One thing that makes me feel experienced in the workplace is the number of colleagues, bosses, and clients I’ve met. I enjoy it because every deep conversation feels like a free lesson in life. A common topic in these talks is personal finance. We discuss investing, insurance, business ideas, and budgeting, covering a lot of ground. Reflecting on these conversations, along with some research I’ve done, I’ve noticed some common financial mistakes we young Filipino professionals make, including a few I learned the hard way.

1. Impulsive buying/ shopping galore after payday 

Senior or junior employees ay may kaniya-kanyang trip like latest gadgets, fancy clothes, night outs, at iba pang bisyo. Totoo na we need to unwind after stressful and pesoless days. But actually we extend those moments to the point na nagiging impulsive or excessive spender na tayo.

Marami akong kakilala na kahit mataas ang sahod, palautang pa rin. Paano? They already made gastos all their sahod. Maniwala ka 3-5 days before sahod crucial moment na yun sa maraming empleyado or what we called petsa de peligro.

2. Savings alone won’t cut it

Since birth ay matipid na ako. In fact, when I graduated in college nakapagtabi pa ako ng around P14,000 na I eventually used for job hunting.  So iyon na ‘yong idea dun. Kahit anong ipon mo ay magagastos mo rin pakonti-konti o lahat-lahat ng mga ‘yon. Iyan lalo na kung wala ka namang source of income.

Thus, I realized it’s good to save, create different income streams and invest your money. Iyan ay para kahit may di maawat na expenses ay mayroon pa ring pumapasok na pera. Kahit papaano ay hindi ka uuwi sa walang-wala.

Remember also that saving is not an investment. You need to compound or grow your money.

3. No savings at all

Isa pang money mistakes of Filipino yuppies noon at ngayon ay marami pa rin na walang savings. Iyan ay kahit one to three years na sa pagtatrabaho walang savings account sa bangko. Minsan kahit pa alkansya sa kuwarto. I believe in Mr. Francisco Colayco’s Pisobilities, I believe in Bo Sanchez‘s envelopes and I believe in my Kalansing power. Kung hindi ako nag-iipon, hindi sasapat ang aking sahod especially for emergencies.

4. No short and long term financial goals

I read a certain quote about tracking your expenses so you can track your financial status. I agree and I notice that this also a problem of most Overseas Filipino Workers (OFWs). Kung iko-compare natin sa gutom (hunger) and kawalan ng pera (no money),  ‘pag gutom ka ang gusto mo lang ay malamnan ang kumakalam mong sikmura. Pero kung pang-fiesta ang mga pagkain sa mesa kahit busog ka na ay gusto mo pa ring lumamon ng desserts, tumunga ng alak at kung ano-ano pa.

If you don’t have short and long term goals, you don’t have focus. Hindi naka-set ang mind mo sa iyong gastusin at future plans. Ang naiisip mo lang ay gastusin ang perang pinaghirapan mo.

Think of your dream house, your dream business, your kids’ education or your real happiness. Huwag magpadala sa kung anu-anong bagay na puwede mong itapon after ng ilang months kasi wala na ring value. Remember also that we have monthly obligations at HINDI ka habang buhay na BATA na puwedeng mag-kayod marino.

 5. Yabang/ Boasting/ Angas Factor

Common, who doesn’t like to make yabang lalo na roon sa mga wicked contravidas in your life. Sigh or smirk pa lang nila minaliit ka na. Eh marami sila at paulit-ulit pa, ilang beses ka ngayon magmamayabang? Isa sa lagi kong tinatandaan na payo. I think it came from financial expert/ author Jayson Lo: Never share the exact amount of your money. Just be polite to answer like sapat lang or something like that.

In reality, ATTITUDE is the key to money management. Instill discipline, consistency (kontrahin ang pagka-ningas kugon), perseverance (anti-bahala na), and other similar good traits. ‘Wag ding kalimutan, ang pagpapakumbaba o being humble. 

Para sa iba ang pagiging humble ay sign ng kahinaan, but for me it’s a sign of maturity and blessedness. Be humble enough that you need to learn, to pray, to co-exist, to concede, to thank and to be the best you can be.

 Ilan lang ito sa factors bakit hirap na mag-ipon at imaging matiwasay financial status. Ikaw ano sa palagay mo ang top money mistakes of Filipino yuppies?