empty pocket, coins in hand

Getting enough sleep, exercise, healthy diet – these habits are necessary for a longer healthier life. However, together with these good habits, every one of us is guilty of a bad habit, or two. While some habits are easier to break than others, when it comes to your financial health, you can’t risk drowning in debt just so you can keep up with the world.

Bad Money Habit: Going to the grocery with an empty stomach and without a shopping list.
How to Break It: Don’t be an impulse shopper. Sure, Titas of Manila can go around and hoard groceries at SnR whenever they want but do you have their enviable hundred-thousand-peso limit credit cards? Going to the grocery when you’re hungry makes you vulnerable to purchasing not needed items for the home. Plus, without a list you’re basically just making up meals you’re never even going to have the time to make in your mind and mindlessly dumping ingredients in your grocery cart. So plan your meals, make a list, and have a quick snack before heading to the store.

Bad Money Habit: Going out for lunch.
How to Break It: Eating lunch is a necessary fact of life, as we all need daily sustenance. But do you really have to get out the office and fork over some cash at the nearest fast food restaurant? It’s nice when you’re hanging out with work friends and you just wanted to get out of the office to catch a break. But doing this everyday for a week can set you back as much as Php500, and when you add that to your yearly expenses – that’s roughly Php26,000. Next time, just pack your own baon and invite your friends to the office pantry for lunch hour chika.

Bad Money Habit: Not setting your financial priorities.
How to Break It: Suze Orman, personal financial guru, suggests that we take the time to realize our personal financial priorities. What financial milestone do you want to achieve for the next couple of years? Do you want to start investing? Do you want to pay off a loan or your credit card debt? Do you want to save up to buy your own place? By knowing what’s at the top of your list, you can work towards that instead of blindly saving up for your future but disregarding your present financial crises.

Bad Money Habit: Making cash withdrawals at ATMs of other banks.
How to Break It: Banks earn money through your cash deposits so it’s ludicrous for you to allow yourself to be charged with additional bank fees. Nowadays, the rate for simply checking the balance on your debit card at another bank is Php2.00 per transaction while making a cash deposit is Php15.00. Just imagine how much you would’ve saved if you’d only walk a couple extra meters to your actual bank ATM. Also, if it’s too inconvenient, why don’t you consider transferring to a bank that’s more accessible?

Bad Money Habit: Overpaying for entertainment, vacation, etc.
How to Break It: One word – DEALS. Register for free on group buying sites such as CashCashPinoy, Beeconomic, or Ensogo to know just how much you can actually save. If you’re worried about the quality of service or product, you can always contact the website for any questions or deal clarification.

Nobody likes living paycheck to paycheck. So don’t let your hard-earned money go through some of these cash-draining pitfalls. Make the smart money switch.

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