Here’s a guide on how to spend your 13th Month Pay and other bonuses wisely
In the Philippines, PD 851 stated that employees had to give 13th month pay to their employees on or before December 24.
Under this law, employees will get an additional benefit equivalent to one-twelfth (1/12) of their basic salary within a calendar year. Aside from this, some companies extend their generosity by giving bonuses to their employees.
Through this, many Filipinos are enjoying their holiday season, spending time with their families and doing fun-filled activities.
The monetary abundance that many people acquire this season could bring happiness and enjoyment, but financial experts have reminders for smarter ways to spend money.
Based on a report from GMA Integrated News, these are the smart ways people can follow in order to save their 13th month pay and bonuses.
Write down expected expenses. This would allow you to see how much money you allocate, like for food and holiday activities, as well as gifts for other people.
Expect overspending, and with this, you should always leave room for allowance because prices can be unpredictable.
It is also smart to consider group or bulk gifts. Through this, you can get items at discounted prices.
Regifting is not something to be ashamed of, as long as you know that the recipient will appreciate the item.
For the Noche Buena and Media Noche meals, you can consider a potluck and plan meals to split the costs, while still having coordination in dishes.
As you welcome the New Year, it is better to set aside a portion of yout 13th month pay and bonus for savings, debt payments, and other financial concerns. With this, you can welcome the new year with fresh financial start.
