Are You Just Looking Forward For The 13th-Month Pay This December?

It's no doubt that the 13th-month pay is just around the corner. It's mandatory by Filipino law and is somewhat practiced in other countries. It was mandated by the late Ferdinand E. Marcos Sr. in 1965 then further modified by Corazon C. Aquino. Now, with Christmas just being a few days away - it would be good to talk about the 13th-month pay. I decided to read through Get Real Philippines for some ideas and read about what it had to say about the practice of offering 13th-month pay as mandated by the law.

Is it me or is overspending almost become inseparable from the Filipino identity? Since when did learning to save for a rainy day and manage money properly make a Filipino well, less Filipino? I remembered getting health insurance and the like. I'm just amazed at how AXA does speak the truth that the majority of Filipinos are not prepared for the worse. It reminds me of how someone bought an air conditioner but didn't insure her vehicles and health. Others are more focused on having a feast than buying insurance. Then I think about commercial ads that talk about waiting for payday. Payday arrives and I noticed at how many Filipinos eat out every payday. While nothing is wrong with having an eat out but shouldn't one focus on how much should be saved and spent? You probably still have rent, tuition, and the like to think about, right?

The 13th-month pay means giving a month's worth of wage. In China, Taiwan or Singapore - I heard that they give a bonus before the Chinese new year or the Spring festival. I don't really condemn the idea of giving 13th-month pay. The problem isn't giving extra money at the end of the year but what Filipinos tend to do with it. Some Filipinos look forward to it to at least invest some money in the bank. Some may think about putting their 13th-month payment for time deposits and treasury bonds. However, most Filipinos tend to be stuck with the overspending mindset. They would rather think of how to spend their 13th-month pay rather than how to invest it. The attitude of what you want to do with the money you receive can affect your financial health. Worse, the economy can be affected if many Filipinos don't even have an active bank account. Money saved in the bank is used for loans hence that's why depositors earn interest. In turn, the more people have a bank account then the more the economy also goes round and round. Spending can only go around if there's savings to back it p. Get rid of savings and you eventually get rid of continuous spending. Sadly, some Filipinos even lose a lot of money in the bank because they withdraw more than they deposit.

Why are Christmas and New Year usually so chaotic in the Philippines? I could say the 13th-month pay and the Christmas bonus (if ever the company offers it) can be to blame. I would just say that's only part of the problem. The real problem has to be the ATTITUDE that many Filipinos have towards money. You can consider how some urban poor areas would have noisy celebrations. Rather than learn to set aside the bonuses and the 13th-month pay - they would think of spending it to have a good time. People can go ahead and troll me and say, "Are you jealous? Am I spending your money?" True, they don't spend a single cent from my account but at least I'm warning them not to live beyond their means. Truth is a lot of Filipinos need to realize that many times their happiness is just shallow. Who can forget the One Direction ticket incident where it became a mess? Who can forget the Blackpink incident? Who can forget the Rurouni Kenshin fan incident where somebody gloated about her filing a fake sick leave and had it published? You can think of the shallow sense of happiness. Worse, is it me or are Christmas and New Year treated like recreational drugs in the Philippines?

If all you do is overspend and just wait for the 13th-month pay along with some bonuses then you better STOP. The typical Filipino attitude towards money doesn't make anyone more manly. Truth is, some Filipinos deserve the ridicule they get for their poor spending habits. 13th-month pay like Christmas only comes once a year. That attitude would also be the reason why many of them are stuck in heavy debt even before it's Christmas. It's also because they want to make things grand all the time like having huge birthday parties when there's no budget for it. No budget? The solution ends up borrowing money without the intention of paying. They may even hide somewhere when loaning companies and credit card companies start sending demand letters to pay. That kind of habit has to stop because it's not doing them any good at all.