In Eastern cultures, August is also known as Ghost Month—a time when spirits roam the Earth freely and play tricks on the living. Many people observe specific practices to avoid bad luck, especially when it comes to finances. Here are a few money habits commonly observed during this time, and some practical tips on what you can do instead.

1. Only borrow money from trusted financial institutions: Many people believe that lending or borrowing money can upset the spirits and bring negative energy, which can lead to conflicts or misunderstanding. However, if the need calls for it, only borrow money from established institutions like banks to protect yourself from scams or dubious loan schemes.
   
   
2. Be cautious with spending: Now, this is sound advice that applies all year round. Extravagant spending and unnecessary purchases can lead to financial strain. As it is supposed to be a period of reflection and introspection, leaning towards mindfulness and away from materialistic habits is advised.
   
   
3. Avoid major financial decisions or investments: Buying property, investing large amounts of money, or going into new business ventures are considered bad luck during Ghost Month. If you want to be more cautious and ensure the success of your financial endeavors, park your money in a high yielding savings account in the meantime.

Ghost Month is the perfect time to save any amount, big or small. Let the extra motivation of avoiding bad luck drive you into making good financial decisions. 

Soon, GoTyme Bank customers can deposit even bigger amounts via mobile check deposits. Keep it in your Go Save and allow it to grow while waiting for Ghost Month to be over. Users will be able to enjoy:

1. No deposit fees
2. Make deposits up to ₱499,999.99
3. 24/7 availability (Check clearing cut-off time applies)

While it’s wise to make financial decisions based on facts, data, and experience, it also can’t hurt to be more prudent, not only to keep your money safe, but also to show respect for traditions. So exercise self-control amid all the mid-year and double-number sales (just for a month!) and come back stronger in September.

Download the GoTyme Bank app now.