It’s Christmas time! 🙂 The happiest and most awaited season for employees. Why? Because this is the time where Filipino employees receive their 13th month pay and Christmas bonuses.
For most people, their 13th month pay disappear in just a blink of an eye as if nothing happens. One major reason is because they get overwhelmed with the amount (who doesn’t) and then failed to plan their expenses. I can relate with them… I remember how excited I was and not able to strategize to manage my expenses. The result? I lost track of everything I received.
Maybe you are reading this article because you already received your 13th month bonus and now thinking of better ways to spend it. Congratulations! Let’s start our journey of being more responsible with our finances.
Let me share with you some tips that I have learned on how to wisely manage those bonuses!
Clear Your Debts
Imagine the feeling of celebrating Christmas and New Year being debt-free? That can be the best motivation towards a greater life. So, have at least a part of your 13th month bonus cut down (if not eliminate) your debts. Make your New Year and Christmas merrier!
Save and Invest
I know! The struggle is real. But discipline is the key. It is better to put at least 20% of your 13th month bonus on savings and investments like stock market, business, emergency funds, health card or mutual funds.
If you are planning to invest in the stock market, that’s a good idea. Maybe this is the best time for you. Educate yourself financially, read some books about investments, attend seminars, and ask help from experts like the Truly Rich Club. To know more about this, read my blog about How Stock Market Investing Made Easy For Me or simply send me a message.
Manage Your Expenses
After working so hard, of course you deserve to enjoy its fruits! But warning, be mindful on spending your money. Divide your 13th month bonus wisely with your expenses. Plan on how much you will spend for christmas parties, gifts, and family treats for christmas and new year celebrations.
Sales and Promos are also up in this season so it is really tempting to spend all your 13th month bonus on these things. Always think twice. Have yourself a list of “to-buy’s” so you would not rush and buy the things that are not on your budget. Manage your expenses well.
Share Your Blessings
Save at least 10% of your 13th month bonus for tithing. Give back to God. Share for church and its ministries. Maybe you can also donate on charities like orphanages and communities that are in need. You’ll enjoy your Christmas and your bonus by sharing to others and by giving back to God.
There you have it! Don’t put your eggs in just one basket. There are many ways to wisely spend and manage your money. Let’s be blessed on our journey to life and financial freedom! 🙂
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