diff --git a/moh.rb b/moh.rb
index ec1969b..0ecc49f 100644
--- a/moh.rb
+++ b/moh.rb
@@ -300,10 +300,10 @@ def print_transactions(date1=nil, date2=nil)
 puts 'See LICENSE.txt for the licence.'
 opt = OptionParser.new
 book_reader = BookReader.new
-howm_dir = nil
+howm_dir = Dir.pwd
 howm_suffix = 'howm'
-smbc_dir = nil
-smbc_visa_dir = nil
+smbc_dir = Dir.pwd
+smbc_visa_dir = Dir.pwd
 print_summary = false
 print_transactions = false