Once the ‘-ber’ months appear on the calendar, everyone knows that the Christmas season is upon us again. For kids, this is the one time of the year where they get presents and cash from their relatives and godparents and for all the employees, it’s time for the most awaited pay of the year: The 13th Month pay. There are many ways to spend your 13th Month pay and other bonuses but most of the time, it’s all spent come January. So, to make sure you spend your bonus wisely, here are a few tips to help you put your hard earned money to good use:
Make a List of Things You NEED To Buy
When we get a large amount of money and don’t know exactly what to spend it on, it will always end up spent on something not-so important like spur of the moment shopping sprees or buying an iPhone when you still have a functional phone. To avoid this, make a list of things that you truly need and calculate your expenses.
Pay Your Debts
Whether you’re a serial credit card user or just a person who owes a lot of people some money, now is the best time to pay it off. Debt is the main obstacle that can actually threatens your financial stability so you better clean the slate now while you still have money to spare. Going debt free when the New Year comes is a good start and you might want to stop with using credit cards or at least use it moderately so you can use your next bonus on the things you really want.
Open a Savings Account
Opening as savings account is the first step to take if ever you wish to invest on something big in the future like a house, a car or your own condo. This is specially for young professionals because having a savings account at an earlier age will give you the best chance of getting the investment of your dreams quicker. Plus, it will teach you to be more responsible with your money and not spend it on temporary things like most yuppies do.
Buy A Health Insurance Plan
You know how they always say that ‘Health is Wealth’? Well, it’s very much true for everyone else and if ever you get injured or become gravely ill and you don’t have enough money for it, you’re basically doomed. However, there is a way to remedy that by buying a health insurance plan. Don’t just rely on your PhilHealth because most of the time, it will not be enough especially now that more and more hospitals are getting privatize and medical expenses are getting higher every year. Plus, you’re not the only one who might get sick so you better save up for your family as well.
Be a Smart Shopper
Yes, Christmas is a time for giving gifts but that doesn’t mean you must spend a lot of money buying your relatives material things that they won’t be using for the next few years. When buying gifts and other holiday stuff, always be on the lookout for big sales. Shopping malls usually hold a lot of sale events when the holiday season comes and you can also visit tons of bazaars for cheaper items. Better yet, stay away from stores and just make your own gifts. Handmade gifts are much more appreciated anyway because it’s specially made. But if you really want to but your gifts but don’t want to spend too much, you might want to try shopping after December 25th because most items drop their prices.