It’s Christmas! This means that many employees will happily receive bonuses this month. Many employees look forward to their 13th month’s pay and other benefits before the actual holidays start. Plans to purchase gifts for friends and loved ones have been made throughout the year. Lists have been filled, and items have been added to online carts to prepare for the upcoming shopping spree. It is easy to think that going all out is the best way to go, but there is an alternative that can potentially be rewarding and profitable in the future. And that’s in setting up savings.
Allotting our holiday funds for savings is a thought that seldom occurs to many of us. But in these uncertain times with the rise of inflation and the surge in prices of basic goods, a second option to shore up savings could be the wise decision. Having backup resources can cover a multitude of emergency needs such as medical, maintenance, and repair expenses. So, if there is an opportunity to receive bonuses in the coming months, it could be prudent to designate an amount for your spending, and the rest for savings or other means.
Here are some ways how you can manage your holiday funds wisely:
Anticipate What’s Coming
Table of Contents
There are several types of bonuses that employees can receive during holidays. There is the mandatory 13th-month pay, Christmas bonuses, special gifts or rewards, and even 14th month pay if you are one of the lucky few who receive this. Knowing how much you will get allows you to plan ahead.
Allot Expenses According to Necessity
You can also plan to spend your newly acquired resources by necessity. A good amount will surely be spent on gifts for friends and family, some for expenses for food and celebrations, and it is also prudent to set some aside for emergency purposes and the rest for potential savings.
There is No Need to Spend it All
One misconception is that this is the best time to spend everything since it is the holidays anyway. But being extra wise will really help especially if you designate a good portion of your bonuses for savings. This way, you prevent unnecessary spending and even allow for potential profits.
Choose to Save
There are many opportunities to secure and grow your savings through reliable savings accounts and time deposits. And through EastWest, you can start to easily manage your savings to be able to supply your daily and future financial needs.
Whether you will have extra funds this coming holiday season or you have been slowly building up your savings, it is always a wise decision to save. Through EW, you can have a reliable partner that gives you easy access and smart security that will keep your money safe. Having savings gives you a cushion and a safety net for any situation that may come in the future. It also bolsters your potential funds through interest rates that can grow your money. You get all this and more when you partner with EastWest.
Want more stories like this? Follow us on Facebook, and Twitter.
Read: How to invest your Christmas bonus wisely