Filipinos love to group things and people into categories from the point of generalization to the end of stereotyping.
For instance, we have ideas about Bicolanos love eating spicy food, Cavitenos being tough, Kapampangan being great cooks, Ilocanos being tight with money, and so on.
However, we also group people on their money identity and how they choose to spend or not to spend their hard-earned money, which are also revealed by many of our money proverbs that still make sense today.
Table of Contents
Here are some of the money identities many Filipinos are grouped into:
1. Matipid (Thrifty)
Being thrifty or matipid is one of the most common money advice growing up in most Filipino homes, which often makes sense because you need to save money for a rainy day and avoid getting into too much debt.
So, being called matipid is a more favorable money identity you can be grouped in because it frames you into a more responsible adult.
Being thrifty also helps you prepare for a better future because you can use the money you save to finance your future goals while also avoiding unnecessary expenses that will not help you move forward with your goal.
Just remember not to be too thrifty to the point of being scared or guilty to spend the money you earn.
I remember a podcast about a story of many who spent decades being thrifty and saving money. However, now that they are retired, they are afraid to use their money.
This defeats the point of them preparing for their retirement because they can't enjoy the money they worked hard to save to be spent in the first place.
2. Gastador (Spendthrift)
The opposite of being matipid is being a gastador or a spendthrift.
They are the people whom my grandmother used to say are "angry with their money" because as soon as they receive their paycheck, they can't wait to spend everything as fast as possible.
Spendthrift people often spend their money extravagantly and even irresponsibly, with almost no regard for future expenses, and then will try to survive during Petsa de Peligro days.
Always remember the importance of spending below your means to avoid the problem of lifestyle inflation.
3. Masinop (Frugal)
Frugal or masinop is an excellent quality that shows how you prioritize things based on your spending habits.
If you're frugal, you may often appear as cheap or even stingy (kuripot) to others, when in reality, you just want to have proper control over your finances.
Frugal people will not hesitate to spend money on essential things like health and education. They also buy high-quality items because they know they will last longer than the cheaper alternatives.
Being frugal means knowing where and when to use your money or when or when not to lend money to others.
4. Madamot/Kuripot (Stingy/Selfish)
On the other side of the frugal coin is being stingy, which often translates to kuripot or madamot in Filipino.
Stingy people are also often called buraot or a miser because they will do anything just to avoid spending money, even if they have it. They would rather hoard cash under their bed than spend it on anything.
Stingy people will also avoid helping others even if they have the means and may even hide behind the mask of frugality.
The main difference between a stingy and a frugal person is their heart, whereas a frugal person knows when to spend. In contrast, the stingy person is selfish and will only spend money on themselves.
Let's be clear: you reserve all the rights with the money you earn from your hard work. However, it wouldn't hurt you to be generous once in a while.
5. Mapagbigay (Generous)
Being generous is the antonym of being selfish, which means that generous people love giving, even when they have nothing left to offer.
Generous people show that they are ready to step forward and help others at their own expense, even sometimes more than what they can.
Generous people are not always just giving away their money; most of them also love helping others through their time if they don't have cash to give away, which is also great because time is often more valuable than money.
However, while being generous is a great virtue, there is also the danger of being taken advantage of by lazy people or training people to always depend on them.
For instance, there are many horror stories about OFWs who spent decades working abroad, helping their family and friends with whatever they can financially.
Unfortunately, when the time comes to retire and return home, they realize they have nothing saved or invested, and the people whom they used to help have now moved on or are too lazy to work.
6. Mayabang (Show-Off)
Flexing your money has never been easier than today because of social media, which has been a great platform for people who love showing off, sometimes disguised as inspiring others.
There is also this common motto of "Not to brag, but to inspire," saying that they are not showing off; they just want to show other people what is truly possible.
Unfortunately, aside from social media, some people love showing off their latest big-ticket items to everyone around them because it is a form of validation for their success.
However, I would also point out that not everyone on social media is showing off. Sometimes, they are so happy about their accomplishments that they want to share them with their friends and family.
7. Parautang (Debtor)
In my opinion, one of the worst Filipino money identities is the identity of being a "parautang" or someone constantly in debt, which makes it difficult for many to overcome, even if they are earning more than enough.
For instance, many Filipinos with massive credit card debts started with one swipe, followed by another, and then another, paying only the minimum. Unfortunately, they never considered the compounded interest that eventually buried them.
Another example is many public school teachers who are knee-deep in debt, not only because of the low salary but also because there is a system that attracts government workers to take out loans continuously and conveniently once they are regularized.
On the flip side, some people earn good money but also suffer the fate of constantly being in debt. For instance, during the boom of online sabong, a lot of people, whether rich, middle-class, or poor, were buried in debt because of their gambling addiction.
8. Madiskarte (Street Smart)
I think no English word will perfectly encapsulate the deeper meaning of being "madiskarte" other than being street smart in the positive definition.
Unfortunately, the word "diskarte" is often used by people who love taking advantage of others, which is a form of exploitation and not just being street smart.
Being madiskarte also means that you will never get hungry because you know how to hustle and utilize your skills and available resources to your advantage.
What's Your Money Identity Combination?
No one will have a single money identity but a combination of two or more. For instance, I believe no one is 100% selfish; they will also be generous at times. Likewise, not everyone will be thrifty; some will also be spenders.
Remember that money is just a tool and should not define you. You can be rich or poor, but if your heart is in the right place, your money will positively magnify your character.
Another important concept I hold on to is stewardship because I believe God owns everything, and I own nothing. I am only His steward, so I must be faithful with my possessions.
Final Thought
Money is an excellent magnifier of one's character.
If you are faithful with little, you will be faithful with much. However, if you're selfish or boastful, even with little, it will also reflect that trait when you hold on to bigger things. This principle can also be traced in the Bible in Luke 16:10.
Do you know your money identity?