(Photo courtesy: Philippine News Agency)
It’s the most wonderful time of the year! For Filipino workers, mid-November brought the gift of 13th month pay. After receiving the extra month pay, while it’s tempting to splurge, wise planning lets you maximize this bonus.
Here are smart strategies to stretch your extra income this Christmas season:
Create a Budget
List must-pay expenses like utilities and debt, then allocate for needs versus wants. A detailed budget prevents overspending.
Pay Off High-Interest Debt
Credit card or payday loan balances eat up savings with huge interest rates. Make them priority payments using your bonus.
Build Emergency Savings
No savings cushion exposes you to risk. Park a portion, even just Php 5,000, in an emergency fund for life’s surprises.
Invest for the Future
Put part of your bonus into a high-yield savings account, mutual funds, or stocks. Compounding returns reap rewards later.
Give Back
Share your blessing by donating a little to charity. Support causes you care about.
Enjoy Responsibly
After budgeting, indulge a bit for holiday cheer! Just stick to your allocation.
Think Long-Term
Resist impulse splurges. Aim for responsible spending that secures your future financial health.
With strategic planning, your 13th month pay, or any bonus in the future, can do more than just cover Christmas spending. Make it count where it matters most! (PIA-NCR)
