Wise Things to Do with Your 13th Month Pay

Perhaps, as early as September, you were already planning what to do with the year-end blessing. Probably at the top of your mind is to buy the latest gadget, book a staycation, or buy Christmas presents. However, have you ever considered the aftermath of overspending during the holidays? Come January, and you have no money left. Don’t be a one-day millionaire. Below are five (5) wise things you can do to make the most out of your 13th-month pay.  
–

As 2020 draws near, now is your chance to knock out or reduce your debts. Before you spend your 13th-month pay on anything, settle any amounts that you owe. By paying off your credit card debts, personal loans, or any amount that you borrowed from family and friends, you’ll be starting your new year with a clean slate. If you can’t pay in full — that’s okay, but at least you have your payables reduced significantly.
–

The emergency fund acts as your money cushions to help you when an unexpected expense arises, such as hospital bills, job loss, or home repairs. This fund should cover at least three (3) to six (6) months of your living expenses. If you do not have one yet, jumpstart by allocating a portion of your 13th-month pay for it.
–

Have you long been dreaming of starting a business but haven’t got the chance to do so? Get the ball rolling by using your 13th-month pay as capital. It doesn’t have to be big already. Start small that is easy to operate, then work your way up to something big.
–

Once you have made sure you have saved up for your future self, and have paid your obligations, set aside some money to reward and invest in yourself. Don’t hesitate to spend your year-end pay on your career or personal growth. Hone your skills by joining seminars and workshops, enrich your knowledge by buying books, and boost your effectiveness at work by upgrading your tools of the trade, such as your phone or laptop. Remember, there’s nothing wrong with spending on yourself if there is the right balance in everything.
–

No matter how healthy you are or how well you are doing financially right now, you need a safety net that will financially protect you in case of unforeseen incidents. With this, you may use your Christmas bonus to purchase insurance for you and your loved ones to ensure that the following year will run as smoothly as possible. 
 
Spend your 13th month pay wisely by availing of MICI’s discounted insurance products: https://bit.ly/LifewithMICI.