Some do’s and don’ts when managing your finances during ‘Ghost Month’

(Press Release)

Many Filipinos observe Ghost Month despite it being a Chinese cultural practice. During Ghost Month, the seventh month of the lunar calendar, folklore has it that the gates of heaven and hell and of the living are all open.

This year, Ghost Month will be from August 16 to September 14. It is believed ghastly spirits wander the world of the living during this time. These ghosts, in turn, are said to have the capacity of affecting real-life decisions and scenarios. For instance, in cultures that actively observe Ghost Month, children and the elderly are advised not to go out at night as they might be affected by evil spirits. Thus, it is considered an inauspicious time for any major relationship, professional, and financial moves.

During Ghost Month, people are cautioned against making major life-changing decisions—for instance, signing contracts at this time is a big no-no. People are also discouraged from going out or taking photos late at night as it is believed that cameras capture the hell dwellers’ negative energy.

Of course, Philippine culture does not have specific practices concerning the supposed negative spirits of Ghost Month—specifically for monetary concerns. But many follow general tips on how to ward off bad luck during this period anyway, thinking that it wouldn’t hurt to follow these tips and tricks anyway.

Want to keep your money safe from hungry spirits during Ghost Month? Check out these do’s and don’ts:

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 issues.

DON’T make impulsive major financial decisions.

Ghost Month is said to be a period of uncertainty. Hence, it is best to hold off on 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 concerned.

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 any alleged slowdown or problems. The hungry ghosts of Ghost Month are no match for your financial preparedness!

Don’t have one yet? Build your savings with 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 RCBC Unit Investment Trust Funds (UITFs) which match your financial capacity, risk preferences, and financial goals. For as low as ₱5,000, 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 it 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. RCBC Digital is equipped with enhanced security features such as 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. RCBC can help you prepare for this year’s Ghost Month, among other actual real-life concerns. Start your journey with RCBC and build that solid foundation for your financial well-being and create a plan to achieve your financial goals.