Tips in Spending Your 13th Month Pay and Christmas Bonus Right
13TH MONTH PAY – An expert gave tips on how to benefit well from it and your Christmas bonus amid the COVID-19 pandemic.
One of the things that many people are looking forward to every holiday season in the Philippines is the 13th month pay. It is the average of the total salary received by an employee in the past 11 months or depending on the worker’s length of stay in the company.
Aside from the 13th month pay, the employees may also receive a Christmas bonus depending on their employers and companies. This money is undeniably like a breather to a lot of workers who have piled up debts as it is a chance for them to finally pay for it.
However, truth be told that expenses for the celebration also take a huge slice of the pie during the holiday season. People buy gifts, do groceries, and a lot more to celebrate Christmas and New Year. While there is nothing wrong with it, it is an edge to know how to spend your 13th month pay and Christmas bonus right.
It is completely understandable to set a budget for the celebration. After all, it is for the happiness of the family that is the reason why most people are working hard. However, the tendency is that when there is a huge sum of money in your wallet, there is also a bigger chance of being tempted to buy things you don’t really need much at the moment.
Based on a report on ABS-CBN News, Salve Duplito, a financial adviser, expressed that being a one-day-millionaire won’t always help most especially amid the COVID-19 pandemic. She gave tips on how to use the 13th month pay and the Christmas bonus well.
According to the financial adviser, it is best to pay the outstanding debts most especially those with huge interest rates. She stressed that it is like earning more than 330% annually because you can never pay the interest rate. Here is a list of the things she advised to be given priorities:
- payment of debts
- emergency fund
- life and medical insurance
- investment on index funds
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