What is your money secret?

You’re hiding something…

That secret recording, your secret recipe, your secret crush, or your secret talent! Everyone has a secret. Even in matters of money. In fact, only a few people would really know your actual money records, spending habits, or financial history, and there’s sure to be a financial matter or two you’ve been keeping to yourself…unknown even to your life partner. You probably had a memory of expenses or credit that you wanted to forget; Unfortunately, for money matters, ‘past is past’ doesn’t really apply at all.

When was the last time you asked your partner about their spending history or gave you feedback on their apparent money habits? Probably a long time ago, if not never. According to the book Get Financially Naked, How to Talk Money with your Honey by Manisha Thakor and Sharon Kedar, money is one of the main causes of arguments in marriages, the main reasons for divorce and the main drivers of general stress in marriage. life. In general, men have quite different spending habits than women, and I’m sure many women would agree with a nod. Typically, most of our financial mishaps or failures stem from tactless and illogical spending behavior and money habits, which subsequently lead to financial secrets.

But what are the common money matters that we hide from the people around us, even our partners? Here is an interesting list of money secrets based on our interviews.

closed card

You were probably young, wild and free back then when spending via a credit card was promoted. It started when you established a pretty impressive credit or salary history to qualify for a credit card. Whether you ordered it or it was delivered directly to your home or office address, this ultra-powerful plastic card was once in the hands of the wrong person: you! Thinking it was a bottomless gift from heaven, you probably made uncontrolled and unnecessary purchases. Simply amazing! At first, the bills seem very small and do not move a finger. But time and persistent bad habits are not the best of friends. Despite making payments, your credit card bills don’t seem to be affected, and they’re still more difficult than they were when you spent big. Then helplessly these card bills take over your regular spending habits and your regular utility bills have been multiplied by the card company’s contribution to the pie.

It goes without saying that a good part of credit card users who have lost control over their spending and have been dominated by plastics have sunk into the deep trap of irresponsible card use, which has resulted in debt. with ever-increasing interest rates and penalty charges. Some have been trying to forget this sad experience, but I bet they never did.

midnight shopping

This refers to your purchases that are unknown to others, even your better half, probably because they were purely unnecessary, irrational, illogical, or even illegal. For example, children and spouses buy gems, diamonds, and/or steam for their online games. While some may not be familiar with these, men, especially gamers, would be aware of them and likely have had the experience of buying them at some point. to advance in any game they play. Of course, these can be considered unnecessary, especially when you’re on a tight budget. Quirky shoes or bags that you don’t really wear or use could also belong in this section.

deadly debt cycle

Have you ever borrowed money or applied for a loan to pay off another loan or credit card bill? Of course you have! With or from a relative, a friend, a neighbor or a real financial institution, you could have tried to settle the debts through a loan once again. Going for debt consolidation through a cash loan is not a bad route at all, by the way. But in essence, if not calculated and evaluated correctly, your consolidation attempt could lead to more difficult circumstances and additional financial hardship.

The sporadic short-term survival within the debt cycle is indeed a relief, but it can also keep you in the shadow zone longer than you should have, if you had worked hard enough to get yourself out of this financially deadly situation. There are institutions that can help, but a trusted friend or family member can help you take the first step to end the cycle, through their support and your sincere efforts.

bamboo bench

Have you heard about our kababayan who made a piggy bank out of a bamboo tube? In case you don’t know the end of the story, all paper denominations were destroyed by weevils. The insects almost pulverized all the cash inside the bamboo coin bank. Luckily he was able to save some and replaced them in a government institution with the help of a TV show crew.

Many of us have a secret piggy bank slot or spot at home or in our cars. Be it in the window, under the mattress of the bed, somewhere in the kitchen or anywhere where no one would probably guess that the money would be placed. Unfortunately, on many occasions we also tend to forget where the real place was. Sounds familiar? But beyond forgetting the actual place where your money was placed, this money that is somewhere and is not kept in the bank or used in any type of investment, is considered underused and can actually come out with a diminished value. later, partly affected by inflation and other factors Your five thousand pesos today can only retain 98% of its purchasing power in the future. Frozen money doesn’t really help the economy either, without circulating in the communities.

But don’t get me wrong: short-term saving in piggy banks is good and definitely encourages the habit, but saving in banks and investing are particularly better options, especially in the long term.

Awareness is gold, so it is highly recommended that you realize your money secrets, review your resolutions, and review their impact on you, your life, and your family and friends. Reveal these secrets to your dearest friend or spouse for support or help. Remember, in many important life decisions that affect the people around you, your financial position, ability, and habits matter. Without facts about the actual state, your or other people’s decision may be pessimistically affected. The truth hurts, but it will set you free. And with freedom comes peace, and peace contributes to better decision-making.

Secrets don’t necessarily mean trouble. They simply have to arise not only in our conscious mind, but also in our financially literate selves, to improve or address them in the right way, because, again, in money matters, ‘past is past’ doesn’t always apply.

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