How Fighting the Money Taboo Protects Your Financial Future

It is often considered rude or embarrassing to speak openly about money matters. Local and international articles and financial experts have discussed this “money taboo” and found the main reasons behind this dilemma.

First, people are afraid of being judged—either they are thought of as a bad provider if they admit they’re struggling financially, or they’ll be judged as "mayabang" if they talk about their financial gains.

Another reason is that they’re afraid of people asking them for money or that people’s friendship or affection will only be based on greed: how much people can get from them. These are valid fears. right?

But research has shown that the refusal to discuss money within the family and the lack of trust and communication between parents and children—especially when it comes to money talks—can result in financial losses.

When parents are not able to properly discuss something as important as managing money, children fail to learn such essential skills—and as grownups, they would be more prone to making wrong decisions on spending, saving, and investing.

Help your child grow up without being hampered by the money taboo. Discuss finances as part of the family conversation. Depending on the age of your child, you should discuss, in an appropriate way, the family’s expenses: payments for rent, utilities, tuition, groceries, etc. Discuss them in a way that helps your child appreciate the value of hard work and of earning money and spending it wisely.

Then you can talk about income, salaries, allowances, and how important it is to stick to a budget and to put away savings and investments. Talk about how all these go together in making your family financially secure now and in the future. When these financial conversations happen regularly, as ordinary family talks, it does much in reducing the power of taboo over your family’s financial assessments and decisions.

One family conversation you should look forward to with your child is their first savings account. Opening your child’s own savings account is one of the first steps in teaching them financial skills. You can visit the online product page of a kiddie savings account like BDO Junior Savers and discuss what a savings account is and why a person would need one. Go through the requirements and explain to your child the steps involved in opening the account.

The next topic would be what you and your child could do to grow the savings account. Teach your child how to put away savings from his or her allowance to be deposited in the account. You could then discuss and set up a Junior Savers Plan where money can be transferred automatically into your child’s account. This can be done by enrolling your child’s account in your BDO Online Banking account and setting up scheduled ‘Send Money’ transfers from your account to your child’s account.

Money is too important to avoid talking about. A proper discussion of finances within your family ensures wiser financial decisions and a better future for your children.

Maximize Your 13th Month Pay with ShopeePay

Your 13th-month pay is just around the corner, and as much as you want to enjoy the fruits of your labor and check out everything in your cart, it’s best to be wise about spending your hard-earned money. 

With ShopeePay, not only can you save more, but you can also enjoy big rewards while embracing the season of giving. Here are three tips on how you can make the most out of your year-end bonus with Shopee’s integrated mobile wallet, ShopeePay.

Be on the lookout for the best deals for big savings

Filipinos start the holiday shopping season as soon as the -ber months hit. If you’re thinking of saving up for holiday gifts to your friends and family and you're on a budget, why not check out ShopeePay’s ₱1 Deals? Get your aunt a Christmas basket from Puregold or your nephew delicious treats from Potato Corner, Bonchon, Candy Corner, and Goldilocks. If you want something useful or educational, National Bookstore has some great finds, too. Want to give load to a student doing online schooling or reconnect with friends and loved ones via video phone calls? Load up using ShopeePay and get up to 10% off on load and promos from all networks.

Pay your bills ahead of time -- and get cashback too!

With the busy holiday season up ahead, being able to save time doing errands is a big help. With ShopeePay, you can conveniently pay for all your monthly bills with just a few taps on your phone. Not only that, you can even get up to 25% bills cashback for Electricity, Landline, Internet, Water, Postpaid Mobile, Credit Card, and TV Cable companies such as Meralco, Maynilad, Globe, Smart, PLDT, BPI, and over 60+ ShopeePay partner billers.

Cash in for more cashless transactions

Other than Christmas gifts, we also need to take care of other responsibilities this holiday season; like buying load, paying bills, and even buying groceries for our holiday festivities. ShopeePay makes it easier to go cashless when checking off our Christmas to-do list, as users can now cash in their ShopeePay wallet for free via InstaPay! You can cash in instantly from your bank apps such as RCBC, Metrobank, BPI, Chinabank, Unionbank, and more. Even better, until December 5, 2021, you can skip the added fees when you get up to ₱25 cashback on your InstaPay fee*.

Though it can be tempting to buy all the gifts to treat ourselves and our loved ones, it’s important to keep in mind that we should be practical on how we spend our money, even with our 13th-month pay. With ShopeePay, not only can you enjoy greater savings, but you can also look forward to plenty of rewards. Activate your ShopeePay now and experience seamless online transactions when you Buy Load, Pay Bills, and Scan to Pay with ShopeePay.