Spend Smartly: 5 Things You Can Do With Your 13th Month Pay

It’s Christmas season again! Other than the traditional Noche Buenas and left and right reunions, nothing excited Filipinos better than receiving their much-awaited 13th month pay and Christmas bonus.

You might already be waiting for 13th month pay, and in your mind, you might already be planning for the things you want to buy or the places you want to visit. Or maybe you are also thinking about what gifts you will hand over to your family, friends, and officemates during the Christmas season.

Since you waited the whole year for your bonus, might as well make it last. Don’t be like other “one-day millionaires” who spent their 13th month pay in just a few days. It’s better to have something that you can get in case of emergency or leisure, right?

Here are five smart ways on what you can do with your 13th month pay.

Pay Yourself First.

You earned your 13th month pay after a year of hard work and coming to the office every day. Nothing is better than paying yourself. Consider opening a savings account with high annual interest, or you may also opt to open a Time Deposit account.

Start Building Your Emergency Funds.

Emergency comes in the most unexpected time. You may use your Christmas bonus to open another savings account that you can use in case of emergency or urgent situations such as hospitalization, home repairs, sudden money matters, and even job loss.

Looking at the Future.

Take the opportunity of using your 13th month in investments. You don’t need to invest in stocks exchange if you are not familiar with it. You can invest in mutual funds wherein you can get the dividends after a couple of years. You may also choose to purchase your own house and be assured that you are already covered during your retirement years.

Protect Yourself and Your Family.

You may also use your 13th month pay in purchasing a life insurance for you or your family. Just like an emergency fund, a life insurance protects anyone of you from emergencies such as critical illness, disability, dismemberment, accidents, and even death. Purchasing a life insurance may be one of the smartest investments you can get with your Christmas bonus.

Give Back To Yourself and Your Family.

Of course, you don’t need to restrict yourself and your family during the holiday season. Give back to yourself and your family. Purchase something that can make you happy. It can be a new shirt, a new pair of shoes or an appliance. Make your Christmas a season to be merry, too.

How you spend your 13th month pay maybe one of the most difficult decisions, you will be making for the entire year. After all, you earned it! Money can easily go away. Just be smart about money and try to spend it on something lasting.

 

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