How to Save Money from Christmas Bonus

How to Save Money from Christmas Bonus

Filipinos have a reputation for getting into the Christmas spirit as soon as the “ber” months arrive even without the arrival of Christmas bonus and 13th-month pay. Christmas is the most important and longest holiday season in the Philippines, as it always puts everyone in a loving, joyful, and giving mood. Additionally, this is the time of year when people gather with their friends and families to express gratitude for the meaningful relationships they share. And what better way to demonstrate your gratitude than by giving gifts to your loved ones?

Gift Giving this Christmas

Gift giving has always been a part of the Filipino Christmas tradition, from the office monito-monita to purchasing presents for all your nieces and nephews. There is something magical about selecting a gift, wrapping it in Christmas paper, and presenting it to someone special. Seeing the recipient’s face light up with joy upon receiving their gift also puts you in a warm and happy mood.

However, if you go overboard with gift purchases, the Christmas spirit can become financially draining. While you may have the best of intentions, you may find yourself drowning in debt by the time the New Year arrives. Fortunately, there are numerous ways to avoid overspending during the holidays. Here are eight money-saving tips for the Christmas season.

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Utilize Your Bank’s Reward Program

Advantages of Having a Credit Card
Advantages of Having a Credit Card | Photo from Pickawood in Unsplash

Given that you’re likely to make additional purchases during this season, now is the ideal time to enroll in your bank’s rewards program. Numerous local financial institutions offer valuable promotions and rewards programs to entice customers to use their credit and debit cards more frequently. These points are frequently earned when making large purchases. However, some programs reward users for their ability to save.

Profit from Holiday Sales

Malls in the Philippines are well-known for their frequent sales. They do, however, frequently offer the best deals during the holiday season. Almost every store in the mall takes part in this type of shopping event as well. As a result, you can find great deals on a variety of items, including apparel, electronics, appliances, and grocery store products. You should take advantage of these holiday sales because they allow you to purchase gifts in bulk at a discount. Additionally, the ingredients for traditional Christmas fare are packaged together, making preparation more affordable.

Establish and Adhere to a Budget

Establishing a budget specifically for the holiday season is an excellent way to avoid going overboard with your Christmas shopping. It enables you to keep an eye on your spending and make informed purchasing decisions. It’s easy to exceed your budget during the holidays, especially when you’re surrounded by people who aren’t afraid to spend more. However, this is an excellent opportunity to put your budgeting skills to the test. If you stick to your budget and save more money during this season, managing future expenses will be a breeze.

Online Shopping

Shop Online with Safe Payment Method | Affordable Condo Philippines | Camella Manors
Shop Online with Safe Payment Method | Photo from Paul Felberbauer in Unsplash

Online shopping has become significantly easier as a result of faster internet, 24/7 access, and the convenience provided by online shopping apps. You can find a wide variety of products that make excellent gifts with just a few clicks on your smart device. Numerous e-commerce sites also offer substantial discounts on large-ticket items and may even waive delivery charges if you spend a certain amount. Additionally, you can save more money shopping from the convenience of your own home because you are not charged for gas or your commute.

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Make Your Own Gifts without Spending your Christmas Bonus

Not every gift must be purchased in a store. Oftentimes, the best gifts you can give to your loved ones are ones that you make. Homemade gifts frequently have a more personal touch, as they can be tailored to the recipient’s personality. Additionally, it allows you to showcase your creative side and hone your crafting abilities. Additionally, you have more control over the amount of money required to create them, which makes saving easier.

There are numerous homemade Christmas gift ideas that can be used to demonstrate your gratitude to your loved ones. Among the best are the following:

  • Sweets and pastries (e.g. cookies, cupcakes, brownies, etc.)
  • Soaps and bath bombs with fragrances
  • Coasters, mugs, and plates with custom artwork
  • Self-planted indoor plants
  • Burned music playlist

Make the Most of Your 13th-Month and Christmas Bonuses

Due to the fact that the holiday season is when people receive their 13th-month pay and Christmas bonuses, they have a tendency to overspend during this time of year. There is nothing wrong with spending your hard-earned money on yourself, as well as your friends and family. However, you must exercise caution in how and where you spend your money to avoid future financial difficulties.

While receiving your 13th-month pay or Christmas bonus provides you with money to burn, this does not mean you should spend it all at once. You can invest a portion of your 13th-month pay or Christmas bonus to ensure financial security in the new year. Additionally, you can use the funds to pay off debts and end the year with no obligations.

Establish New Budget-Friendly Holiday Traditions

If you’re accustomed to blowing your budget during the holidays, now is the ideal time to start reining in your spending. After all, you don’t have to make large purchases or give extravagant gifts to feel festive. You can still spread joy and goodwill among your friends and family while establishing new money-saving holiday traditions. To get you started, here are three inexpensive Christmas activities:

  • Purchasing and paying for gifts collectively
  • Having a potluck at your house rather than eating out
  • Visiting and taking part in local Christmas events

Purchase Early

The holiday season can be stressful when it comes to shopping for presents. With so many people shopping for Christmas gifts, it’s common for popular Christmas items to sell out in stores and online. Additionally, certain products’ prices may increase as a result of increased demand for them. Shopping early is an excellent way to strategically distribute your finances and ensure that everyone on your list receives a present.

Purchasing gifts in advance has a number of advantages. For starters, you won’t have to brave crowded malls or sacrifice sleep waiting for a sale on an item you saw online. Your chances of finding the perfect present are also relatively high, as they are unlikely to have sold out in stores. Additionally, malls and e-commerce stores host numerous sales throughout the year, allowing you to purchase items at a discount without feeling rushed.

Be Wise on Spending your Christmas Bonus

Filipinos cherish the Christmas season. At this time of year, people are filled with holiday spirit and lavish their loved ones with gifts. While gift giving brings joy to your friends and family, it can be financially detrimental if you are not careful. Fortunately, there are numerous cost-cutting measures you can take to keep your expenses low while still feeling as though you’ve expressed your gratitude to others.

Simple things like shopping online, adhering to a budget, and participating in inexpensive holiday activities all help you stay within your budget. On the other hand, taking advantage of your bank’s reward program and holiday sales are excellent ways to save money when purchasing numerous and large-ticket items.

Whatever way you choose to celebrate the holidays, keep in mind that you do not have to spend more to demonstrate your concern. After all, Christmas is not about determining who spent the most money on gifts. It’s about spending time with your family and friends and celebrating each other.

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