'Tis the season: Mid-year, 14th month, bonus. Call it what you like. For the majority of corporate slaves, May is the month when our ears are ringing.
In the company where I work, ours is given slightly ahead of everyone else. We received ours last Friday. In the previous years of my employment, this would have been the time when I spend my waking hours at the mall... buying to my heart's content. Or until my money runs out.
Interestingly, I've made it through the weekend without any major purchases. I consider it an achievement. ha ha. A few years back, I was given a sendoff gift in the form of a magazine that headlines 'Huwag waldasin ang bonus,' I think they've labeled me as a shopaholic. Back then, it might be true.
Now, I'd like to consider myself more mature in dealing with my finances. I've made terrible money mistakes in the past. Credit card bills caught up with me. I paid them off but at a price.
I've devised a simple formula that I try to follow whenever I receive a huge amount especially coming from bonuses:
Income (Bonus) - Tithing (10%) - Savings (20%) - Payable = Spend
It's good that we're prepared for the rainy days. And you feel secured when you know that your obligations do not exceed your income potential. I've smarted for a number of years paying off my credit card debts. Believe me it causes more than just a headache.
Right now, am smarter. I pay for purchases in cash. If I don't have cash, I can't afford it. If I have online purchases, I ensure that the amount can be paid off in full when the bill arrives. No excuses.
So, yes enjoy the fruits of your labor. But please don't go overboard.
XX
Sheng
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