Lifestyle Business

What would you do with P8,000?

Philstar.com

November 12, 2015 | 12:22am

MANILA, Philippines – If you had around P8,000 to spare, what would you do with it?

Christmas is around the corner, so is your 13th month pay. If you're too excited about the windfall, you most likely have a list already of where would your money go.

But even if it’s not your 13th month pay, how would you spend your extra money if it’s quite as big as P8,000?

Would any of these make it to your plan?

No one can judge how you would spend your extra money. Enjoying your financial blessings is your right, after all. But each spending decision will certainly have either a reward or a consequence. Therefore, don’t spend mindlessly. Remember to put some toward achieving financial freedom.

For instance, you can already pay a debt off with P8,000 or more (or even less). Keep in mind that debts accrue interest. And if you’re not going to work on eliminating it now, you might find it more difficult—or worse, impossible—to do so in the future.

Another smart way is building an emergency fund. An emergency fund can save you when you are suddenly faced with a huge expense or during a time of unemployment. If you are just starting out in the workplace, consider starting this fund as early as you can.

Finally, you can invest in something that can yield great return. One of the best examples is real estate where value appreciates overtime. To give you an idea, there are properties around and near the metro that are of great quality but do not cost too much. You can also rent one of these out to make your extra money multiply.

Deca Homes, for example, only requires a monthly amortization of P8,000 or below, depending on the type of home and location. You can learn more by visiting www.8990housing.com.

Be wise when it comes to spending your 13th month pay or any kind of windfall. Think multiplying your money, and getting closer to financial freedom.

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