Nairametrics
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
  • Markets
    • Cryptos
    • Commodities
    • Equities
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Industries
    • Company News
    • Consumer Goods
    • Content Partners
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Tech News
  • Economy
    • Get Data
    • Macro-Economic News
    • Research Analysis
  • Business News
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
No Result
View All Result
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
  • Markets
    • Cryptos
    • Commodities
    • Equities
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Industries
    • Company News
    • Consumer Goods
    • Content Partners
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Tech News
  • Economy
    • Get Data
    • Macro-Economic News
    • Research Analysis
  • Business News
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
No Result
View All Result
Nairametrics
No Result
View All Result
Home Opinions Blurb

How would you spend your Xmas bonus?

Onome Ohwovoriole by Onome Ohwovoriole
December 12, 2018
in Blurb, Spotlight
How would you spend your Xmas bonus?
Share on FacebookShare on TwitterShare on Linkedin

Whether in form of a 13th-month salary or an Xmas bonus, a little extra cash is always welcome, during the yuletide season when expenses are high.

While some Nigerian workers may be paid 13th-month salaries, others would not be as fortunate.

Nairametrics looks at the origins of the 13th-month salary, samples opinions from various Nigerians, and then gives suggestions on how one should spend a bonus.

Origin of the 13-month

The origins of the 13-month pay while not explicit, date as far back as the 1930s in Italy. The practice is also prevalent in several Latin American countries, where it is split into two installments.

In Nigeria, it is mostly paid between November/December.

The 13th-month pay, it should be noted, is distinct from a bonus. Employers are allowed to provide both. For the sake of this article, both are considered in a go, since they mostly occur towards the last month of the year.

 Different strokes 

Ceecee, in her 30s works in a financial services firm. For her, there would be no Xmas bonus from her firm this Xmas, as the company has no such tradition.

Ebony Maw in his late 30s works in a media outfit. For him, there will be no Xmas bonus, but his firm usually gives a bag of rice and cooking oil. On what he plans to do with it, he says

“I shall chop it well!”

Bobby in his late 40s, is a civil servant in a Federal Government parastatal. He is not sure he will receive a bonus this year.

“My brother, my organisation does not give rice and oil, but we get 13th-month salaries. For this year, I am not too sure. If I am given, I will spend it on family expenses. The way the bills are coming –  school fees, house rent – my salary has already finished.”

Yeezy, in his late 40s is married with children. A senior staff of an oil company, he would not be receiving an Xmas bonus, though he got a 13th month bonus in November.

“My organisation gives 13th-month salaries. I used mine to buy dollars. For the Xmas bonus, I don’t know if they will give, but I intend using it for general expenses.”

Nicholas is in his early 30s, and runs a small firm that installs security cameras and motion detectors. He intends giving his staff (and himself) Xmas bonuses.

“My staff have done well for me this year. We didn’t make much money compared to one or two years ago, but nevertheless, I will give them Xmas bonuses, as well as chicken and small bags of rice.”

This would, however, mean cutting his bonus

“In order for me to do that, I’ve cut down on my bonus this year. I intend spending my bonus on furniture. You know i just had another child. So I had to move to a bigger space.”

Iyke works in a stockbroking firm and intends to save his 13th-month bonus.

“Yes I will be getting a bonus in December. I intend saving mine for a few professional exams I’m considering next year. I’m thinking of doing CFA and you know it’s quite expensive.”

How to spend a bonus

There is no one-size-fits-all approach to how one should spend a bonus. Factors to consider include the number of dependents one has, as well as one’s socioeconomic status.

You could, however, decide to split the bonus into four. A quarter going to savings/investments, a quarter towards expenses associated with the festive season. This could involve spending on family, and colleagues. The third quarter could go towards buying yourself a gift, and the last quarter to any charitable works.

Related

Tags: 13 month salaryOn the MoneyXmas bonus

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Hot forex
Cornerstone
Mega Millions
Polaris Bank
Eco Bank
Access Bank
Bankers Committee
First bank


FCMB
Ikeja Electrics




    Business News | Stock Market | Money Market | Cryptos | Financial Literacy | SME |

    Recent News

    • Weekly Stock Update: Nigerian Exchange Group closes bearish, loses 0.14% w-o-w
    • A day in the life of a Lagos bus conductor
    • Meet Ochai Agbaji of Nigerian heritage picked in the 2022 NBA Draft to join Cleveland Cavaliers

    Follow us on social media:

    Recent News

    OPEC, NSE, MTN, other developments and how they affect your pocket

    Weekly Stock Update: Nigerian Exchange Group closes bearish, loses 0.14% w-o-w

    June 25, 2022
    “Ó Wà óóó!” —  What I learnt being a bus conductor for one day

    A day in the life of a Lagos bus conductor

    June 25, 2022
    • ABOUT US
    • CONTACT US
    • PRODUCTS
    • ANDROID APP
    • iOS APP
    • DISCLAIMER
    • CAREERS
    • PRIVACY POLICY

    © 2022 Nairametrics

    No Result
    View All Result
    • Home
    • Exclusives
      • Financial Analysis
      • Corporate Stories
      • Interviews
      • Investigations
      • Metrics
    • Markets
      • Cryptos
      • Commodities
      • Equities
        • Dividends
        • Stock Market
      • Fixed Income
      • Market Views
      • Securities
    • Industries
      • Company News
      • Consumer Goods
      • Content Partners
      • Corporate deals
      • Corporate Press Releases
      • Energy
      • Entertainment
      • Financial Services
      • Hospitality & Travel
      • Manufacturing
      • Real Estate and Construction
      • Tech News
    • Economy
      • Get Data
      • Macro-Economic News
      • Research Analysis
    • Business News
    • Financial Literacy
      • Career tips
      • Personal Finance
    • Lifestyle
      • Billionaire Watch
      • Profiles
    • Opinions
      • Blurb
      • Op-Eds

    © 2022 Nairametrics

    Social Media Auto Publish Powered By : XYZScripts.com