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What habits should you have to become financially stable?
- Know your limits
- Stay disciplined
- Understand the value of what you buy
- Do not fall victim to impulse buying
- Be aware of small purchases
Most of us should already know that luxury comes at a price. In the Philippines, luxury houses in the most prestigious villages or isolated communities are rare. But those who have access to them are above and beyond the rest of the country.
That said, not all homeowners of these deluxe homes might have started with this lifestyle. Most of them have built their way up in order to afford such grandeur. Though it’s not really apparent, these people all have their strategies and mindsets that helped push themselves up.
Most of these are just simple tips and tweaks to a normal person’s daily lifestyle. This is great for anyone and everyone who wants to become more financially stable!
So, without further ado, here are some of the most common financial habits that many successful luxury homeowners have!
Know Your Limits
People love it when they have something luxurious, even if it’s quite the materialistic mindset. However, people tend to buy items that are well beyond their pay grade just so they can flaunt it to their coworkers and friends. This may give you a bit of temporary attention, but it will do more damage to your wallet and bank accounts in the long run.
If you were to buy big-ticket items, you should focus on the ones that you can afford. Luxury bags, shoes, and clothing are cool and all, but if you keep buying them, your income won’t be able to keep up with your lifestyle.
Stay Disciplined
A popular way in which people can efficiently make use of their money is by being disciplined enough to stop spending when you reach a certain threshold. For example, you can dedicate to just spending PHP10,000 for eating out for the whole month. Once you’ve already spent PHP 10,000, you are no longer allowed to spend any more on expensive restaurants.
Do this for all of your forecasted expenditures namely your utilities (water, electricity, rent, etc.), food, entertainment, and miscellaneous. Putting a limit on your expenditure will be a great help in making sure that you have just the right amount of money for these—and possibly a decent amount saved!
Understand the Value of What You Buy

When you’re buying something, be it food, clothing, or gadgets, never settle for the cheapest or the most expensive. Always prioritize value. The item with the best value for your money is what you should always look for.
Sometimes expensive items are great because they’re expected to last longer than the typical ones. Other times, cheap goods are the best choice if it’s only a temporary buy.
Keep in mind that cost does not correlate to better quality. Certain products have the premium tag of being under famous brands which adds to the cost. It would be best if you ask people who know a lot about the product or read reviews of the item online for a better idea of the item’s value.
Do Not Fall Victim to Impulse Buying
Whatever product or service it might be, you should always think hard if you really do need it in your life before you buy it. George Krueger, co-founder of BIGG Success, recommends that you make use of the 24-hour rule for your major purchases.
The 24-hour rule basically states that you should give yourself time to think before buying expensive things such as TVs, Refrigerators, Furniture, Home Security, etc.
The point of the 24-hour rule is to give time for logic to return to you for your decision. Often, people will get excited when they see something cool or something that they really want. When emotions get the best of you, all logic goes out the window. You won’t hesitate to buy an item, no matter how expensive it is.
Remember, the best financial decisions are driven by logic, numbers, and facts, not emotions.
Be Aware of Small Purchases

You should be careful about the things you buy on a daily basis; the things that you usually consider just a tiny dent in your budget. Be it your morning coffee, a small meal at a nearby restaurant, or even a more convenient ride to work.
Though on the spot, these aren’t exactly the biggest investments, they’ll slowly pile up and become huge holes in your budget.
Be mindful of your expenditures, no matter how small they may be. Because in this day and age, every peso is valuable—and it’s important that you keep track of them.
Key Takeaway
Even the wealthiest owners of luxury houses in the Philippines have little habits that have helped them slowly reach the state in which they’re in. With the help of the smallest little things, you too can begin to alter your financial habits and begin to save what you can!
With the help of these financial habits, you’ll be well underway to becoming a homeowner yourself!
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