Your Best and Worst Financial Decisions Compiled



Last updated June 20, 2018

Best and Worst Financial Decisions |

We've all made good and bad decisions in life. Some of them we learn from, some of them we regret for a long time. Perhaps one of the biggest decisions we've made involved money. From getting a house to buying an expensive phone, such decisions made us pause and think: is it right or wrong?

Last week, as part of #TanongTuesday, we put up a quick survey on our Facebook page, asking about the best and worst financial decisions you've made. We received a bunch of insightful answers and decided to share them here. See our compilation of best and worst financial decisions below.

Best Financial Decisions

Investing in a Business

Best and Worst Financial Decisions |

“The best financial decision I’ve made is when I decided to invest my savings in a small business [with] good profit. My worst financial decision was being an impulsive buyer. I bought some things that weren’t essential to me.” — Grace Ortencio Escano

“Best financial decision I’ve made is when I invested my money on a grocery business. The one I regret the most is when I joined networking and money lending.” — Edwin Aquino

“Best financial decision is opening a small business. What I regret is spending my money on gadgets.” — Zettesu Tan Bondoc 

Investing on a business is a good financial move, especially when you have enough funds and fully understand the nature of your venture. If you're a first-time entrepreneur, start small. There are many businesses you can put up even with a small capital.

Getting Life Insurance

Best and Worst Financial Decisions |

“The best financial decision I’ve made is getting a life and retirement insurance from Pru Life. But, I should have done it earlier when insurance coverage was at PHP 5 million and the premium wasn’t that big." — Mary Grace Alindayu

“Best decision na kumuha ako ng insurance sa Pru Life at the age of 27. The one I regret the most is sana as early as age 20 kumuha na ako. Pero at least insured na ako at secured ang pamilya ko." — Dale Lleva

“Best financial decision ‘yung kumuha ako ng life insurance sa St Peter. Mas maganda na ang maging handa. Hindi lang para sa akin kundi para na rin sa pamilya ko.” — Aiza Gregorio

You may not feel the benefits of having life insurance now, but you'll thank yourself for getting one in the future. Life insurance serves not only as a financial protection for your family but also as income during retirement. Be smart when getting life insurance. Compare your life insurance options and know the best providers in the country.

Read more: 3 Empowered Pinays Share Their Journey and Tips to Succeed as a Financial Advisor

Saving Up for the Family

Best and Worst Financial Decisions |

“Best financial decision is opening a bank account and saving money for the future of my kid. What I regret the most is withdrawing my savings and buying things that I didn’t really need.” — Shey Ibanez

“Best financial decision I’ve made is prioritizing [the payment for] our house and saving money for future needs. I regret spending my money on unimportant things.” — Queenie Mance-Gallardo

“Best financial decision I’ve made is not settling on material things. Nag-invest kami. We now have our own house and a motorcycle. Tapos kapag may tira ihuhulog namin sa bank account ni baby. One I regret is noong nag-quit ako sa BPO and I didn’t save money. Gala dito, gala doon. This taught me to manage my money well." — Anicka Trinidad Marzan

Family always comes first. Be prepared for unforeseen expenses such as medical emergencies and school miscellaneous by building an emergency fund and by following a household budget. It's better to be safe than sorry.

Keeping a Portion of Your Salary

Best and Worst Financial Decisions |

“My best financial decision is saving from my salary every month. The one I regret the most is spending my money without thinking if I really need it or not.” — Melrose Cau Bang Hara

“The best financial decision I have ever made was to live below our means and stay out of debt. And I regretted that I started it late already. I don’t regret it now because better late than never. This is why many financial reports say that your youth is the best time in life to start saving.” — Nomis Ogirdamla Marylene

“Best financial decision I’ve made was opening a savings account and keeping 8% of my income. While the one I regret the most is investing more percentage of my income on gadgets.” — Manilyn Johnson

“The best financial decision I made was opening a separate bank account for our savings and future plans. I saved PHP 500 from every salary of my husband since he was the only one working then. What I regret the most is buying an expensive phone from the money I saved for a long time." — Delfin Lian Juliene

Invest in yourself. Start by saving a portion of your income every payday. When doing this, don't think that you're losing money. Think of it as an investment, an amount that you need to pay to yourself. Save 5% of your salary until you can save 10% then 20%.

Worst Financial Decisions:

Investing on a Business Without Knowledge

Best and Worst Financial Decisions |

“My best financial decision was saving my money in a bank for the future of my family. Biggest regret is investing in a business with no experience.” — Norma Zamora

“What I regret is putting up a business without any experience and training, and without studying the pros and cons of my endeavor.” — Elizabeth Lastrella

Before going into business, weigh the pros and cons first. Can you afford it? Do you have enough experience? Is your future venture profitable? Weigh your finances before throwing money down on the drain.

Lending Money

Best and Worst Financial Decisions |

“The one I regret the most is nung pinahiram ko ang friend ko ng pera kahit ako mismo nangangailangan. Akala ko kasi ibabalik niya agad pero lumipas ang three months na hindi nagpaparamdam.” — Youssef Ali Barredo

“What I regret is when my friend borrowed money, which up to now she hasn’t paid back.” — JY Gwen Flores

If you can say no, say no. Lending money is a risk, especially when between family and friends. There's a huge chance they won't pay you and if they do, it may take months or even years. Be wise in situations like this.

Falling for a Scam

Best and Worst Financial Decisions |

“What I regret the most ay ‘yung sumali or nag-invest ako sa networking na nakaka-panghinayang kasi isa ako sa mga na-scam.” — Divine Labbuanan Cabral

“Best financial decision is starting an emergency fund and having insurance. One I regret the most is becoming a victim of online scam, which happened when I tried purchasing goods online.” — Allanjay Austria

“The best financial decision I’ve made was opening bank account for my kiddos. But then, what I regret was joining a scam.” — Abba Seyer

Scams are prevalent in the Philippines. When doing business or investing money, make sure that you're dealing with a legitimate business or organization. Check for permits and search for reviews to ensure that your deal is real.

How about you? What are your best and worst financial decisions? Let us know in the comment box below!

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