Here’s My Suggestion on What to Do with Your Christmas Bonus

by Gily Tenorio on October 31, 2015

in Personal Finance

Hello there! It’s been a long time. Christmas is fast approaching and many people have high hopes of getting bigger bonus and 13th month pay. Perhaps, you have already planned what to do with the money that you will get. Other people maybe still thinking how to spend their bonus.

Actually, it is not difficult to spend money because it is like a mist, it is just passing by, especially, if you have debts to other people or maybe credit card debt. It is always good to pay debt whenever you get bonus because it it your responsibility to pay what you owed to your friends and relatives.

However, if you have no debt and want to spend your Christmas bonus in meaningful and lasting way, here are my suggestions that you can do.

Christmas bonus

First, go to wwww.worldvision.org.ph. You may start reading the website for any information about giving to children or donating some amount of your bonus. Last year, around December, I have started sponsoring one child in Batangas. It’s almost one year has passed and I didn’t realize it.

It would only take few minutes of your time when you want to start sponsoring a child but you should think it several times because it must be for long term. One child needs only P600 per month so that he or she can go to school and have something to eat every day.

For many of us, it may not be that big but it will really help a lot for those kids who want to go to school. In my personal experience, I am giving via automatic deduction from my PayPal account so I would not forgot to send my donation. Every end of the month, PayPal will automatically debit my credit card the amount of P600.

For those people who don’t want to donate monthly, there are other options that you can do. Some people give one time. For example, when typhoon Yolanda struck the Visayas region, many people gave one-time donation through World Vision. For those of you who want to know, some part of the earnings of this blog and my other site are used to donate in sponsoring a child in World Vision.

 

Secondly, you can start opening a mutual fund account for as low as P5,000. Yes, you read it right. You can open an account starting at P5,000. You are not oblige to add monthly amount but it is advisable especially if you have the plan to save monthly. In my experience, it is better to save in mutual fund than in the bank because it gives higher return around 10-15% per year depending of course on the investment company.

There are many mutual fund companies nowadays in the Philippines, even insurance and bank companies are now offering mutual funds to their clients. What I recommend to you is that that you choose those who are established ones like FAMI, Philequity, BPI, BDO and SunLife.

If you want to learn more about mutual funds, you can start reading this blog by going to Mutual Fund section at the menu tab of this website. It is not hard to understand how mutual fund works, the principle is simple and can be understood easily.

 

Lastly, what I have said earlier, pay your debt. It may be credit card debt or loan or money owed to other people. It is time that you eliminate your debt with your bonus. Don’t forget about it. If you have the money, it is better to pay little by little than not paying at all. It is also for your own good because you may never know in the future you need again that person.

In conclusion, Christmas bonus can be spend in many ways. You may spend it on gadgets and personal things but what I suggested above can take a long way. By sponsoring or donating, you are changing one’s life for the good. By starting to save in a mutual fund, you will have money in the future. And by paying your debt, you are freeing yourself from any burdens.

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