Money-Wise: 13th Month Pay and Bonus
BY KHRISTINE O. ECHEVERIA |
While December is the most festive month of the year, November is perhaps the just as well-awaited, since we get to receive our 13th Month pay at this time and the Christmas Bonus comes next. We would then think of splurging out our money for self-gratifying stuff—reward that we could give ourselves for all the hard work done for the year. However, before hitting the mall shops, going on vacation trips, or even clicking on the “add to cart” button, I think we must all pause and think a few times over, how to spend our 13th month pay and bonus wisely.
Purchase gifts early for Christmas
It isn’t necessary to buy expensive gifts, inexpensive ones would be enough. Spend a portion of your 13th Month pay and bonus to buy gifts for your ina-anak and love ones. Start buying gifts as early as now so it wouldn’t hurt so bad buying gifts all at once. You may even start buying every second or third quarter of the year so you could spread out your budget for these. After all, you may just keep all the stuff you have bought without damaging them.
Pay one’s debt
Instead of replacing your old phone with a trendy and in gadget, it is often best to have a debt-free year-end. Prioritize paying off debts.
It’s always best to save for the rainy days. Keeping a small portion of your 13th month pay, your monthly salary and all other monetary benefits for the year, keeps you a step forward from panicking when emergency situations arise. It makes us feel secure that whenever there’s a need, we have an emergency fund which we could immediately use. We really do not have to run and look for some “Bombay” for 5-6 and be in great debt.
Aside from saving for emergency purposes, it’s also nice to save for retirement this early. Even just a small percentage of your monthly salary, 13th month pay and bonuses would pile up as time goes by.
Aren’t we all excited for our 13th month pay and Christmas bonus? I bet you are. Woohoo!!!