It’s that time of the year again when our bank accounts would swell because of the much-awaited 13th month pay and Christmas bonuses. But before you think of withdrawing all that cash and going on a shopping spree, read this list to find out how you can best make use of that windfall. Hint: buying the new iPhone 5S is not on the list.

(Photo by Jake Slagle via Flickr Creative Commons)