Money Do's and Don'ts during Ghost Month

MANILA, Philippines — The seventh month of the year, according to the Lunar Calendar, is Ghost Month.

It is said that the gates of heaven and hell and of the living are all open at this time, and so, ghastly spirits are believed to wander the world of the living and are said to have the capacity to affect real-life decisions and occurrences. It is important, therefore, to take precautions, so children and the elderly are cautioned against going out at night because evil spirits lurk in corners.

People are also warned against making important decisions when it comes to relationships, professions, businesses, and finances. No signing of contracts allowed. Even taking pictures at night is a big no-no, as it is believed that cameras capture the hell dwellers’ negative energy. So many precautions during the Ghost Month have made things come to a virtual standstill for a whole month but people seem to understand, as they agree to ride through the month before finalizing contracts and making major decisions.

While the observance of the Ghost Month is generally a Chinese cultural practice, Filipinos are just as involved, since Chinoys have become an essential part of the Filipino existence. So everyone follows general tips on how to ward off bad luck during Ghost Month, especially when it comes to money matters, thinking it would not hurt to follow these precautions anyway, instead of challenging these practices and risking life and limb.

This year, the Ghost Month covers the period between August 4 and September 2.

Check out these dos and don’ts when it comes to money matters:

Do manage your expenses. 

Ghost Month is believed to inspire strife and difficulty, so it is best to prepare for the worst. Purchase only things that you need and cut back on your indulgences and unnecessary luxuries, to make sure you have enough funds in case you encounter some financial difficulties.

Don't make impulsive major financial decisions. 

Ghost Month is said to be a period of uncertainty. Hence, it is best to hold off any major financial decisions and purchases—whether it is committing to a big professional project or buying big-ticket items such as cars or real estate. If a major financial decision is urgent, make sure to sit down and think through any big money-related decisions. Ghost Month or not, it is always wise to consider all factors when a huge amount of money is involved.

Do start building your savings or emergency fund. 

It’s always the right time to be prepared. Having savings or an emergency fund will allow you to weather all problems. The hungry ghosts of Ghost Month are no match for your financial preparedness! If you don’t have one yet, think about building your savings with something lik RCBC’s award-winning OneAccount, from which you can choose the add-on features to match your financial needs and lifestyle.

Don't sell property. 

Another Ghost Month taboo is selling any major property you own—from houses to cars, and even other expensive items. Even e-commerce isn’t immune from the hungry ghosts. There is a bit of value to this, as some people might not be inclined to spend a lot during this time. But if you must start your business during this season, make sure to cover all bases to avoid any issues. Communicate with your staff regularly, make sure all the tools needed for your business are working properly and within reach, and your operations are prepared for any issues.

Do explore opportunities that can maximize your funds’ potential.

Consider putting your money in a sound investment such as RCBC Unit Investment Trust Funds (UITFs), which match your financial capacity, risk preferences, and financial goals. For as low as P5,000, you can start a UITF investment to grow your funds or boost your retirement fund. For example, the RCBC Peso Money Market Fund is an affordable investment that lets you enjoy higher yield potential. You can also easily access it online and redeem anytime — without penalties. 

Don't be afraid of online banking. 

The prevalence of online scams has indeed raised concerns about the security and integrity of online banking platforms. But don’t let this stop you from using digital banking services because managing finances has never been this convenient and efficient. So choose the mobile banking app that has advanced security features, such as RCBC Digital, which is equipped with enhanced security features like face and touch ID login, one-time password validation, and card lock and unlock. It simply lets you enjoy the benefits of convenient banking using a secure platform and the reassurance that only you can access your accounts through your own devices.

Superstition or not, these tips are meant to enhance your financial well-being. Start your journey with a bank you trust and build that solid foundation for your financial well-being and create a plan to achieve your financial goals.