7 Deadly Sins of Pinoy's Personal Finance

The reason why Filipino's are having trouble in their personal finance is due to a lack of financial literacy. Majority of us knows how to earn it, but few of us can keep it, the reason is because of the 7 Deadly Sins;

1. Mañana Habit (Procrastination) - A habit of foregoing a task that can already be done, making excuses that one is looking for a better situation before starting the habit of saving.

2. Batangueño (One Day Millionaire) - A habit of disposing a windfall at an instance or in local parlance "pinagkakasya" (income dictates one's lifestyle). When funds are scarce one gets by and when funds are bountiful one finds a way to get by, by spending the sudden increase in revenues.

3. Five Six (Usurious Loan) - A habit of obtaining loans from informal lenders charging usurious interest. A loan of Php 10,000 will be paid in a month with 2,000 interest.

4. Lotto/Jueteng/Loteng (Gambling) - A penchant for online betting, wherein in a 6/42 lotto your chance of winning is 1 in 5,245,786 while you have a chance of getting hit by lightning is 1 in 700,000.

5. Milk Tea Addict (Status Symbol) - Spending for milk tea amounting to Php 120 which equivalent to a 2-hour work under a minimum wage rate. Thus making a once a week milk tea habit equivalent a one-day work effort per month.

6. Tubo Muna (Minimum Payment/Interest Only Payment) - Propensity to pay for the minimum amount due on loans or worse paying for the interest-only on loans. This practice imposes an undue burden on ones financial position since the interest payment further reduces disposable income.

7. Asiong Aksaya (Wasteful Attitude) - A fictional Filipino character who spends for unnecessary stuff or burning money just to light a tobacco.