Money Mistakes Among Pinoy (Needs VS Wants)

This is Part 1 of 3 of the Money Mistakes Among Pinoy Series

Part 1 | Part 2 | Part 3

We have shown in our previous post on What Can IMG Do For You, at this post I will let you see some facts and Money mistakes of Pinoys in General.

One of the most problem of Pinoys is Overspending / Not Living Within One’s Means

We normally go to “SALE” or any other Promotion that is normally shown in the television, Billboards, newspapers, or even text messages. 0% Interest Installments is also a great Marketing Tool that leads people to unplanned expenditures.

In reality most people spend on WANTS and not NEEDS.

In short many becomes attached to “Materialism” without knowing it.

We need to spend more in NEEDS rather than wants,

I was also shocked to know that According to the survey by OSLO (NGO-micro finance in the PH)

  • 1 out of 10 OFWs FINANCIALLY BROKE
  • 8 out of 10 OFW’S DON’T HAVE SAVINGS FOR RETIREMENT

This is really truly, previously I also don’t know about financial planning and I normally spend on tech gadgets and things that can only depreciate after some time. Learning Financial literacy help me to understand that it is better to invest that to buy things that is normally due to social peer pressure.

Buyer should asked themselves that real purpose of buying material things..

As an example, Buying an Ipad, Buying a new 3G Phones, and more..

WANTS are things we can live without and NEEDS are things we cannot live without.

So the next thing you needs to ask yourself before buying, is Can I live without this?

More Filipinos are also having problem with Credit Mismanagement.. I will explain this on our next post.

 

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