Christmas Day is such a special day. Sa araw na ito nabubuo ang pamilya. May umuuwi pa galing abroad at may lumuluwas pa sa probinsya para lang i-celebrate ang Pasko nang magkakasama. Though Christmas is our most awaited holiday, it is relatively the most expensive day of the year. Ang gastos ng kaliwa’t kanan na handaan. Lalong nakaiiyak ang mahabang listahan ng reregaluhan.
“Okay lang ‘yan, once a year lang naman ‘to. Give love on Christmas Day, ‘di ba?” Parati na lang ganyan ang ating excuse whenever we spend during the holidays. At dahil sa ganyang mindset, nare-reset din to zero ang ating bank account at ang malungkot pa doon ay minsan nagkakautang pa. In this series, we will identify common spending habits or financial decisions that Filipinos make that are not so wise. Mabuti na matapos natin ang darating na Pasko nang masaya at mapaghahandaan natin ang susunod na taon nang mas maayos at may mas matatag na finances.
“If you fail to plan, you plan to fail.” This famous saying is so true, lalo na sa ating finances. So, in the first installment of this series, we will focus more on our financial preparation for the holidays para handa tayo sa bakbakan ng gastos sa Pasko.
NO IPON FOR THE HOLIDAYS
We know too well how we eat during the holidays. Parang hindi Pasko kung isa lang ang ulam. Yung iba pa nga nagpapatumba pa ng baboy at baka para bongga ang handaan at dahil dyan ay bongga din ang gastusan.
Because we know this reality, dapat months pa lang before ng Pasko, we are already saving up. Para hindi mabigat ang paghahanda natin, I suggest that you start fattening up your piggy bank January pa lang. You got loose change? Feed it to your piggy bank. Nalilito ka sa bagong lima at sa bagong sampung piso? Stop confusing yourself. Feed those silver coins into your piggy bank.
Piggy bank saving may look a pambata saving technique but it is and always will be an effective saving method. You start by gathering small amounts until it becomes big in value. Dahil sa simple method na ito, stress-free na ang pag-save mo at magugulat ka na lang na in no-time, you will be ready for all the Christmas expenses.
NO PLAN FOR THE 13TH MONTH PAY/BONUS
More than the parties during the holidays, isa pang inaabangan ng mga tao during this season is the 13th Month Pay. Bago mo dalhin ang 13th month mo sa mall o sa salon, umupo ka muna, kumuha ng notebook at envelope. 13th month pay is a special fund, do not waste it. Dalhin mo sa importanteng bagay lalo na sa pag-secure ng iyong future.
To help you manage this special fund, I suggest that you use the envelope system. I suggest the following partition:
1st envelope: Tithes (10%)
God gave us the strength and the ability to create wealth. So it is good that we give back to Him. Let’s give back to our church. This is also a good practice para masanay tayo to give and to discipline ourselves to resist greed.
2nd envelope: Savings (20%)
This can be your investment fund or your seed money for your business.
3rd envelope: Emergency Fund (20%)
You will never know when the rainy day will come. It is best that we prepare.
4th envelope: Freedom Fund (20%)
Christmas is better if there are no other things to think about. Free yourself this season. Pay off your debt!
5th envelope: Christmas Fund (30%)
This can be your fund for indulging yourself. Pwedeng handaan fund, pwedeng glow up fund. Pwede ring pangkabuhayan showcase sa pamilya or pang-edukasyong bigay para kay bunso. Use this money to express love on Christmas Day!
NOT PRIORITIZING THE NEEDS
Part of adulting is owning up to your responsibilities. At part din ng adulting ang prioritizing. So, before you spend your bonus, before you allocate fund for the bonggang Noche Buena that you are planning to have, list down first all your priorities.
Bills? for sure tataas ang bill ng kuryente dahil sa parol n’yo sa bahay.
Bills? for sure may pa-video chat ang mga kamag-anak mula sa malalayong lupain kaya dapat on time ang bayad sa internet.
Bills? for sure bakbakan na naman sa pagluluto kaya make sure na you buy gas or may reserba ka for the holidays.
In budgeting and identifying financial priorities, always remind yourself of this whenever you want to give in to unnecessary spending:
Today is sarap, Tomorrow is hirap!
Don’t fall into this trap. Always have a regard to your responsibilities first.
Christmas is indeed a fun season, but you know what, financial management is not seasonal. If you really want to achieve your financial goals, you need discipline. Christmas may be a season of giving, but it does not mean giving into the toxic spending habits we normally do during the holidays. Let us be wiser in all of our purchases and financial decisions this Christmas Day!
THINK. REFLECT. APPLY.
- Handa na ba ang finances mo sa Pasko?
- Anong plano mo sa 13th Month Pay/Bonus mo?
- Anu-anong bagay ang mga uunahin mong paglaanan ng pera ngayong Pasko?
This article originally appeared on: http://tempo.com.ph/2019/12/11/12-financial-mistakes-during-christmas/
