10 Ways to Spend your 13th-month Pay Wisely this 2022

8 October 2022
10 Ways to Spend your 13th month Pay Wisely this 2022 1

It's that time of the year again when Filipinos not only anticipate the advent of the holiday season but also the issuance of their 13th-month pay as a government-mandated compensation at the end of every calendar year for full-time employees. Everyone deserves it for their hard work, and knowing how to spend it smartly will make it all the more worthy.


You probably have something in mind already as to how you will spend your 13th-month pay once you receive it before December 24. Be that as it may, let us provide you a cautious guide as to how best you can spend it, while making sure you still take into account your personal preferences on how to make the most of your dasurb and hard-earned bonus.


10 Smart Ways to Spend your 13th-month Pay This 2022

The mandatory 13th-month pay has been benefitting Filipino employees since its enactment in 1975 under Ferdinand Marcos Sr.'s administration. The initial rule was that it shall only cover private establishment employees receiving a basic pay not exceeding P1,000. It was then expanded later to include employees irrespective of their monthly salary and employment status in 1986 under the Cory Aquino regime. Later, albeit under a separate law, it went on to include government employees depending on their months of service.


Without further ado, check out our list comprising the ways in which you can smartly spend your additional pay during the holiday season.


1. Earn through a side hustle

Do not underestimate the additional pay you received, because your modest 13th-month pay could be utilized to build a small business that you could manage in your free time and over the weekends. Start an online business by selling goods and products with a relatively high demand on the market. This includes electronics and gadgets, pet care essentials, home improvement products, and baked goods, to name a few.


2. Get yourself an insurance policy

Some people are having second thoughts on applying for an insurance policy. But your 13th-month pay salary could be a start to getting insurance, especially health insurance, since you never know when an illness requiring hospitalization will befall you or one of your family members. Life insurance is another worthy investment in the event of death. It's a grim reality of life that we have to face and be ready for. Did you know that President Manuel Quezon died of tubercolosis, but had a Sun Life insurance, which was said to have sustained his family's finances after his untimely death? This is one proof of life insurance and its legitimacy from none other than a revered national hero.


3. Pay your dues/debts

Credit card debt, personal loans, or the money you owed a coworker. All your debts. Pay them as soon as you receive your bonus. One of the best feelings is to become debt-free at the end of the year. It is understood that debts are sometimes necessary when we had to invest on something and we ran short of money. But too much debts could really give you immense headache, and paying them off when you already can replaces that pain in the head with a great sense of relief.


4. Create a savings account

Take your money out of your payroll account and create a separate savings account to set your goal of improving your current financial situation. You can treat this as your savings or retirement fund account or an emergency fund source for unforeseen expenses. This makes you responsible and smart when dealing with your finances. In other words, you don't always have to spend an extra money. Sometimes, saving them for future use is the smartest choice.


5. Donate a portion to charity

Donating to charity institutions is one of the best and selfless ways to spend your money. It may not be a material thing for yourself or an investment for future acquisition, but nothing feels better than being of great service to other people who are less fortunate than you are. You don't have to donate all your Christmas bonus, just a portion would very much suffice. Donate to a non-government organization whose advocacy you strongly support. The act of gift-giving without expecting something in return, just pure kindness and empathy, is one of the best feelings in the world.


6. Upskill through online courses

While there are free online courses available online, paid online courses are arguably better in the context of providing verified certificates that you could include in your resumé if you plan to shift careers in the future. Paid courses are also legitimately helpful when you want to learn something new, be it data analytics, copywriting, or graphic design. What is more, staying on your comfort zone may be convenient for you, but upskilling or learning new skills are exciting. There's a chance you may grow bored and demotivated at your current job, so learning new skills and industries will give you an array of choices to choose from when the thought of career change gets in.


7. Travel to a local destination

Receiving your Christmas bonus is the best time to travel to a local destination and enjoy life after a year of drowning yourself with an exhausting workload. Visit the world-famous white-sand beach of Boracay, the natural wonders of Palawan, the limestone splendor of Chocolate Hills in Bohol, or simply the cold weather and cozy night market in Baguio. The Philippines is crazy rich with a plethora of tourist attractions. Before travelling the world, discover the beautiful Philippines first in all its exquisite beauty.


8. Gift your family members

Filipinos are very much family-oriented and have close family ties. Once a member graduates from college and lands a job, the immediate thought is not to move out and practice independence, but rather feel obliged to help out with the family's finances as a gesture of giving back. In some other countries, family ties are not as strong as with Pinoys and other Asian households, and reaching the age of 18 means a greenlight for having the liberty of choice to stay or live away from the family. With all this said, giving gifts to your family members this Christmas is surely something you wouldn't regret spending your extra salary on.


9. Invest it in the financial market

Hopping on one of any investment vehicles is always a smart choice to spend your extra money, which will later yield an income for you to enjoy. Whether it's through the stock market, unit investment trust funds, mutual funds, and other long-term investment schemes, these are worthwhile ways to spend your 13th-month pay. The rewards may not be an instant gratification, but be comforted with the fact that you are going to spend your money with something that may double it in the long run. But before investing, make sure to have a plan and study the investment type of your choosing.


10. Just go and spoil yourself!

Lastly, you can ignore the rest and just focus on spoiling yourself. Buy yourself a good pair of shoes, a branded dress, a new phone, and anything else you've added to your cart from Shoppee and Lazada. If you've worked your ass out for the entire year, don't even think twice if you want to treat yourself and fulfill a certain materialistic urge. You've earned it through a full-time job. You did not steal, but worked hard for it. So go get it!


Invest your 13th-month pay in real estate with Lumina Homes

When it comes to venturing into an investment, real estate is a competitive industry with lower risks yet with higher potential yields. Spend your 13th-month pay smartly by investing in real estate investment trusts (REITs) for passive income. The best thing about this venture is you get to allocate your money in properties without necessarily having to buy properties and undergo through its intricacies.


What is more, you can also invest in real estate through rental properties if you have more money stored in your bank account in addition to your received bonuses. Even with the coronavirus outbreak wreaking havoc in financial markets, real estate has been resilient and property consultancy firms are optimistic that the real estate sector will continue to thrive as it should as a financial investment source over time.


Having said all this, invest your hard-earned money with Lumina Homes, an award-winning and trusted real estate brand providing an affordable house and lot for sale for Filipino families. Its provision of affordable house and lot is complemented with quality housing and amenities that are perfect additions to living in an accessible community. Get in touch with Lumina Homes and get to own your Lumina house and lot in the Philippines now!

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