Some family members are still having a hard time managing their finances. As much as I would like to help them, only they can help themselves. If they will continue sabotaging their budgets and keep a maluho lifestyle, nothing in their financial life will change for the better. One of their money practices is buying things using money they haven’t received yet. Is there really a thrill from such kind of acquisition? Apparently, there is!
The idea that you can have the thing you’ve been wanting to have in advance by borrowing money from someone. The thought that you can buy the merchandise you’ve been planning to get earlier than schedule because somebody is willing to lend you money. The realization that you can get the things you want because you have some money coming soon and there are people that can lend you money right now. There’s a thrill there at some point, right?
I’ve asked the same question to the said family members and they all answered in the affirmative. I can see my former self saying yes, too. I just can’t nod in agreement today when spending money I haven’t received yet nor I don’t have is a big no-no for me. If it’s not yet in my hands or is not yet reflected in my bank account, it is not my money. I won’t dare touch nor spend it. Yes, I might allot it to something and that’s fine. But I won’t spend it in advance. I’d rather wait for the money to arrive and then I’ll spend it on something I’ve been meaning to get. Bagong-buhay na ako at ang saya pala ng ganito!
Through the years in my financial journey, I’ve realized that the thrill from a new purchase is short-lived. (This is especially true for impulse purchases.) It fades fast and more often than not, you find yourself seeking another purchase to keep the good feeling going. The thrill may be intensified by the fact that you got it in advance using other people’s money, but still, it’s temporary. It vanishes and the reality of paying back your lender sets in. What if a financial problem suddenly comes up and you need immediate solution for it and that’s the only money you have? I have experienced it before and I don’t wanna experience it again. Dealing with a bank or a credit card company regarding late payments may be easy, you only have to be willing to pay the monthly interest and/or penalty fees. If it’s a person, a sincere apology will do. Or not! This is especially true when that person needs the money as much as you do at the time. It can be very stressful, I tell you. I guess I have learned my lesson and taken that lesson to heart.
“Parang dumaan lang sa kamay ko ang pera!” I normally hear this statement right after the release of bonuses or other incentives at work. Again, I’ve been in that situation before. When I changed my ways, I felt 100x better. It’s a great feeling to allot your money to the things you prioritize, not just to the things you badly wanted before but have less meaning to you today. Whenever I try to lecture the said family members on the subject, they just nod in approval but say they still can’t change their ways for now. If not today, when? Then I get silence for an answer. I believe the time will come when they would realize what I’m saying makes sense, after all. I just hope it’s not yet too late when they do.
And just to make it clear, I have nothing against people who continue to buy things using money they haven’t received yet or worse, using money they don’t have. I’m just sharing my personal experience and perspective on the matter. We all lead different lives and the money practices that may be working for me may not be working for you and vice versa. Plus, it’s your money, not mine. I just can’t help but be concerned for the said family members who, I believe, know better than buying things using money they haven’t received yet.
Care to share your thoughts on the subject? I’d love to hear them! 🙂
May you choose happiness always,
May mga ganun tlga,Edel. Para sakin mahirap un kasi paano kung nageexpect ka nga something tapos wala nama pala,alam mo un. Di ko pa na try yung ganun bilang takot ako gmastos lalo kung hindi kailangan.
Good for you, Joy! Ako rin, iwas na talaga ako sa ganyang practice, hehe. 🙂
I’d like to believe that buying for the thrill it brings is just a phase and that we eventually wisen up and become more fiscally responsible. Most people have to learn the hard way though, waking up from their spending stupor with mountains of debt brought about by their charge-happy and YOLO ways. But if that’s what it takes, then so be it. A lesson learned the hard way will not be easily forgotten.
