The merriest season is here, not just for the children but for everyone. Christmas, for many, is the most awaited of all celebrations. Aside from the true meaning of the season, the birth of Jesus Christ, many are looking forward to receiving their 13th-month pay, bonuses, and other rewards given by their respective companies.
Among all these rewards, the 13th-month pay is the surest, as this is mandated by law. The 13th-month pay is an amount equal to 1/12 of the annual salary, rewarded on or before December 24 of each year. This is calculated by dividing the annual basic salary by 12. A new employee who works for more than one month but less than a year would receive an amount equal to the year’s accumulated salary to date, divided by 12.
The pandemic has taught us many lessons, and this time we should be wise about how we will spend this money. We listed some of the tips on what you can do with your 13th-month pay. Remember that it is not wrong to enjoy your hard-earned money. You just have to enjoy it intelligently.
- Pay your debts
The best way to start aligning your expenses is to first identify your debts, list them, and if possible, pay them. Pay off the most expensive debt first. If you cannot pay it in full, try paying at least half of the total amount. Halt or lessen your credit card spending. If you can, delete credit card information from online stores. This might hinder you from shopping too much. You may also try selling the things that you are no longer using so you could accumulate funds, which you can use to pay off your debts. This way, you can be debt-free, and you can start building your savings and emergency funds.
2. Build an Emergency Fund
The current pandemic situation taught us many things, and one of those is to be prepared for the future. An emergency fund is reserved money set aside to cover the financial surprises life throws your way. Allocate a portion of your 13th-month pay to build your Emergency Fund, and continue adding funds to it as often as every month, on top of your extra income. An Emergency Fund is different from your savings that are set for goals and other plans. You may store this fund through your trusted banks, such as Eternal Gardens’ sister companies Citystate Savings Bank and Planbank, or other major banks in the country like UnionBank, Metrobank, BDO (Banco de Oro), RCBC, and a lot more.
3. Enroll for an Insurance
The best way to safeguard yourself and your family’s future is to be insured. So, apply for life insurance, health, accident, and others. Eternal Gardens’ sister companies, namely Fortune Life Insurance and Fortune General Insurance, provide relevant insurance products that attend to various needs of every Filipino family.
4. Reward your hard work with an Investment
Wondering which type of investment is perfect for young professionals? Consider investing in a Memorial Property at Eternal Gardens. Present in key cities, Eternal Gardens’ parks feature convenience, accessibility, and distinct elegance. The parks are all well-maintained, surrounded by lush green landscapes, and adorned with religious icons. Aside from the fact that it is a pre-need commodity, the value of memorial properties appreciates as well, same with other types of Real Estate properties. Plus, it requires a low down payment, with flexible financing schemes (applicable to pre-need purchases).
December is the perfect month to invest in Eternal Gardens with the exciting “Masayang Pamasko Promo,” where you have the chance to get bigger discounts and great deals.
The investment that you make today will prove to be a wise move tomorrow. A gift of a worry-less future will not be matched by any material things that may just be there for a while, but will leave you sooner or later. After all, investing in Eternal Gardens is like acquiring a piece of paradise.
Above all, do not forget to reward yourself for all the hard work and sacrifices that you have made for the whole year. Enjoy your 13th-month pay!