If you’re living paycheck-to-paycheck the next paycheck, you’re on a very steep slope. The lifestyle is a shambles and you’ll be unable to have money to cover emergencies. In the end, your income won’t be enough to pay all your expenses.
The cycle is the same whether you earn a month-long or bi-monthly pay. This is especially true during the current outbreak when the future is unclear. Nobody knows when they will be receiving their next paycheck in the next month or the letter of termination. In the holiday season, we go out to impress our relatives and friends. We also go deeper in our wallets to ensure this season is joyful and fun for our family members. While it’s fine, however, you should be aware of it.
In the Philippines during the holidays, Filipinos spend a fortune purchasing gifts for relatives and friends. This has resulted in to many people losing Christmas bonuses, and even their 13th month pay visit the site. But this year, we’re going to approach things differently so that you can manage your costs to save up for the long-term. 2021 looks like a great year however, we aren’t sure what the future holds for us in the near future. Here are 4 bad habits to avoid when you pay your bills to beware of.
4 Payment day Habits to Avoid by 2021
not keeping track of the cost of expenses
Credit cards are the latest method of payment for items on the internet or offline. The study on consumer insight shows that 64 percent of the Philippines use at least one credit card. This number is anticipated to rise because of the disease.
The main question is: Do you keep track of your credit transactions with your credit card? What amount do you pay for each purchase? The truth is that you’ll be checking your credit card each time it’s declined or you receive the bank’s notification.
However, cash transactions also come with an issue. It is difficult to track your expenses after all expenses are paid. This is why you’re broke mid-month and you need to wait until the next paycheck to settle any debts that were accrued over time.
Many Filipinos encounter these issues when they receive cash in their banks. They pay more than they ought to by buying items or items that they don’t really require. This is why there is an overwhelming number of Filipinos who are poor and live in poverty.
There is a solution that is all it takes is the use of better tools for managing your finances. One of the first steps is to accept that you are being within your means. The next step is to grab an eraser and notebook to note down your expenses for the month. You should separate your wants and needs and only focus on essential necessities. Thus, you can monitor your expenses and locate money that you can invest into Robocash group, stocks bonds, stocks, or in a savings account that is locked.
“Bahala na si Batman” mentality
Filipinos follow the mantra “Come What May,” commonly referred to by the name of “Bahala na si Batman.” The phrase seems innocent and positive, but it comes to a head when you’re financially strained. In this moment, Filipinos wake up and discover that they’ve been living way beyond their means, with no money to last until the next payday.
What happens if get fired in the middle or the end of the month. You must therefore make a change of mind and look for a new motto to follow. It might mean “I choose to live a rich and full life.” This means you will look for a variety of source of revenue.
You could invest the extra cash into bonds, stocks or even begin your own business. Be sure that every penny is properly accounted for and nothing goes to waste. A positive mindset can prepare one for the future.
In the Philippines when the salaries are paid to the banks and the banks are flooded, there is a joyful atmosphere. Everyone is excited and would like to travel and buy the item they want. At this time, mall and retail stores can make money by tempting shoppers with amazing discounts. Although the offers seem tempting and worthwhile however, you need to control your desire. Otherwise, you could find yourself taking low-cost loans with shylocks on the next day.
We recommend spending your money prior to the purchase. When you make PHP 25000 per month and you earn 30%, 30% should be credited into your account to use for personal purposes, and 70% of your money and investment. This ensures that you are shopping for the items you require to avoid buying on impulse.
Always make an inventory of what you’ll need from the shops and the supermarkets. Make sure you stick to the list, and don’t buy anything that isn’t on the list to save money in 2021.
“Hiya Mentality “Hiya Mentality” is an ideal concept that Filipinos adhere to. Giving your family and friends out of the way is an amazing idea. It shows that you have an incredible heart that is willing to put others prior to yourself. Additionally, parents believe that they’ve worked tirelessly for their children so that they have everything they require, and that’s what’s expected of them once they’re old.
It’s great that you are able to receive benefits from them, yet you have to be aware of this. But, not all of money you save should used to such pursuits. Instead of investing in travel or vacations, funnel the funds to their health insurance plans or to their business. Once in a while you can treat them to a meal perhaps during the holiday season. This will ease their burden on their finances, and you will be able to save money for future investment.
Although you may have followed all practices for paydays to stay clear of these but there will be times when you’ll be in a position to be financially strained. This can make it difficult to pay your energy bills or pay for the expenses. The loan service online gives the money at any time of the day. The company provides loans that are affordable with a low rate of interest. You can apply for cash starting at PHP 10000 to PHP 25,500, based on your needs and can be deposited in an account with a bank or any of the branches. It is possible to solve your urgent financial issue However, keep in mind that you have to pay back the loan in a timely manner.