Christmas is just around the corner and holiday sales are beginning to pop up. The plans for office parties are in full swing and best of all, Christmas bonuses and 13th-month pay will soon be rolled out. YASSS!!!
You’ll definitely feel like a “One-day Millionaire” when the extra dough lands in your account. However, when you’re in holiday mode, your 13th-month pay can disappear just as easily as it came. For many people, the 13th-month pay wouldn’t even get past midnight of the day it dropped. Ouch! We don’t want that to be your story, especially when you can put it to better use to score a win-win all the way.
Here are some tips to avoid wasting your 13-month pay.
Plan, Plot, Allocate
Some would argue that it is unwise to spend money before you actually have it. In the case of expected cash like your 13th-month pay, it’s advisable to plan and “allocate” it before it comes. This way, you won’t wake up to find your 13th-month pay gone and 10 new pairs of shoes you don’t need in your closet.
Break It into Parts
Break down the expected figure into fractions where one part goes to savings, while the other into paying off loans. Some can go into your holiday shopping spree and the rest you can invest in your tomorrow.
Approach Holiday Sales with caution
There are pre-holiday, holiday, and post-holiday sales. The reality is that sale events are everywhere. If you miss one, three more pop up. It’s like Hercules slaying Hydra’s heads—it never stops.
As tempting as holiday sales can be, don’t swipe or throw your full 13th-month pay into the fire. Treat yourself, but don’t go overboard.
Make a Holiday Christmas List
When you’re in shopping mode, it’s easy to get carried away. Before December even starts, you need to sit down and create your own Santa’s list. This will help you allot the amount you plan to spend.
While part of your 13th-month pay can easily disappear into shopping, you don’t need to wait for it to start building your holiday fund.
Make It Count
Many people make the mistake of blowing off their extra cash in one go, especially on things that don’t really matter. It’s sad that you’ve waited for your 13th-month pay for a whole year, and you spend it all in 6 hours or less.