Filipinos are known as one of the lowest money savers in Southeast Asia, where Bangko Sentral ng Pilipinas give it that there is only 1 out of 4 Filipinos have household savings. Filipinos have lots of reasons why one hardly saves, as the habit of happy-go-lucky attitude prevent a lot of Filipinos from saving. Having the discipline to give up a portion of ones salary is sometimes hard to do occasionally falls into debt.
Here are the 6 common reasons of every Filipinos why they save less and sometimes almost none:
1. Not enough money to save
The main reason of Filipinos not to save is by not having enough money, experts in saving tell that it is their main excuse because if you are willing to save, less amount will do. Building up your budget for a month is much better than just spending without any notice.
2. Believes in destiny
Believing in destiny also cited as a reason why save less and it is the most dangerous reason of all. Believing in destiny is not bad at all but including your financial status to it, it will bring unnecessary happenings.
3. Doesn’t know how to save
Saving doesn’t require any certificate, a habit of saving even just a portion of your salary monthly is enough to start saving. Having a commitment to save money will benefit you in the near future.
4. Long list of debt
Loans, monthly installment plans are cited as theor reason for not saving at all. The best thing is to have a list of everything you pay monthly but if emergency happens, your loans will be burden and will never help you.
5. Too late to save
There is no such thing as too late to save, anytime anyone can save for the betterment of one’s life. That is why it is very important to budget everything you pay that depends on your salary.
6. Always need to buy something
Filipinos are known as spenders rather than savers, buying items that they only want rather than what they need. From the latest gadget, trendy clothes doesn’t matter without savings as long as they have that “thing”.
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