Why Is the Christmas Bonus so Important for Financial Health?

Traditionally, when the end of the year approached, employers gave their staff an extra amount of money as a gift for the holidays, in addition to their regular salary.Currently, in accordance with the reform of the Federal Labor Law of 1970, article no. 87 establishes that the Christmas bonus is a benefit to which all formal workers are entitled since it is a recognition of the entire year's effort.

It must be received before Dec. 20 and the minimum amount is 15 days of salary for each year worked or a proportional part. The law establishes that employees who have not yet completed one year of service will have the right to be paid a proportional part according to the time worked. The Christmas bonus is one of the most important concepts for workers since it is extra money that is used to prepare for the month of December and Christmas and the end-of-the-year holidays.

Along with the integration of social security, vacations, rest days, and seniority, the Christmas bonus is among the labor benefits that all employers must grant to their employees. The main objective  of these benefits is to improve the quality of the personal, family, and social life of workers. In addition, they seek to develop among the staff a sense of belonging to the organization and their protection against unforeseeable risks.

For Fintonic, financial well-being is a priority and the Christmas bonus occupies a very important place in personal finances since it is this extra money that can be very helpful to pay off debts, acquire necessary goods, or simply allow yourself to enjoy some luxury. That is why it is crucial to know the amount that we receive according to the number of days worked and seniority, among other factors.  It is also beneficial to understand how to use the bonus intelligently.

But how can we take advantage of this extra pile? The main factor, as with all our income, is to organize and plan the administration of its use. The most important point from which you should start is the creation of a budget to order income and expenses and thus make good use of it. Planning personal finances prevents money from being used on unnecessary things, such as impulse purchases or ant expenses.

It is important to always allocate a part of income to savings, and this is also true of the Christmas bonus. This does not always have to have a particular objective, it can also be used for long-term goals as well as in case of an emergency. It is also good   for paying off debts.

A good way to use the bonus intelligently is by comparing prices of the same product, weighing discounts and purchases offering months without interest. Because it is a time when many gifts are purchased, it is important to analyze the options and choose those that are most appropriate in price and quality. In addition, if we look at  the Christmas bonus as a percentage of income from the entire working year, a good way to take advantage of it is by multiplying it. To this end, you can  invest it.

January is often a difficult economic period for Mexican families since in addition to the financial concern of covering fixed expenses, such as housing, food, and education payments after the December holidays, there are also adjustments in the prices of products and services according to the country's inflation rate, which can harm the pocket of many. For this reason, it is important to keep in mind the situation that will be experienced in the month after receiving the Christmas bonus and the holidays so as to protect against the January cost.

Well-being also relates to financial health and regardless of the size of our assets, a lack of planning can lead us to stressful situations. It is not money that gives us security and confidence but the way we manage it. For this reason, Fintonic provides different financial control tools to help you take care of your financial health and use your salary wisely.

To calculate the amount that must be received as a Christmas bonus, the monthly salary must be divided into 30 days. The minimum amount that corresponds to be paid to workers for the Christmas bonus is 15 days of salary. The Fintonic app saves you from doing this work manually. To improve the financial health of Mexicans, it offers different calculators; one, in particular, calculates the value of the corresponding Christmas bonus. By simply entering here and completing two pieces of information — the amount of salary and the number of months you have been in that job — you can immediately obtain the amount you should be paid.