How to PutYour 13th Month Pay to Good Use

Take the stress out of holiday shopping this Christmas. Forego the crowded malls, buy more affordable gifts online, and spend a huge chunk of your 13th month pay into something that’ll bring you joy way past the New Year.

by Sam Bautista, 11 December 2017

Use your thirteenth month bonus for more than just the usual gifts!

Here you are, 13th month bonus in hand and feeling rich as a Lannister. Before you go off and spend it all on gifts and new gadgets, consider using some of that money on these investment options.

Start an Emergency Savings Fund

Liquidity is important these days. Having some cash on hand prevents you from having to apply for high interest loans or sell your assets when an unexpected expense comes along. Having an emergency fund ensures there’s some money you can quickly access when you need it.

Max Out Insurance Contributions

This is a good time to max out your insurance contributions, whether that means depositing in an account specifically for that, or meeting with your insurance provider and discussing the possibility of making advance payments to cover the next couple of months or year. That’s one less expense you need to worry about come January!

Get an Investment Fund for Your Children

For those with kids, this is a great opportunity to start an investment fund for your child’s college education. Tuition fees are on the rise and now is a good time as any to start saving up for their future. Have a talk with your financial advisor about available options and the best course of action given your financial standing and the age of your family members.

Pay Off Lingering Credit Card Debt

This is one of the most productive moves you can make with your holiday bonus. Get rid of all that debt with one fell swoop if possible. Or at least pay off as much of it as you can, and lessen the amount of interest build-up.

Invest in Yourself

Sign up for and attend a work-related conference. Enroll in a class you always wanted to take or just buy yourself a set of new books. The most successful people never stop learning and are always out to improve themselves. Take a cue from them and use your bonus to up your game at work or just learn a new skill that might come in handy later on.

Thirteenth month bonuses are fun, but don’t forget to allot a portion of that money towards something that’ll benefit you and your family in the long run. Your future self will thank you for it. Happy holidays!