How to Spend Your 13th Month Pay Wisely

NOVEMBER 4, 2019

The year is about to end and we are feeling a lot more like Christmas because of the “holiday stuff” we see around us. When we go to the mall or even visit an online shop, almost every item is on sale - luring us to go on a wild shopping spree.


Given all these, for most working Filipinos, the fast-approaching Christmas season is also synonymous to 13th month pay, Christmas bonuses, and other monetary additions from companies where we work for. So before you splurge your entire 13th month pay in checking out items in your cart, MAGCOOP lists some tips you can consider to spend your holiday money wisely.

  • 1.Be debt-free.

    If you owe anyone – make sure that you set aside the money to pay debts. Be a good payer and start paying off your debts before you spend on anything less important.

  • 2.Set aside money for anticipated expenses.

    Tuition fees, tax, and insurance are good examples of anticipated expenses. Stop giving yourself a headache by thinking about where you would get the money for these expenses, better to set aside a chunk from your bonus.

  • 3.Save or invest.

    If you think you are not 100% sure on how to use your 13th month pay, one of the best move is to save it by opening a MAGCOOP Savings Account or invest your hard-earned money.

    For as low as P2,000, you will be able to invest via MAGCOOP Share Capital Build-up.

  • 4.Spend for your family and loved ones.

    It is also a good idea to treat your family to that long-overdue vacation or day out rather than items that eventually perish. It will not only make your heart happy but it will also create a lasting memory.

Whatever you end up doing with your hard-earned and long-awaited 13th month pay, always remember to spend wisely and do not make impulsive decision just because you have a purchasing power and capacity. Remember, always think twice.