August is also known as the hungry ghost month when business finances hit a slump due to low trading activity, minimal financial dealings, and red portfolios or negative balances. It's a fact that Philippine stocks ended in the red with inflation going down further from 5.4% in June 2023 to 4.7% as of Friday, August 4. Call it superstition, but one cannot miss the timing of that.
The hungry ghost festival, which begins on the seventh month of the lunar calendar, roots in the Buddhist Taoist Chinese belief that the gates of hell open as hungry ghosts or spirits of the dead roam the earth. The Chinese advise people to postpone investing, selling assets, and avoid making big-ticket purchases like cars and gadgets. Some individuals consult feng shui or make food offerings. Meanwhile, businesses ward off bad luck by observing several practices to avoid financial loss to the company and dodge misfortune. Whether or not you adhere to the observance of ghost month, taking precautions and following ghost month dos and don'ts, won't exactly do you harm. Ghost month is also a good time to look for other opportunities or to average down one's portfolio. Here are helpful financial tips for surviving ghost month in 2023: 1. Review your business plan Ghost month may not be the best time to start a new business venture but the time can be wisely spent on assessing or checking in on one's business status and plans. Reviewing processes and making plans to improve operations can be a more worthwhile task than investing. Part of checking how you are faring is sitting down with colleagues to iron out plans and preparing for how to move into a new phase of the year. 2. Holding off on making big purchases during ghost month Thinking of buying a new car or gadget but find yourself hesitating? Take ghost month instead as a time to think through your big-ticket items purchase especially if they are not needed. The act of buying can attract bad luck because the spirits might be envious of your purchase. Perhaps you can save the money for a more worthwhile purchase in the future. Sometimes postponing gives you a chance to see the bigger picture. 3. Make donations While the Chinese believe that making big purchases during ghost month can cause bad luck, they also advise that it's the best time to build good karma. Donating or extending financial help to loved ones during the time of inflation can ward off bad luck or counter misfortune. 4. Avoid getting new debts Businesses can be affected by people holding off on purchases due to ghost month practices. This may impact the income of business owners. Do postpone taking unnecessary debts since cash flow might be unstable. Steer clear as well of paying off debts so limit credit card use and pay using cash. Hold off on getting a loan until times are looking up. 5. Build your contingency fund Whether you are in the process of building an emergency fund or have not yet, ghost month is the best time to work on it. Setting aside at least 10% of your pay each time you receive your income is the best practice. Of course, consistency and discipline are important. Ghost months may come only once a year but financial slowdowns or emergencies can randomly come. With enough money saved for rainy days, you'll never have to worry. Whether or not you believe in ghost month and the bad luck it may tend to bring financially, practicing prudence in daily spending is still a good habit to keep. These tips might be restrictive on one hand but also may be teaching a thing or two about one's personal finance, investments, and businesses.
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