It’s almost the New Year, which means you’re probably done with all the gift shopping and food buying for all those reunions and get-togethers. Hopefully, you’ve allotted some of your 13th month pay, bonuses, or ang pao money for savings.
In these uncertain times—with the rise of inflation and the surge in prices of basic goods—saving up is the prudent thing to do. Having backup resources can cover a multitude of emergency needs such as medical, maintenance, and repair expenses.
EastWest Bank shares some tips to manage your holiday funds wisely:
Anticipate what’s coming. There are several types of bonuses that employees can receive during holidays. There’s the mandatory 13th month pay, Christmas bonuses, special gifts or rewards, and even 14th month pay (if you’re 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. It’s wide 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. Through EastWest, you can start to easily manage your savings to be able to supply your daily and future financial needs. Saving money in the bank gives you a cushion and a safety net for any situation that may come in the future, while bolstering your potential funds through interest rates that can grow your money.