The Christmas bonus is to spend it
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While many media criticize those who spend their Christmas bonus, this extra money does not have to be saved if it is well spent
It is possible that, faced with the question of what to do with the additional income that many workers have at the end of the year, many people end up looking for advice on the Internet. This yields hundreds of results with press articles that say how worrying it is that so many people in Latin America are spending their Christmas bonus during the holidays.
Leer en español: ¡La prima navideña es para gastarla!
These same articles suggest that it would be ideal for people to save this additional money, but if someone has been saving up throughout the year, there is no reason why they cannot indulge in this additional money.
According to a study by the National Autonomous University of Mexico (UNAM), 60% of Mexicans spend their Christmas bonuses, equivalent to 15 days of their salary, in preparation for a Christmas dinner and gifts. The other 40% goes to other products or on the payment of debts.
Leer en español: ¡La prima navideña es para gastarla!
The argument of the media is that it is problematic that people spend their premium on ephemeral purchases and on products that do not bring any financial benefit. An article on the Prensa Libre website in Guatemala, for example, says that "the first recommendation is savings. The ideal is that (with this bonus) families increase their savings for the following year."
On the other hand, the AmericaTV portal of Peru also includes this advice: "If you do not have any of the above, then choose to save at least 40% of the bonus", ensuring that after paying debts, the most important thing is to use the additional earnings as savings.
If you already saved, do not be afraid to spend your bonus
It would seem, according to the media, that there was nothing wiser than taking that extra money and burying it in a savings account. We have to pinpoint that saving is a habit, it should be done throughout the year and using recurring income, if your savings depend on occasional winnings during the holidays is because something is wrong with your finances.
If the saving becomes the habit, the bonus can be used to satisfy whatever the need of the one who has earned it, whether it is the payment of debts, the purchase of gifts, the organization of a family vacation, or anything that pleases.
The important thing, then, is to know how to spend this bonus so that you really see the results of your hard work. Planning the use of this money to avoid spending it on impulsive and inconsequential purchases is important for this additional gain to yield the benefits you seek.
In addition, if you do not seek to buy gifts or take your family on vacation, the option to invest money should also be considered as a responsible alternative to saving. Forex, stocks and other financial products can mean other sources of income, which in turn can be used to save or spend according to your needs.
For those who do not have problems with saving, or commitments and debts, an additional salary gain, such as the Christmas bonus, can be used without remorse. This does not mean that saving is not important, it definitely is, it allows financial planning and protects against unpredictable eventualities that affect your family's cash flow.
However, facing so many tips that suggest saving an additional gain like the Christmas bonus, it is important to remember that the definitive characteristic of money is that it allows to acquire goods and services. Another characteristic of money is that through inflation it loses purchasing power. Saving is important, but it does not only involve accumulating money.
So, if you are entitled to a bonus this year, whether due to holidays or end of the year, consider that saving is something that corresponds to your salary, and that this bonus serves to live the results of a year of hard work.
LatinAmerican Post | Editorial Team
Translated from "¡La prima navideña es para gastarla!"
