This month isn’t just about crying to Taylor Swift’s hit song ‘August.’ In many Asian cultures, it’s also known as Ghost Month, a.k.a. a period where restless spirits break free from the underworld and freely roam the land of the living. According to folklore (no, not the Taylor Swift album), these “hungry ghosts” are stronger during this period and can mess with humans and bring them misfortune. But while they’re only on a 30-day window before they have to go straight back to hell, August is a time where everyone is reminded to be extra cautious, especially when it comes to money matters. Here are some financial do’s and don’ts you might want to keep in mind until September.

Do budget and save

Whether you believe in Ghost Month or not, August is a great time to hit the financial reset button. Take a hard look at your spending habits over the past few months. Are you on track with your New Year’s resolutions? If not, don’t worry. It isn’t too late to come around. Use Ghost Month as an opportunity to prioritize saving, cut back on unnecessary purchases, and build your emergency fund.

Don’t make major purchases

Big-ticket purchases like cars, homes, or appliances are best put off until next month. Some strongly believe that extravagant purchases like these might attract unwanted attention from bad spirits during Ghost Month but, generally speaking, it’s sound financial advice anyone will be wise to listen to any time of the year.

Do manage your debt

Tackle that debt you’ve been brushing off for the longest time. Since you’re avoiding splurging on unnecessary expenses during Ghost Month, put your money to good use and pay off your high-interest debts. While you’re at it, avoid taking on new loans or overspending on any item unless absolutely necessary.

Don’t make major business decisions

You might want to delay on significant milestones this month. It is believed that major life decisions such as moving to a new home, undergoing medical procedure (unless, of course, absolutely needed), or tying the knot during Ghost Month might lead to facing potential challenges. But remember, Ghost Month is based on cultural beliefs. Ultimately, personal circumstances and your goals should guide your decision.

Do focus on your long-term financial goals

August is a great mid-point to assess how far you’ve come in finances in the past eight months. It’s time to check in. Are you budgeting your money? Are your saving goals on track? If not, take the opportunity to recalibrate. Make the necessary adjustments so you can end the year proud of yourself for staying on top of your financial habits.

Don’t make risky investments

TBH, risky investments, no matter what time of the year, should be thought over twice or thrice before you jump in. But if you absolutely have to invest, consider it isn’t one that puts you at high risk.

Do support worthy causes

Ghost Month is also a time to ward off negative energy in your life. Why not use it to spread positivity instead? Make time to help organizations or charities that align with your values, such as local orphanages or disaster relief efforts.

Don’t lend money

Many believe that lending money during Ghost Month will lead to difficulties in recovering it. Whether or not you believe in Ghost Month, it’s wise to be careful about lending, especially large sums.

These Ghost Month financial do’s and don’ts are sound advice you can follow any time of the year. Bad spirits might roam the earth this month but don’t let that stop you from making August a turning point for your financial well-being. Use this time to reflect on your spending habits, set clear financial goals, and make necessary adjustments for a stronger financial future.

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