You just got your much-awaited 13th month
pay. You’re happy and very much eager to spend it on some things you’ve been
longing to do—or buy—a couple of months earlier.
But hold your horses! As with any other things in
this world, money will also disappear and will simply go to waste if you don’t
spend it wisely. Temptations abound during the holidays so it’s best to think
of ways on how to use your precious 13th month pay efficiently and
wisely. You don’t want to end up with an empty wallet right after receiving
your bonus, don’t you?
The Philippine Association of Legitimate Service
Contractors (PALSCON), the country’s biggest group of service contractors that
have provided decent and quality work to many Filipinos, said many fall to
their impulses, especially those who will get their 13th month pay
the first time. “It’s all about a bit of planning, knowing priorities when it
comes to spending. I’ve seen many of our employees who go excited of becoming a
‘one-day millionaire’ once they lay their hands on their money, then feel sad
once all of it are gone and they’ll ask themselves ‘what happened there?’”
explains Rhoda Caliwara, President of PALSCON.
So it’s really best to sit down and think of what to
do first with your bonus while it’s not yet with you, says Caliwara. That way,
you’ll have a clear mind of what to do and how to do it when it comes to
spending your hard-earned money. In short, plan.
The first thing to do is save, using part of the bounty
as part of a savings fund that can hopefully earn enough via time deposits or
special investment funds. These funds can help through times when spending on
things such as tuition fee payments for the kids or even for a possible
business venture.
You can also minimize your debt profile by paying
them off, Caliwara said, though not really paying all of it in one go. It’s
best to pay it a bit so as not to accrue on interest. It works for those with
credit cards who pare down their expenses and at the same time pay their
interest on time.
Aside from a possible business venture for those who
may have an entrepreneurial mindset, allocating part of the bonus for use in
special investment instruments, real-estate or even a family or personal car can
be options, but first check if going into these investment choices is feasible
given your financial capabilities. Evaluate. Assess. Rethink.
You can even save some of your bonus to build up emergency
funds for unforeseen circumstances such as medical emergencies, whether your
own or a family member, house repairs after a storm or disaster, or even for
fixing your car after a sudden breakdown. There can be lots of other things you
can put your saved money to good use. As they say, you can never tell if and
when an emergency happens so it’s best to be ready.
But most of all, don’t forget about yourself. You can
save some as a personal treat after being hard at work for a year and spending
countless hours toiling in labor. You can never be accused of being a
spendthrift if you want to enjoy on some things and be pampered. Treat it as a
reward so you won’t feel deprived, more of a “me” time when it comes to your
hard-earned money. You definitely deserve it.
“At PALSCON, we encourage our members to teach their
employees the basics of financial literacy. It’s hard to get a job these days
and even harder to earn decent pay so teaching their employees about spending
wisely, especially during the holidays, is a good way of showing we care for
our employees’ welfare. They should learn to preserve their riches for anything
that can happen in the future. It’s all about being prepared—and being wise,”
explains Caliwara.
For more about PALSCON, visit www.palscon.org or go to their Facebook page,
www.facebook.com/palscon.ph or
Twitter, twitter.com/palscon1987.
No comments:
Post a Comment