You work hard. You’re earning more than you did a few years ago. And yet, it feels like the money comes in, but it never seems to stay. You want to grow financially, but something is slowing you down. You might need to take a moment for some self-reflection because the reason might be those money customs from parents, relatives, or our culture that you continue to follow. Often, financial growth is not just about how much you earn; it’s also about what you believe about money. And the following often-inherited beliefs about money and its management could be holding you back from real financial freedom.
1. If You Have a Credit Card, You Will Be in Bad Debt
Credit cards carry a lot of fear in Filipino households because you hear horror stories about debt piling up and an endless cycle of payments. However, it’s important to remember that a credit card is simply a tool. In fact, bad debt doesn’t come from credit cards; it comes from bad ways of using them. Use your card mindlessly, and you will surely fall into bad debt. Use it with discipline, however, and it can actually work in your favor.
For instance, if you’re a Landers member and a frequent shopper at the superstore, you can use the Landers Cashback Everywhere Credit Card to get 5% cashback at Landers, 2% on dining spends, and 1% on all other qualified transactions.* You’ll start with a base cashback rate of 3% if your total credit card spending is below PHP 20,000. This rate increases to 4% when you spend a minimum of PHP 20,000, wherever you use your cashback credit card, and then it increases further to 5% when you accumulate a total qualified credit card spending of at least PHP 50,000 during the month. Collect enough points that you can use directly as discounts the next time you shop at Landers.
Ultimately, if you use your Maya credit card wisely, you build a strong credit score that can help with future loans or business ventures. You can also enjoy a generous annual cashback cap of PHP 200,000 from one of the most competitive cashback credit cards available.
2. Utang na Loob Means You Must Always Give Back
Filipinos are raised to honor family. And that often means believing in utang na loob, which typically translates to a permanent financial obligation to parents or relatives who helped you in the past, even if you can’t afford to.
While this value is rooted in respect and love, it’s equally important to set healthy boundaries for yourself. This is not being selfish, it’s you being responsible. Moreover, you can only help others better when you’re financially stable yourself. Therefore, prioritize building your emergency fund and investments first. That’s how you uplift others in a more sustainable way.
3. You Need a 9-to-5 Job to Make Money
Many Filipinos believe that a real job means an office, a uniform, and a boss. If you’re freelancing or working online, people might say, “Walang security d'yan.” But in today’s world, the way we work has changed dramatically. In fact, many Filipinos earn well through remote jobs, freelancing, or digital businesses right from their home, even in traditionally underserved areas of the country. This proves that you now don’t have to leave the country or be tied to a timecard. If you have a skill, the internet can be your marketplace. You just need to explore it and find where you fit.
4. The Rich Get Richer, and the Poor Get Poorer
At times, this mindset can feel true, especially when life feels unfair. But believing that you’ll always be stuck because of your background only keeps you passive. Instead, challenge this outdated belief by exploring the tools and information available to you. For example, you can open a stock market account with just PHP 1,000. You can also learn new skills online for free. You can even start a side hustle without a college degree. It’s not always easy, but it’s not impossible either. And if you shift your focus from “Wala akong magagawa” to “Ano ang pwede kong gawin?”, doors begin to open.
5. Only Traditional Banks Are Safe
We trust traditional banks because they’ve been around for decades, and our parents taught us that they’re the only safe place for money. However, assuming they’re the only secure option limits your growth. To illustrate, some digital banks like Maya are licensed by the Bangko Sentral ng Pilipinas. Plus, we offer high-interest savings accounts, low-fee or even free services, better credit card rewards, and convenient access—all from your phone. So, rather than ignoring new but legit options, take time to understand them. You don’t have to go all-in, but you do need to keep up with the times.
6. If You Earn More, You Should Spend More
Sometimes, when a person gets promoted, starts working abroad, or receives extra income, the first instinct is to upgrade everything—gadgets, clothes, houses. Of course, there’s nothing wrong with enjoying what you earn. But if every increase in income leads to higher expenses, you’ll always feel like you’re just surviving. This lifestyle inflation robs you of the chance to build real wealth. Instead of going all-out, pause before you spend. Use that extra income to invest, pay off debt, or build your emergency fund. A little discipline now can give you peace of mind for decades.
Let Go of Outdated Beliefs
The money beliefs you grew up with may have helped your family survive hard times. But if you want to move forward, you have to leave behind the ideas that no longer serve you. To begin, reflect on your money beliefs. Then, challenge what you’ve been told and be willing to unlearn. You need the courage to think differently, but if you’re going to achieve a better life, you need to mix dreaming with change and action.
*Transactions that don’t qualify include: cash in, cash advance, quasi cash purchases, casinos and gambling, fuel, supermarket, pharmaceuticals, utilities, telco, and government.
