Daven Tamayo

Holiday season not an excuse to spend recklessly, says financial adviser

Visitors browse products for sale at the Christmas decor-adorned Greenhills Shopping Center in San Juan City on pay day, November 15, 2019. Some customers opt to shop early for holiday gifts in order to avoid the massive crowds come December. Mark Demayo, ABS-CBN News

Article (news)

Alvin Elchico

ABS-CBN News

MANILA -- A financial adviser said that the holiday season is not an excuse to spend recklessly, especially after receiving aguinaldos this Christmas.This, as parents and kids start shopping after receiving their aguinaldo. In Divisoria, a number of people have already started their shopping spree as early as 11 a.m.Saleslady Shiela Dimailig brought her 5-year-old daughter to Divisoria to get her a new pair of slippers.Shiela said a big chunk of her daughter&#x27;s gifts from godparents and family friends has been set aside for a new tablet that her child wants for school. Dimailig said she wanted her daughter to appreciate the value of saving money to get what she needs.Jonelden Cainong, on the other hand, got a pair of shoes from her 13th-month pay. But she said half of her 13th-month pay is going to savings for emergencies and other important things.Financial Expert Astro Del Castillo said every purchase should have a plan, meaning it should be clear if the item is a need or a want and how it will help the person in the long run.Del Castillo added that it is prudent to save 40 percent of the cash gifts during this holiday season, while the rest can be allocated for material things or plans that will help in one&#x27;s day-to-day life.According to Del Castillo, it is not wise to spend without a plan and just for the whim or emotion. He also explained that it is okay to spend on luxuries if there is excess money, as long as the savings are already settled and an emergency fund is in place.For 2026, Del Castillo said if the financial plan for 2025 is already fulfilled, then it&#x27;s ok to start the plan for next year.

A financial adviser said that the holiday season is not an excuse to spend recklessly, especially after receiving cash gifts this Christmas.

A financial adviser said that the holiday season is not an excuse to spend recklessly, especially after receiving cash gifts this Christmas.