BY: JOSE ROBERT INVENTOR
After working hard all year, millions of employees are now receiving their 13th-month pay.
Some splurge on shopping sprees, while others use it to pay off debts.
But how are netizens planning to spend their extra cash this year?
For bus drivers Gideon and Samuel, their priority is family.
Any leftover money will be for themselves.
According to financial advisor Fortunato Galang, it’s okay to allocate some for yourself.
However, mismanaging the money could lead to financial trouble.
Fortunato Galang, Financial Advisor, stated, “Sometimes, we get too excited when December and November come around. We even spend in advance, using money we don’t yet have.”
Your 13th-month pay can also be used for investments or starting a small business.
It’s also wise to use it for debt repayment or savings for future emergencies.
“If you’ve incurred debts throughout the year, it’s important to use a portion of your 13th-month pay to settle them. Also, it’s a good idea to set some aside for emergencies,” Galang added.
This holiday season, while it’s good to have cash on hand, it’s equally important to plan for the future.
Make wise spending decisions to avoid financial troubles in the new year.
