Where To Spend Your 13th Month Pay
Although the holidays are the most delightful time of the year, there’s really one thing that everyone looks forward to at this time but there is also the question, “Where to spend your 13th month pay?”
There is no better time to receive additional funds than the Christmas season since you can treat yourself to whatever you want while also treating your loved ones towards something memorable.
You should not, of course, misuse your 13th month extra. Your financial condition for the future year may be determined by how, why, and where you spend money. This leads to the key question: will you succumb to the allure of those shoes you’ve been eyeing all year? What about that latest iPhone model? Will you come to your senses and put it somewhere more worthy?
Check out the following suggestions to get the most bang for your buck.
Clear your Debts
Debt may really spoil your festive season. The ideal situation is to begin the new year with a clean balance sheet that includes the cheerful footnote “debt-free.”
Now would be the ideal moment to pay off your debts, or at the very least reduce them. If you owe money on a credit card, pay it off before you go on a shopping spree. If you’re leasing or financing a car or a house, you can make payments ahead to clear up room for the new year.
Begin by making a list of your debts and prioritizing them. Bills with the highest yield should be paid first, followed by lesser, less urgent debts. There’s nothing quite like waking up and not having to worry about money. It’s both freeing and invigorating.
Emergency Fund
It’s not easy to accumulate emergency savings. With all of your financial commitments, squeezing out a couple thousand pesos might be difficult. It’s frightening, but it’s also necessary.
Consider an emergency fund to be a safety net for anything life throws your way. Building one is like purchasing financial tranquility of mind. As a general guideline, you should have at least four months’ worth of earnings in a personal bank account. This will provide you with enough cushion to recoup from most financial setbacks.
Open A Small Business
To open a business, you don’t need a lot of cash. Creating content or an online business, for example, maybe done with very little money. All you have to do is finish it up with tenacity and commitment to the business, and you’re set to go
A blog may be a fun way to make money rapidly while also being entertaining. Starting an internet business allows you to sell clothes or other items from the comfort of your own home.
Buy Life Insurance
Purchase insurance with your Christmas bonus or 13th month salary. Show your loved ones how much you care by providing them with protection in the event of your death.
It is imperative that you obtain medical and health protection if you have dependents. If one can’t afford either, health insurance will suffice, and you’d be better off investing the money set aside for life insurance.
Investing-linked insurance, also known as variable universal life insurance, should be avoided only if you know you can manage your money strictly. To get the most out of your money, it’s advisable to use the “Buy Term, Invest the Difference” technique.
Share it
Learn ways to share the benefits you’ve received this year in the spirit of thanksgiving. Be generous and practice giving. It is better to give than to receive, as the saying goes.
When you share, you are bringing positive vibes into the cosmos. It also returns beneficial karma influence. We should also only contribute what we can afford, in my opinion. That is why, when it comes to donating, we must be responsible.
To be able to provide financial assistance, one must be financially secure. When you aren’t financially solid, don’t feel obligated to offer financial assistance. First and foremost, assist yourself.
Spend it for yourself
Finally, you have the option of using the funds to unwind and rejuvenate. This is your way of rewarding yourself for a year of hard labor.
However, it is not recommended to use all of your 13th month pay for this reason. Apart from shopping, you may spend time with your family and enjoy simple pleasures.
At the end of the day, the best approach to get the most of your 13th month salary is to utilize some of it to treat yourself and invest the rest in improving your financial status.
Invest
Use your 13th-month salary to invest wisely in mutual funds, unit investment trust funds (UITFs), equities, real estate, and other options. Investing is an excellent strategy to increase the value of your money. Just make sure to conduct your homework and talk to friends or family members who have experience with the topic before purchasing.
Real estate investment in the Philippines is a good choice, especially considering the industry is expanding and pays off handsomely. Furthermore, due to the country’s stable economy and ongoing progress, real estate investments are a good method to grow your wealth.
RELATED: Are Memorial Lots Considered as a Real Estate Property in the Philippines?
Is a memorial lot a good real estate investment?
You can save a memorial lot for future use or as a high-yielding asset by purchasing it in advance.
In any event, buying memorial property provides a number of advantages. In your search for the appropriate ultimate resting place, it saves you and your family time, effort, and money. Early purchase helps you avoid future commitments; just make sure you buy from a reputable memorial park developer like Golden Haven Memorial Parks.
Investing in memorial lots has a number of advantages from the investor’s perspective. A memorial property purchase provides more than simply financial stability in the future. Because of its great yearly appreciation rate of 20 to 30%, you may expect financial security in the future.
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