It’s the most wonderful time of the year, indeed! Dumating na naman ang araw na pinaka-iintay mo dahil naghihintay na ang 13th month at Christmas bonus sa payroll account mo. But first, answer this question: Naaalala mo pa ba kung saan napunta yung bonus mo last year?
At kung pakiramdam mo ay napunta lang ito sa wala, then it’s about time you change things up this year. So that when 2022 arrives, you’ll be in a healthier financial situation. With that said, here are ways you can fully maximize your Christmas bonus.
1. Pay Off Existing Debt
If you have any credit card debt, now is the time to pay it completely. The thing with not settling any remaining balance is, an emergency may come up and naturally, your savings will be exhausted. You’ll be left with credit card debt that may accumulate interest (usually at 3.25%) if not paid on time. That’s money that could have gone to better use.
2. Invest in Funds that Give Capital Appreciation
You probably said this before: “Mag-iinvest na ako sa stock market,” but opening an account felt a bit too tedious for you. Well I have good news for you. Recent years suggest that during election years, the Philippines Stock Exchange index has seen an uptrend.
Furthermore, analysts predict that telcos and bank stocks will see a resurgence in 2022. Also, a presidential candidate with a strong economic background will only invite investor trust moving forward for the country.
One such candidate is vice president Leni Robredo, who holds a degree in economics from the University of the Philippines. She also recently revealed her 192-billion peso plan that is geared towards generating jobs and neutralizing the Covid-19 pandemic.
3. Invest in Funds that Provide Cash Flow Income
If you’re more of a conservative investor, you can try putting your money on REITs and dividend paying stocks like preferred shares or bonds that can net you a good return. We’re talking about an annual return of at least 6% per annum. Way better than letting your bonus sleep in your bank account, which gives you less than 1% return per annum.