not succeed in this kind of business. Again, it is because of the wrong mind setting. Most of the people fall for the trap of these network marketing companies use in their strategies, “Earn big while waiting”.
There’s no such thing as that..
All businesses struggled at first before they have the passive type of income they are enjoying right now. Top business people know these things. Though most of them are now rich but they do still work to maintain and expand more their businesses.
If you have any of these, you better assess yourself and quit these bad habits. If you have stories to share, let’s talk it down the comment area. If you find this helpful, please help us spread the word by sharing this article to your social media accounts
You might be interested in:
- Importance of Saving For Emergency Funds
- The Importance of setting SMART Financial Goals
- 10 Signs That You Are Currently Having A Poor Financial Life
- How To Quit Your Job and Become a Full Time Blogger
- Work from Home and Make Money Online in Philippines (Legit Ways!)
- Huge list of Business Ideas you can Start in the Philippines
thank you Louren for this article
I hope you don’t mind if i share this with my fellow employees
Sure po 😊
hi im a little contradict to joining network marketing
i, personally a member of a networking company..
honestly..
madame talagang networking company ang nagsusulputan ngayon..
yah im a little skeptic about getting rich there..
pero yung iba kase like my own reason
i join there because there products
like other networking company who promotes health awareness
wala naman pong masama dun
actually mas practical pa nga po sya
instead of buying your maintenance for your whole life..
may chance naman po kase talagang gumaling sa natural way which one of missions of many networking companies
wala pong masama sa networking
so please dont judge us..
Gah!! This is really true. I think it’s becoming part of our culture or already part of it. I only hope more and more Filipinos will not only be aware of it but will change the bad habits too. Sometimes, I think that they already know what they’re doing wrong but keep on doing it. I wonder why.
very informative post for me as I am always looking for new content that can help me and my knowledge grow better.
Great article and advice. You article speaks the sad reality that most of us Filipinos really are practicing.
Yes Joan. If you want to help, please spread awareness by sharing it to your friends in social media.
Glad to have this insight! We thought our coworker was just a little brainless. She’s getting married in two months. Her and her fiance are nurse aides. NOT Registered Nurses. The ring he bought was $17,000. Wedding $40,000. New car $30,000. Honeymoon to Hawaii $6,000 (he has to go shark diving too, of course which is another $1,000). Won’t shop at Target and only wears name brand.
Live in the Bay Area, and since all their money is going to impress other people they are living in an Aunts bedroom. Not the house, just the bedroom for $700 a month. Us girls at work are frustrated to see this lavish lifestyle yet living in one room. I’m married to the Dr she works for and I can say with certainty they spend much more than I. Not only frustrating but very sad and worrisome. She is a great person looking at many years of debt and high interest credit card balances. Her fiancé is the primary culprit here but she is so shy she would never speak up. Any ideas on how to offer support? This is all so completely insane. Who cares what other people think??
Share them this post.
Are you a Filipina? I am an American married to a Filipino and he is the exact same as the guy you are describing. He has lived in America for over half his life and has financed more than 20 vehicles in 29 years. We have been married 26 years and live paycheck to paycheck with no savings. He has financed 2 new vehicles this year already! He refuses to talk with a financial advisor and learn how to plan for the future. I come from a conservative family but he is so wasteful, even with food although he claims he went hungry as a child. My family has never owned a new vehicle because it is such a waste of money because it depreciates so quickly so is therefore such a poor investment. We believe in buying a used vehicle instead and driving it until it quits. He believes in always driving the latest model. He is out of control and it is getting worse as he gets older. Buying everything on credit and paying only minimum due! His reason is always “ I deserve it”. At what age does a Filipino outgrow peer pressure? He has so much “Filipino Pride”. So concerned with what others think about him. He’s 52 already!
1. Most Filipinos are social climbers. So they have to spend on things, food, travel , etc.. to project a certain “lifestyle”.
2. Most Filipinos are stupid thinking that money and brands buy sophistication.The harder one tries, the more native he or she looks like… only with branded items. parang taga saudi na maraming gintong nakasabit sa leeg. o diba mga poor lang mga naloloko nila but they are projecting to be in the upper class.
3. Most Filipinos are arrogant. Mamamatay kung hindi magyabang. Pagyayabang=Kaligayahan. Also tied to stupidity.
4. Most Filipinos are gaya gaya. In our effort in wanting to become unique because of massive insecurity, we become just like everyone else. Also tied to stupidity.
5. Most Filipinos are insecure. Enough said.
ALL THESE RIDICULOUS TRAITS LEAD TO SPENDING AND DEBT AND ECONOMIC CRASH!
The truth hurts and this leads to the irreversible fact that most Filipinos will not change their spending habits:
PRIDE
yes your doomed. unless you humble yourself.
Very true, some looks rich but broke inside. Live within your means and invest in things that truly matter.
Good day, Louren
I love the article you have made and i want to help educate The Pinoy with practicle steps in conquering their bad habits. In line with this, i would like to ask for permission to use your article as a base reference for an Video Blog series ill be doing on how to overcome these 7 habits.
Hope to hear your thoughts on this.
Thanks
Sure Roarke. Just send the video to me so I can share it to others as well 🙂
It is not enough just to save money even on time deposit because the interest it earns is lower than the inflation rate. Banks invest the money that you deposit. Better buy stocks of banks so you become part owner of the bank.
hahaha omg ugaling pinoy talaga to oh tinamaan ako hahaha but i’ve learnt thanks for this article its a reminder again .
What a great article youve shared to us brother! Let us spread the awareness!!!! Mabuhay ang Pilipino! ?
Hi David! Thanks! I hope this blog will not just make awareness to our fellow filipino kababayans but will make them take actions as well..
Great article. A good reminder for us to “Pay now, Play later” kind of money mentality.
Help us spread the word kabayan! 🙂
Wow ! Spot on !
hope you enjoy reading! 🙂
I am a public school teacher teaching science for almost 13years. But i feel empty coz to me it seems that the lesson i teach is not so important or connected to the needs of my students.
So sometimes instead of teaching science to grade 10 students, I discussed practical things like the principle of compounding interest; how money works for you; etc. There I see how my students are interested and their minds are somehow opened to the reality that this is what we need.
With this, I would like to ask your permission to let me use your newsletter for me to share it to me students. I’m looking forward that every room, every grade level, from Kindergarten to Grade 12 under Department of Education will have financial literacy as one of the subjects in curriculum. Only through it, we can see a massive and quick progress in the life of filipinos in the next generation. Financial Literacy inserted to basic education.
Then you are not doing your job. By thinking that science lessons are “not so important or connected to the needs of your students”, you are depriving your students of basic knowledge. It is either you are incompetent as a science educator OR you do not have good understanding of the subject you are supposed to teach.
Save save and save more. Every chance u can take set aside a little or more for rainy day .
You’re right. People should realize the importance of saving especially for emergency use.