Does the Kuripot Attitude of the Filipinos Affect Their Financial Goals?

Being kuripot, or thrifty, in the Philippines denotes a reluctance to spend money. Yet is being kuripot a terrible thing?

When you refuse to spend money on frivolous expenses like going out of town, dining at fancy establishments, shopping, and the like, you could be called kuripot. It can also mean resisting the urge to treat friends or family to dinner or a movie. On a negative connotation, the phrase is frequently used to describe someone who is madamot.

But if most individuals agree that one should spend less and invest more when making basic financial plans then being kuripot is not so bad at all. It can be justified as being financially responsible. Knowing when to spend and where to spend money wisely. With this, people are already attempting to give being kuripot a new, more advantageous meaning, particularly considering achieving one’s financial goals.

Since it is easy to get lost in translation, let’s dig deeper on the word kuripot and how it appears to be for many Filipinos.

What’s the problem with being kuripot?

The definition opens for many debates. You can argue being kuripot is a good thing by figuring out why you decide not to spend. However, you will recognize being kuripot for what it truly is—a disorder way of spending less money—when you perceive it as being unwilling to spend to the point of forgoing even your necessities.

Ill-advised Spending

Being kuripot is an example of spending money poorly. Kuripot people still spend money, but they tend to ignore the worth of the items they purchase in favor of the price and quality.

Think about having to replace your furniture at home with a new one. If you’re kuripot, you might only have three choices: 1) don’t buy anything at all and just use your current furniture, even if they are already falling apart; 2) purchase the cheapest item from a thrift store that will probably break down soon; or 3) purchase a brand-new, inexpensive, subpar furniture item that will eventually fall apart after a few years.

Whatever you decide to do in this situation will need you to make a sacrifice that leads to impracticality. Kuripot people tend to become fixated on the price rather than the worth of an asset, in this case, a piece of furniture at home.

Misguided Saving

The same goes with saving up and investing money. For someone who is kuripot and would rather keep their money in their banks or other online platforms, investing does not come as top priority together. Again, another misguided saving prevents one from being able to build or generate wealth for future use.
Knowing how to differentiate between necessity and luxury is what sets the tone between being kuripot and being matipid. People frequently struggle to separate the two because they lack specific financial objectives.

Being kuripot is fueled by an excessive desire to stockpile money, which causes you to lose sight of its purpose and become overly preoccupied with the pursuit of more. Even if you have enough money, it will not help you if you don’t know when and how to spend it.

Spend your savings wisely and for the right causes!

Now is the time to quit the kuripot attitude and be a more responsible, and financially knowledgeable Filipino. Saving up during rainy days might be difficult but if you know how to spend your money wisely, you may be able to add more security to your funds.

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