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5 smart ways to spend your 13th month pay

By Jerald Uy Published Dec 16, 2023 9:30 am

Admit it—one of the things you look forward to the most during the holiday season is when you receive your 13th month pay, especially when you’re part of a double-income household.

While seeing those additional digits can call for a double celebration, you may want to think twice before you swipe your debit card and splurge. As heads of the household, it’s best to make smart decisions on how you use your hard-earned bonus.

Pay your debt

Paying your debt before the New Year is the first step toward being financially stable. You may want to take this opportunity to use your bonus to settle any outstanding balances on your credit card, more so if they have been incurring interest for months. This will also help you achieve a good credit score when applying for bank loans. The same goes if you’ve borrowed money from a friend or an acquaintance. This will show that you respect the relationship you have by making true to your promise to pay them back. 

Spend on home repairs

There’s no better time to start working on those home repairs. Fix your roof that has been leaking throughout the rainy season. Call the plumber to fix your dripping faucet that has been keeping you up at night. Check for safety hazards that a contractor or engineer can solve for you. You can also allot a budget for improving your home security like replacing broken doorknobs and installing security cameras. 

Get an executive medical check-up

Some illnesses don’t show symptoms, so an executive medical check-up is a great gift for yourself and your spouse. This will also save you money on hospital bills in the long run as early detection of any critical health conditions typically has a shorter treatment period.

Prepare an emergency fund

Emergencies can set us back so it’s important that we have funds that can address medical emergencies, accidents, loss of income, and even the sudden passing of a loved one. Your combined 13th month pay or at least a portion of it will help you as a couple be prepared for unexpected life changes. 

Get an insurance policy

Getting an insurance policy that fits your needs and your spouse’s is one important safeguard that can secure your family’s future. Depending on the plan, insurance can have various benefits a couple can reap during their lifetime. One such plan is the SUN Smarter Life Elite, a protection and savings plan that provides double life insurance coverage throughout your lifetime. It also gives additional cash benefits that you can use to help fund your child’s education needs.

Here are the benefits of having a SUN Smarter Life Elite plan:

Life insurance coverage

Secure your loved ones’ future with a life insurance benefit worth twice the Face Amount of your plan, providing coverage until age 100 or maturity.

Enhance your plan with the addition of riders or supplemental benefits which can provide added protection for contingencies such as accidents, disability, and illnesses.

Lifetime guaranteed cash benefits

Enjoy regular guaranteed cash benefits throughout your lifetime, starting at the end of the sixth year of your plan and every two years afterward. You may also choose to leave your cash benefits with Sun Life to accumulate and be available for future needs.

Living benefits

Earn dividends from your plan which you may use to increase your insurance coverage, pay for future premiums, leave with Sun Life to accumulate, or receive in cash. In case of emergencies, money also comes in handy via a policy loan against your plan’s cash value instead of borrowing from various financial institutions or selling your prized possessions.

A portion of your face amount may also be given in advance if the life insured is diagnosed to be terminally ill.

Manageable premium payments

Pay your premiums regularly on an annual, semi-annual, or quarterly basis. You may also opt for a shorter guaranteed payment period of only five or 10 years.

Monthly payment through Auto-Debit or Auto-Charge may also be arranged after payment of the initial quarterly premium.

To know how Sun Life can help achieve your family’s financial goals, visit

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