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Thursday, December 3, 2015

Top 5 Ways to Make Use of Your 13th Month and Christmas Bonus

Wazzup Pilipinas!

Most companies nowadays add Christmas Bonus on top of the mandatory 13th month pay to show appreciationfor their employees.It’s only a few days until you get your hands on the most coveted company benefit, and here are the ways you can maximize your hard-earned money.

1. Apply the 70/30 Budget Plan

By now you may already have plans in spending your bonus.To maximize your money, it’s always best to set up a budget plan. This budgeting ratio is very effectiveif followed correctly.

The 30% of your bonus may be dividedas shown below:

10% should go to paying yourself first. Add this amount to your savings. You know how much you can afford to save and the expenses you need to prioritize. A little goes a long way as long as you set aside something for your savings.

20% should go to giving yourself a well-deserved treat and/or Christmas gifts for your loved ones.

The 70% of your bonus should go to your personal expenses such as rent, gas, loans, and utility bills. These might cause a setback in your finances if neglected, so your diligence in following the 70/30 budget plan is important.

2. Settle Your Debt

What better way to start fresh come 2016 than with a clean slate from liabilities? Despite coming up a bit short this holiday season due to paying off your debt(s), you’ll feel better receiving your next paycheck knowing that it will just go to your own personal expenses. You can finally let out a sigh of relief as you start your way towards financial freedom.

3. Invest in Your Health

Since you have more extra money, why not invest in maintaining your good health? Enroll in that boxing or yoga class that you’ve always wanted to go to. If you have a bigger budget, go for a gym membership, or a consultation. Avoid spending thousands of money in the future for something that you can definitely prevent by simply taking good care of yourself.

4. Open a Time Deposit

You often hear financial experts telling you to open savings account. The best way to do so is to set up a Time Deposit. This account locks in your funds for a fixed term – as short as one (1) month, and for bigsavings, banks could even lock it in for five (5) years. And with every end of your term, your funds will earn an interest which is higher than the usual savings account.

This will serve as your “rainy day fund.” You’ll never know when you’re going to need extra cash, so it’s best to be prepared. Banks offer time deposit accounts for as low as Php1,000 as the minimum deposit. Apply the 70/30 Savings Rule everytime you want to add more money to your account.

5. Treat Yourself

It’s been a great year. And no matter how hard it’s been for you, change your perspectiveand realize that there’s definitely so much to be thankful for. What better way to celebrate life’s blessings than to treat yourself? If you love getting a massage, level up by getting an entire spa package.Go on a vacation with your loved ones. Shop for new clothes because you’ve earned it, and also because this month will be full of discounts. is the country’s leading and complete comparison portal intended for Filipinos looking for fast, secure, and comprehensive banking like credit card, salary, housing or car loan and car, travel, or health insurance information in the Philippines.

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