What to do with your 13th month pay and Year-End Bonus

It's December! 24 days to go until Christmas! First and foremost, I'd like to greet all of you a Merry Christmas and a Happy and Prosperous New Year to come!

When the month of December is fast approaching, aside from the Christmas spirit, first thing that comes to mind is our 13th month pay and Christmas or Year-end bonuses! (I miss being an employee ^^)  Now, with this windfall amount you may ask what's best to do with it.  Here are a few of my suggestions.

1. Pay your debt.

If you have outstanding debts, pay them first.  Wouldn't it be great to start the new year debt-free? Besides, these debts incur interests and it will cost you more to delay payments in the long run.

2. Save.
If you don't have savings yet, start saving this December!  The economy is unstable these days.  It'll be wise to save some extra cash for the stormy days to come.  Then make it a commitment in 2009 to pay yourself first and save at least 20% of your income monthly.

3. Invest.

If you already have savings then it'll be smart to start investing!  Investing is making your money work for you.  Some investment vehicles where you can put your bonuses are time deposits, unit investment trust funds, mutual funds, stocks and equities.

4. Buy yourself something.

Lastly, I want to encourage you to allocate a small percentage of that windfall amount to buy yourself something nice.  Buy yourself that thing that you have been longing to have all year long (as long as it is within your budget ^^).  Buy yourself something that will make you happy.  This is one of the few moments where money can actually buy happiness.  After all money is just money.  We also need to enjoy our hard earned money as much as we need to save it. 

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  1. Anonymous said,

    oh. I miss my bonus too. huhuhu! btw, i just started a future millionaires club at my site. Please join.

    on December 8, 2008 at 5:58 PM  

  2. Hej killar, tack för denna intressanta artikel.
    Om du vill läsa mer om fördelarna med Spara i Fonder Tips detta är rätt plats för dig!

    on March 30, 2017 at 5:57 PM