I agree with you, Jill. Sooner or later, the said family members will wisen up financially. I just can’t help but try making them learn from other people’s mistakes because it could be a wise move for them. I know, because I’ve spared myself from a lot of pain and trouble (financially and in other aspects of life) by doing just that. 🙂
Good point Edel. I am somehow guilty of it but I am trying my best to change that perspective. I realized how frustrating and stressful it is to not able to pay the lender ahahaha! Anyway, I’ll be better soon now that I have the knowledge haha 🙂
Thank you, Jen! Yes, it’s never too late to change. 🙂
Naku may kakilala akong kamg anak na ganyan din! And madalas ko ding pagsabihan pero wala eh kapag ayaw hindi mu na talaga mapipigilan lalo na at meron silang mauutangan (bombay). Hindi naman masama mangutang or manghiram ng pera basta gamitin lang talaga sa kailangan. Ako, I learned my lesson the hard way. I am happy that I can say na wala akong utang (well aside from my mortgage of course). 🙂
Magigising din sila sa tamang panahon, hehe. Tama sis, masaya maging debt-free! 🙂
Ganyan na ganyan ang scenario sa amin – yung tipong dumadaan lang sa kamay ang sahod at bonus. Pinagsasabihan ko minsan pero wala pa rin sila control sa pagkuha gamit credit credit card. Nagsisisi ako na binigyan ko ng supplementary cards yung dalawang kasama ko sa bahay – parang bigat na bigat sila pag bayaran, lagi naman may bagong gamit at kapag nag-grocery hindi control. Naging cycle na kasi nila yun kaya hirap silang umalis sa ganyang sistema.
Tama ka ms edel, kahit katakot takot na advice ang gawin, sila lang makakatulong sa sarili nila. I just hope ma-realize nila yun soon.
P.s. sarap talagang basahin ng mga post mo ms edel.
Siyempre dahil kapamilya natin sila, concerned tayo at gusto natin maging maayos rin ang finances nila. Pero yun nga, sa kanila dapat magsimula ang pagbabago, sila lang makakagawa nun. Salamat, Grace! 🙂
oh darn it. your post hit home. like you, i am a fellow kawani ng gobyerno and am waiting for that bonus. hayyy. thank you for this reminder, ma’am. 😉
Hi Iga! We all need to be reminded sometimes. After election pa yung bonus natin, pero ako rin inaabangan ko yun! 🙂
Good thing I never experience doing this kind of mannerism when it comes to buying things that I want/need. Takot kasi akong mawalan ng pera sa savings account ko. Haha. Minsan iniisip ko pa ng up to 3 days if kailangan ko ba talaga yung bagay na yun. Thankful ako na sa mga hirap na pinagdaanan namin natutunan kong maging money wise at good spender now.
Good job, Cindy! Napatunayan ko at tingin ko sasang-ayon ka rin, mas madali at masaya ang buhay pag marunong sa pera. 🙂
I’ve learned the hard way and still suffering the consequences. Good reminder for everyone. Thanks Edel.
Bata ka pa, madami pa time bumawi. Thank you, Em! 🙂
Hay agree ako! I used to be like that. May dadating na bonus kaya hala! Sige sa kaskas ng credit card. Bwahahha! Ayun. Nabaon. Hahaha! Wala pa ko sa financial maturity na gusto ko, pero kaya nga i claim a #Wiser2016 para ma-push ang sarili ko. May Kakay na kasi na umaasa sa galing ko ng paghawak ng pera. Dahil kung hindi daw, sa kangkungan sya pupulutin. Nakaka inspire magbasa ng mga ganito. Sana talaga ma-achieve ko.
Ma-achieve mo yan, sis! Para sa mas magandang kinabukasan ni Skye! 🙂
Hinihintay kong mag-comment si Diane. Diane, ano reply natin dito? 🙂
Hahaha 😛
May 23, 2016
Dear Ms. Edelweiza Mabalay-Techo
“On The Money,” is a daily show on ANC that hopes to teach Filipinos how to better manage their personal finances. It tackles saving and investment concepts, debunk money myths and give simple tips on how to get more bang for your buck. The show also features finance experts, professional money managers and life coaches who will dispense advice and answer questions from viewers.
We would like to invite you to guest in our show on May 25. Topic: Why You Shouldn’t Spend Money You Haven’t Received Yet
Call time is 3:15 pm and the interview will start at 3:45 pm.
Interview format will be:
1. Q&A Interview with our Anchor Mr. Edric Mendoza, an Entrepreneur, and Registered Financial Planner
2. Social Media Questions, where the guest would be asked questions pre-collected from Facebook, Twitter, and E-mail.
The interview will be held at Studio 6 of ABS-CBN, along Sgt. Esguerra St.
Thank you!
Aiza Lumbuan
ABS-CBN News Channel
Mobile: 09175634260
Hi Aiza! I emailed you.