How to calculate the bonus if you are an entrepreneur?

This article was translated from our Spanish edition using AI technologies. Errors may exist due to this process.

Opinions expressed by Entrepreneur contributors are their own.

Undertaking and working on your own can be one of the best decisions because that way you can work freely in many aspects: schedules, projects and proposals, location, among many more.

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And at the same time, there may be some disadvantages compared to permanent jobs, one of which is the fact that you will not receive a Christmas bonus . That is, you can have it but you will have to give it to yourself, and for that it is necessary that you consider it within your budget for the year and that you save the necessary amount to be able to have it.

For the bonus , that maxim of entrepreneurs also applies: first pay yourself. It is important that you carry out a strict planning of the finances of your venture so that you not only pay all the expenses that it implies, but also pay your own salary and, in this specific case, your benefits such as the Christmas bonus .

Now, how do you calculate the amount that you will pay yourself as a bonus ?

1. Consider what the Federal Labor Law establishes on the Christmas bonus

In its article 87, this Law establishes that workers have the right to receive an annual bonus equivalent to 15 days\’ salary. For workers who have been working for less than a year until the date of delivery of the bonus, a payment will be made proportional to the months they have been working. Then you can take this Law as a reference to calculate your Christmas bonus .

2. It\’s time to get back to your math skills

Calculating your entrepreneur bonus is very easy, you just need to make use of this simple rule of 3:

12 months – 100%

0.5 months – your Christmas bonus

0.5 x 100/12 = 4.16

So, you would have to save 4.16% of each payment you receive to collect the equivalent of your Christmas bonus or half a month\’s salary among all the payments you have received per year.

For example, if your monthly payments are equal to 15 thousand pesos, the calculation to obtain the bonus for one year of operation of your business would be as follows:

your salary for a month x 0.5 / 12

15000 x 0.5 = 7500

7500/12 = 625

Then you would have to save 625 pesos a month to collect and provide yourself the bonus equivalent to half a month of your salary.

3. Do you want a bigger bonus?

If you want to receive a bonus higher than that established by the Federal Labor Law, almost like that given by some companies in permanent positions or some government agencies to their employees, you must save a greater percentage of your income. You can use the rule of 3 above to calculate the percentage you need to reserve if you want a higher bonus.

So, so that the benefits are not an impediment for you to fully enjoy the experience of being an entrepreneur , keep the finances of your venture in order so that you can consider more benefits as the years go by: you could start by contemplating your Christmas bonus , for later your Christmas bonus and insurance for medical expenses , later these two estimates and your savings for retirement . It is not easy but not impossible, it is only a matter of discipline .