It’s that season once again and as JobStreet.com identifies which industries tops the best bonuses providers – which we will reveal next. But first, allow us to share some tips on how to properly manage your Christmas Bonuses according to financial adviser, Fitz Villafuerte.
According to Fitz, a Registered Financial Planner and a Blogger who authored the book, Guide To Investing, people failed in saving and spending their hard earned money wisely because they lack the knowledge on properly investing and managing their income, salaries, and Christmas Bonuses. “It’s difficult to start the habit if you are doing it the wrong way,” he said during JobStreet.com 2014 Bonuses Report event.
The wrong notion according to Fitz is the equation, Income – Expenses = Savings. He said that the right way to save money is to pay yourself first. Thus, the formula should be, Income – Savings = Expenses.
Fitz recommends that once you received your salary, you should immediately separate your savings, deposit it to your bank, and all what is left from it, you can spend.
“Why will it work? Because saving (habit) becomes automatic and the negative experiences from saving are gone,” he continued. “If you don’t feel good about something (self-pity from saving), you’re not motivated to do it (saving) long-term. But, if you take that emotion when it comes to your finances, like immediately separating your savings every month, you can freely spend what is left from your salary.”
Fitz shared that a person can start saving or allot 30% of our income or salary for every month.
Now that you have an idea on how to properly manage your Christmas Bonuses, how about identifying which industries are the top bonuses providers.
In the recent JobStreet.com 2014 Bonuses Report survey, they revealed that banking and finance, BPO and call center, and manufacturing are the top three industries in providing guaranteed bonuses to their employees, followed by food and beverage, real estate, and advertising/media. These industries were revealed to provide guaranteed bonuses for four months or more on top of the mandated 13th month pay.
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