You are hiding something …

That secret recording, your secret recipe, your secret crush, or your secret talent! They all have a secret. Even in money matters. In fact, only a few people would really know your actual money records, spending habits, or financial history, and surely there are one or two financial matters that you have been keeping to yourself … unknown even to your life partner. You probably had an expense or credit memory that you wanted to forget; Unfortunately, for money matters, “past is past” doesn’t quite apply.

When was the last time you asked your partner about his spending history or gave him feedback on his 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 stress from marriage. life in general. In general, men have quite different spending habits than women, and I’m sure many women would agree, heads nodding. Usually it is tactless and illogical spending behavior and money habits that most of our financial setbacks or failures originate, subsequently leading to financial secrets.

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

Card closed

You were probably young, wild, and free back then when credit card spending was promoted. It started when you established a credit or salary history impressive enough to qualify for a credit card. Whether you applied for it or had it sent directly to your home or office address, this ultra-powerful plastic card was once in the hand of the wrong person – you! Thinking it was a bottomless gift from heaven, you’ve probably made uncontrolled and unnecessary purchases. Just amazing! At first, the bills seem very small and don’t even move a fingernail. 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 continue to be more difficult than it was when you spent all the money. 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 portion of credit card users who have lost control over their spending and have been dominated by plastics have fallen into the trap of irresponsible card use, resulting in debt with fees. of interest and fines in continuous growth. Some have tried 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; Although some may not be familiar with these, men, especially gamers, would know about them and probably would have had the experience of buying them at some point. to advance in whatever game they play. Of course, these can be considered unnecessary, especially when you are on a tight budget. Extravagant shoes or bags that you don’t really wear or don’t wear 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 a credit card bill? Of course yes! With or with a relative, a friend, a neighbor or a real financial institution, you could have tried to resolve the debts through loans one more time. By the way, opting for debt consolidation through a cash loan is not a bad route. But in essence, if not calculated and evaluated correctly, your consolidation attempt could lead to more difficult circumstances and more financial difficulties.

Sporadic short-term survival within the debt cycle is really a relief, but it may also be keeping you in the shadow zone for longer than it should, had you put in enough effort to get out of this financially deadly situation. There are institutions that can help, but a trusted friend or family member can absolutely help you take the first step towards ending the cycle, through their sincere efforts and support.

Bamboo bench

Did you hear 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 the paper denominations were destroyed by weevils. The insects nearly pulverized all the cash inside the bamboo coin bank. Good thing he was able to rescue some and replaced them in a government institution with the help of a television show crew.

Many of us have a secret slot for a piggy bank or a place at home or in our cars. Whether it’s in the window, under the mattress on the bed, somewhere in the kitchen, or anywhere no one would probably guess that money will be placed. Unfortunately, also on many occasions we tend to forget where the actual 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 could only retain 98% of your purchasing power in the future. The frozen money does not really help the economy either, without circulating in the communities.

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

Consciousness is golden, so it is highly recommended that you realize the secrets of money, review your purposes, and review the impact they have on you, your life, your family, and friends. Reveal these secrets to your dearest friend or spouse to seek support or help. Remember, in many important life decisions that affect the people around you, your financial situation, ability, and habits matter. Without actual status data, your decision or that of others 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 just have to surface not only to our conscious mind, but also to our financially literate selves, to be improved or addressed in the right way, because, again, in money matters, ‘the past is past’ doesn’t always ask.

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