Money Superstitions: Do’s and Don’ts During the Ghost Month
The Ghost Month, named Zhongyuan Festival by Taoists and Yulanpen Festival by Buddhists, is a traditional festival celebrated every month of August in East Asian countries.
The Chinese believe that the gates of the underworld open up and the spirits of the dead roam the Earth during this period. This 2022, the Ghost Month is from July 29 to August 26. Many people, including Filipinos, try to limit their financial activities to avoid bad luck.
Just like the usual superstitions we observe in the Holy Week, All Saints’ Day, All Souls Day, there’s also a set of do’s and don’ts during Ghost Month. Check out this list to guide on best money practices during Ghost Month:
- Do: Review your business plans. Ghost Month is considered a slow month for sales and performance. Some entrepreneurs reevaluate their plans during this period. If you’re about to launch a business, sign contracts, build or renovate offices – you might want to do these after Ghost Month. Meanwhile, get ready for the busiest season or the so-called “-ber months.”
- Don’t: Buy big-ticket items. According to the Chinese, purchasing a new phone, car, or home might get the ghosts or evil spirits jealous, inviting more bad luck in your life. Think twice or postpone buying the latest gadgets and refocus your attention on preparing your emergency fund for urgent needs.
- Do: Prioritize essential needs. Allocate your funds wisely! Make this a financial habit so you can clearly see what you and your family really need. It will help you manage your finances when the budget is low and things are slow.
- Don’t: Invest. Many investors take a break and avoid the stock market as it is believed to bring misfortune. However, this depends on your investment risk profile and portfolio. There are active investors who take advantage of low stock prices – buy them and sell for a higher price the following month.
- Do: Build your emergency fund. Ghost Month isn’t a one-time thing. It happens every year and the best shield you must have is a rainy day fund. It’s very important to be prepared for unexpected expenses. Save up not only during Ghost Month but consistently and you’ll be surprised of how much you have kept.
- Don’t: Travel. Traveling during Ghost Month, especially at night, is highly discouraged as it is presumed to lead to accidents. It might also be a hassle as August is still a wet season. It’s mostly raining and typhoons are likely to occur. So try to reschedule your trips, as much as possible.
What everyone thinks is free choice might not be entirely true as most of our life decisions are guided by our cultural values and beliefs. Even superstitions can influence our attitudes toward money.
There’s no harm in observing the do’s and don’ts during the Ghost Month. Remember to be extra careful and vigilant at all times. SAVii, your reliable Salary Finance Platform, is always within reach should you need financial assistance.