Are you Excited to Receive your 13th Month Pay this December?
13TH MONTH PAY – Here is a list of ten (10) practical tips on spending and saving the money you will get this December.
Many people are now getting more and more excited each day as December is fast approaching. It is the month when most companies and business firms in the Philippines released the 13th month pay of the employees.
The said pay is mandated by law. It is equivalent to the average of all the basic monthly salaries received in the entire year. For most people most especially the low-income and average-income earners, a part of their pay is allotted for the debts they have incurred in a year. Those who have tight-fitting monthly budget also get their holiday expenses from the pay.
Although you may not be able to save all of your 13th month pay, it is really an edge to spend it in a practical way and save some. Here are some tips that you might like to follow:
- Pay off your debts. The peace of mind that paid debts can give you is a gift to yourself. You don’t have to pay off all the loans. Prioritize those with the highest interest rates.
- Invest your money. Based on an article on Moneymax, you can invest some of your money in mutual funds, Unit Investment Trust Funds (UITFs), stocks, Pag-IBIG MP2, SSS Peso Fund, and real estate investments. Study it first before investing your money.
- Start or grow your business. Are you running a business or you are planning to start one? Spending a part of your 13th month pay on growing your existing business or starting one can be an excellent step. It can lead you to money-generation for the incoming year.
- Get insurance policies. One of the ways to protect your loved ones and pets is to get them insured. Insurance policies are investments that can help you most especially in times of need.
- Increase your Emergency Fund. It is important to save a part of your monthly salary as Emergency Fund. This December, you can grow your EF from a part of the extra pay you will receive.
- Spend on travel and experience. You can treat yourself on a travel that can give you the best experiences and moments with your loved ones. These memories are priceless and worth-cherishing.
- Enroll on Online Courses. Get new learning by studying online. Based on the article, you can spend a part of your pay for the enrollment of an online course that can bring you new knowledge.
You may also read – How To Compute 13th Month Pay in PH – here are the steps for computation…
