Booyah! I’m sure everybody is counting the days because we
(yes I’m included) are all excited for our 13th month pay. After all
those hard works and overtimes we are finally getting what we arbitrarily call
“simbolo ng pagyaman.”
But before you spend your 13th month pay, let’s
do some reality check first. I have here some few things that you can do with
your bonus in order to increase your financial stability.
1. Donate some
The value is giving is very important when you want to gain financial
stability. It gives you the sense of fulfillment and sense of humility. As a
suggestion you can give alms to the beggars, donate to the church and the
charity and give some cash gifts to your families.
The essence of having a cushion fund or emergency fund is widely
discussed in my blogs because I believe that this fund is as important as
having life insurance. So every time you receive money put away some for this.
3. Pay your consumer debt
Have you been naughty these past few months with your credit card? Well I
guess this is the right time to pay up every single centavo that you owe from
the credit card company. Trust me, there’s nothing more liberating than not
acquiring consumer debt. J
4. Get a health insurance
Life insurance is a very common knowledge in the Philippines nowadays
while health insurance maybe a subject that needs wider audience. If you have
company health insurance then well and good but if the company does not provide
then I suggest you need to get one on your own.
Read how Paul and I got our long term health insurance here.
5. Get a life insurance
As
mentioned, life insurance is very common here in the Philippines but most
Filipinos do not have proper insurance nor have knowledge on how to compute for
the right coverage. Still having coverage is still better than not having at
all. I suggest you divert some of your bonus to get a life insurance. Better
talk to a financial planner first so that together you can compute how much
protection you need.
It is always nice to have the latest gadgets, best outfits,
cool entertainment system and the likes especially during the holiday season.
But we should not forget about our financial stability in exchange of the
pretty little things we can do without.
Advance Merry Christmas! J
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