I recieved an email a while ago and find this article worth sharing of. Please read below..
1. Pay off debt. If you have substantial credit card debt or other forms of debt, use your 13th month pay to pare down this debt. This will help you shorten the paying period and lower your interest expense. Being debt-free is liberating and will improve your financial standing.
2. Save. If you haven’t started a savings fund at all, this is the time to do so. We’re up for uncertain times ahead financially because of the global financial slowdown, so save when you can. Use the full amount of your 13th month pay to jumpstart your savings fund, or if you have other needs to meet, save at least 10 to 20 percent of your 13th month pay. (more…)