When it comes to our financial situation, it can be really easy to turn a blind eye and lie to ourselves, especially when we feel stuck in an already bad position. There are many ways that we can do this, such as avoiding looking at our bills, justifying our financial decisions, even if we already know that it’s a bad decision, telling ourselves that we’re not spending that much (because we’re using a credit card), pointing fingers and blaming our circumstances, expecting/waiting for someone else to pay off our debt, and telling ourselves that it’s not a big deal.
Keeping track of my expenses has been a habit of mine for almost a decade, and it has been very eye-opening. At first, it felt like a chore. But now, I don’t really need to think about it because it has become the norm for me.
They say that love is all you need to have a great relationship. But in reality, it takes a whole lot more than that. When there’s nothing left to eat and no roof over your head, the financial stress it brings can make love go out the window. Now, not a lot of people want to talk about money and relationships at the same time, because, admittedly, it’s the least romantic thing to talk about. But that is precisely why money problems is one of the biggest reasons why marriages end.
Money is a big part of our lives. We use it everyday to buy our necessities and luxuries. We use it to pay for our education, our food, our house/rent, among other things. So why don’t a lot of families talk about it? There is a mindset that talking about money is rude and embarrassing. This is especially true in Filipino culture, and I bet it’s the same for other cultures as well.
If you can barely pay your bills and are just scraping by every month, saving money will probably be last thing on your mind. It’s true that it is much easier to spend than to save. Unfortunately, life is very unpredictable and unforeseen things happen that can put a huge dent on your finances - sometimes prompting you to get a loan. And with a loan comes interest, and you get caught in a vicious cycle of burying yourself in debt. Having a good amount of savings can lessen the financial effect of having these emergencies.