Where to Best Put Your 13th Month Pay and Christmas Bonus
Remember last year when you almost fell into tears looking at your account that’s virtually empty after all the Christmas shopping and splurging?
Christmas bonus and Christmas bazaars and mall sales make a glorious but also very dangerous combination. Christmas bazaars go quickly yet tenderly like the sun dipping into the horizon, but your money might be gone as quick as the flash of lightning. Before you get carried away (again), get a hold of yourself and think carefully first how you could best spend the 13th Month Pay and Christmas bonus that you receive this month.
Here are some of the best things you should be allotting your Christmas bonus to, which, in the end, will make you proud of yourself!
Debts
Remember that the New Year follows shortly after Christmas. Wouldn’t it be so nice if you moved on to a new year without any debt? Don’t let your debts (especially the interest-bearing ones!) haunt you through 2018.
Stocks or mutual funds
While you have the money, put it where it will grow and generate more income for you. One of the most common ways to invest money is buying stocks or investing in mutual funds. If the company you buy stocks from grows, then your money will grow, too!
Home improvement
As the proverb goes, home is where the heart is. It’s the last place you retreat to after a hard day’s work and the place that you should be most comfortable with. So if there’s any need for repairs or improvement, allot some money to hiring a repairman or buying new furniture and appliance.
Charity
The true spirit of Christmas is about giving. Take a moment to think of how you can share your blessings with others. Orphans in the charity don’t receive 13th Month Pay or Christmas gifts from family; you do. Visit a charity, and donate money or give gifts! It will even make you feel better about yourself.
Emergency fund
If the only bank account you have is your payroll or business account, this is the time to open a new bank account where you can build an emergency savings fund. When the need arises, you’ll be thankful you decided to keep an emergency fund, which can help you easily get money to cover unforeseen expenses.
