Christmas is not only the time of giving, but it’s also the time for receiving. This month is the time most employees receive their 13th month pay and bonuses from companies, allowing them to enjoy the holidays and cushion the expenses that come with it.
Most people spend their extra cash on shopping sprees and trending gizmos because those may actually be what everyone deserves after tirelessly working for a year. But, there are ways to spend your 13th month pay that will be more beneficial to you in the long run.
We’ve compiled a list of the things you can put your money on that will help you reap more benefits in the future. Check out our list below of the best things you can do with your 13th month pay:
1. Buy Stocks
A lot of horror stories have been associated with investing in stocks. Most of them are wrong, because stocks can actually be a good, independent source of income alongside your day job.
For as low as P5,000 pesos, you can start trading in the Philippine Stock Exchange and choose the companies you want to invest your money on. You can add up to your investment monthly and counter market volatility by keeping your money invested for a longer period.
Also, you can hire brokers to help you navigate through the complexities of the stock market and get more than your initial investment. Although brokers come with a fee, they will give you professional advice and can help monitor your investment and put it where it earns best.
2. Get Insured
Not a lot of people recognize the value of insurance, but it has a lot to offer than meets the eye.
Insurance plans can help you mitigate sudden, unexpected losses in various ways like health, wealth, property, and investment. It keeps you financially guaranteed by sparing you of abrupt expenses if any unfortunate circumstance occurs in the future.
People usually think insurance plans are too expensive, but there are reputable insurance firms that partner up with banks to make their offers affordable. Some firms also allow their clients to customize their insurance plans and pay only for the coverage they want and need.
3. Start a Business
Be a boss of your own company! One of the good things about the holidays is it presents a lot of opportunities – one of them is putting up a business.
A lot of industries benefit from the holiday shopping sprees, as people look for gifts and presents for themselves and the people who matter to them. The extra cash from your 13th month pay and bonuses can help you build a business and gain more from your money.
Starting a business is an investment of time, money, and effort, but it has now been made easier with online platforms like Facebook and Instagram. You can start small with an online store, which is less expensive and easier monitor, operate, and maintain.
4. Spend on Properties
Studies abroad have found that most millennials do not spend money to buy real estate although it is clear that buying properties, such as lots and homes, are important long-term investments.
Unlike most commodities, the price of prime land and well-maintained properties increase in value over time. You can also increase its commercial worth by using it for your business or other purposes that can serve as proof of its high valuation.
Also, these investments beef up credit standing, making you a reputable borrower in time that you may need to borrow money or acquire loans.
5. Invest in Yourself
Using your money to learn new and valuable skills is a long-term investment that you can keep to yourself. By taking the time, effort, and money to attend trainings, workshops, and seminars, you do not only enrich your mind, you also increase your value in the corporate landscape.
One of the most valuable skills in the 21st century is digital marketing. Knowing how to market online is a competitive edge, as it opens the way to managerial and leadership roles. Also, according to Payscale.com, digital marketers can earn P400,000 or more in just a year.
If you want to find out more about how you can learn digital marketing, try out Cavalry Digital’s MADwords program – an intensive two-week training program that will help you get Google certified in two prime digital marketing platforms: AdWords and Analytics.
Discover more about MADwords by clicking here.