8 Ways to make your 13th month pay count

November 26, 2019

Already planning what to do with your 13th Month pay?

Here are 8 ways for you to make your 13th Month pay count!

Before you even plan to spend your Christmas bonus to that latest gadget you’ve laid your eyes on for a year or do a wild Christmas shopping spree or treat your friends to buffet, pause for a while and think about how to best use this year end blessing. This holiday season, learn some 8 practical ways on how to spend your 13th month pay to make the most out of your bonus.


#1 Pay off your debts.

There is no better time to do it, this can be done in two ways:

  • Technical: Pay debts with highest interest first.
  • Behavioral: Pay debts with smallest amount first (Snowball effect).


#2 Build your emergency fund.

Start saving for the unexpected and inevitable emergencies. The general rule of thumb for building an emergency fund is to save an amount equivalent to your monthly salary usually for three to six months.


#3 Allocate your holiday budget.

Create a budget in order to determine how much you plan and are willing to spend. (Parties, food, decorations,gifts and other. Focus only on what is necessary to avoid overspending.)


#4 Give the gift of a worry-free / bright future.

Instead of giving out a perishable and disposable presents, provide your loved ones the lasting gift of a bright future through low cost insurance products, healthcare cards or personal accident insurance cards. These go a long way and can be bought starting at less than P1,000.


#5 Invest in the services of a financial planner.

Financial advisors bring an expert and outside view to your finances, by taking a holistic look at your situation and suggesting improvements. Financial advisors can also help you navigate complex financial situations such as paying down debts and investing.


#6 Start your own investment account.

Talk about having a bias for action. Start your simple steps to wealth creation and invest in top-performing mutual funds for as low as P1,000. Give your future self a lasting present.


#7 Use the money to improve yourself by learning something new.

Nothing beats continuous learning. Read books, buy relevant books, enrol in seminars and take online courses. This will help you grow your horizons and help you discover new opportunities. Not only will these help you grow as a person but can open you up to new and more earning opportunities.


#8 Travel with ease, mind in peace.

Planning on a travel soon? Do not forget to get a travel insurance. It is such a low amount to giving  yourself and your family peace of mind while enjoying your trip.