Let’s talk about Christmas bonus and13th Month Pay as SAVINGS!
While most of the adverts you see promote buying more this coming season, let’s talk about saving! 🙂
Many people are looking forward to their Christmas bonus anytime this month. I’m sure most of you are making a list of Christmas gifts for your family and friends while some are planning their much-awaited holiday getaway. Whatever it is you’re planning with your upcoming Christmas bonus and 13th Month Pay, let me share with you a different perspective.
How about saving your Christmas bonus and 13th Month Pay?
Ok, that doesn’t sound really interesting but let me share why you should consider saving, if not all, part of your bonus this year. We need to prepare for a global recession next year (2023). Interest rates will increase to battle high inflation. We’re at the last quarter of the year and it might be a bit harder to catch up on savings if you haven’t started yet. And for us Filipinos, the best source of income we can utilize right now is our Christmas bonus and 13th month pay!
Saving vs Investing
Personally, I prefer investing my money to generate passive income and to further increase my assets. But if your investment has not yet reached its maturity or the income generated from these investments is not enough to support you for your daily needs, then you need to think about saving. Savings will help you keep yourself at peace as the need arise. You don’t need to worry about unplanned and unexpected expenses when you have enough savings at hand.
What will I do with my money? Saving is not my kind of thing.
Not all of us are good at saving money, but here are a few things we can do as part of our strategy to prepare and save:
- Build an emergency fund. This might sound cliche but this will not only save you in the warning of an impending recession, but it will also help you prepare for unforeseen or unplanned expenses. Experts recommend building an emergency fund that contains three to six months’ worth of living expenses. If you don’t have this much right now, you can set aside a part of your upcoming bonus to start your emergency fund. You can monitor your potential savings by tracking your compound savings and interests using online calculators or excel sheets.
- Pay down high-interest debts. I’m sure part of your plans is to pay your debts, but keep in mind that you should prioritize paying high-interest debts. This will help you lessen your expense in no time.
- Have at least P5,000.00 in your pocket or virtual wallets. You can have any amount but as per experience, it is ideal to have at least P5,000.00 at hand for emergencies. This amount is enough to cover unexpected confinement, car troubles, and more.
- Use virtual wallets for discounts and cashback. A lot of virtual wallets offer discounts and cashback when you use their platform for paying your bills, load and purchases. Get the most out of it while spending!
Disclaimer: I’m not a grinch, you are in charge of your money and you have all the right to splurge. I’m just trying to help you realize the potential of saving and what it can do to help you get through the unexpected. Setting aside a few from your upcoming bonus and 13th month pay won’t hurt and it is a great start for the coming year.
Ping me in the comment if you’re all set to start saving NOW!
8 thoughts on “Let’s talk about Christmas bonus and13th Month Pay as SAVINGS!”
Oh yes thank you for sharing po Ms.Chelsea.
Oo nga naman halos lahat kasi kapag 13th month and bonus puro lang pang gastos.
Tama yong sabi niyo na mas maganda if ang mindset natin about dito ay gawin nating savings or investment.
Thank you for sharing this
Very informative ❤️
Maganda talaga ang may naipon para in the future, Tayo lang naman makikinabang ,pwede din investing pero nasa atin yun paano ehandle Yung money!Thanks for sharing this
Thnk you for sharing this , tlga nman very helpful ito sa lahat lalo na sa ating pag iipon , pra hnda tayo lalo na pag my mga hndi tayu inaasahang emergency mabuti ung my madudukot at my magagamit .
Thanks for sharing this very helpful po Lalo na ngayong malapit na Ang bigayan Ng 13th month pay and Christmas bonus. We should know talaga how to save and invest in case may need tayong pag gamitan. 🥰
Find this very helpful and informative! All into consideration and il do save it and do it
Thank you for sharing po Ms.Chelsea😍
Talagang so nice idea nito na dapat nga naman ipunin at bigyan ng halaga kasi always na mindset natin kapag bonus panggastos
All into consideration! Il saved and shared this… Really appreciate it very much