Chinkee Tan Gives Tips On How To Use 13th Month Pay Without Wasting It
13TH MONTH PAY – Financial expert Chinkee Tan gave some tips on how to use it without wasting it.
We are only a few days away from the month of December. Many are excited for the Christmas celebrations and as well as for the gifts, the bonuses, and the extra pays for employed individuals.
Are you also one of those who await the 13th month pay? It is a monetary benefit received by an employee on the last month of the year based on his or her basic salary.
Undeniably, even before the said pay would arrive, many already have in mind what to buy or where to spend it. Some plan to buy a new gadget, a new appliance, to travel, etc. You deserve any of it for your hardwork, however, do you know that there are these wise ways to spend your money?
In a video posted on YouTube, financial expert Chinkee Tan cited ways to use the 13th Month Pay without wasting it. Here is a list of what you can do with your money:
1. Begin your emergency fund. How much do you usually spend every month on average? You can take the same amount for your pay and save it as an emergency fund.
2. Pay your debt. Chinkee also advised paying debts to lessen the interest that you will have to pay for.
3. Start a business. You can use some money to begin a small business. Find opportunities but calculate the risk in growing your money.
4. Start your retirement fund. You may begin your retirement fund by saving money from your 13th month pay. The financial expert said that when the time comes, you will really have a huge amount.
5. Take a life insurance. Are you the breadwinner of the family? Protect your loved ones by getting yourself insured. Just in case an unexpected thing happens to you, your family will have something to get them by daily.
6. Invest your money. In the video, Chinkee Tan stressed that you may invest some amount on a stock market or the buy and sell of company shares. However, the financial expert advised to study it carefully before engaging. You can grow your money several folds if you really know how it works.
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