December 2, 2022
Christmas came a little early for some of us! And we’re talking about Christmas bonuses! Filipinos may be given extra money at this time of year in the form of Christmas bonuses, or the 13th-month pay.
However, you might want to learn how to make the most of your extra cash before you give in to your wants.
Have you already gotten your Christmas bonus but unsure what to do with it? Here are some money management suggestions to help you make the most of your bonus before it disappears without you realizing it sooner!
Lack of resources to build an emergency fund is one of the problems faced by many employees. Saving money is difficult for an average employee, especially when one considers the financial commitments that frequently consume one’s income. An emergency fund will act as your safety net, shielding you from life’s unforeseen events. You can already squeeze out a fraction of the extra money you’ll get from bonuses to start with. Start by opening a savings account and depositing all or a portion of your 13th month’s income. When you can save at least three months’ worth of your salary, you can gradually add to your savings.
Apart from putting a portion to your savings account, you can also invest your extra funds to mutual fund investments to ensure your money is growing!
Wouldn’t it be a relief to be debt-free or to pay off some of your debt before the year is out? With your 13th month’s income, you can accomplish that.
Although some people may not make paying off debt a priority, doing this will help you get started. Use your year-end bonus to eliminate or at least reduce your debt. Check your standing before considering overspending. Do you owe money on your credit cards? Exist any liabilities that haven’t been paid yet? You would be pleased to utilize your additional money to be stress-free if you first resolved them.
Remember that you are your most valuable investment. It wouldn’t hurt to invest some of your Christmas bonus in your personal development. Look for seminars or classes that can assist you improve your knowledge and abilities. Buy books that will help you to update and expand your expertise. Your personal brand will be reflected in your professional success, which may also lead to improved job chances.
Another choice is to invest or add to your existing investments. Through this, you can maximize your earning potential and begin your path to financial independence.
Do you feel too young to consider retiring? You don’t have to! You can start making plans for retirement at a young age. Think of it as a present for your family and yourself.
According to research, 80% of Filipinos who are approaching retirement age are not financially ready to handle the cost of life after their employment years. By starting your investments early and carefully planning your retirement, you can avoid finding yourself in the same predicament.
We understand that enjoying yourself during the holidays is vital. Choose the one thing you really must have and spend just on that, instead of spending your money as you normally would on clothes, technology, and post-quarantine travels. Reward yourself responsibly after a whole year’s hard work. You deserve it!
If you are not savvy, the year-end bonus and 13th-month pay that you have been waiting for could disappear in an instant. Determine what to do with it after giving it some serious thought. Remember that while it’s okay to reward yourself occasionally, you should also be able to manage your excess cash effectively. To begin ensuring your future, start saving and allocating money today.
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