A bonus can go a long way, which is why most of us have already thought of all the infinite ways in which we could use it. It could be treating yourself, after all the hard work you put in this year such as, splurging on new wheels or getting an item you have been eyeing for a while.
If you are wondering ways in which you can spend your bonus without wasting it, we have you covered. Here are four clever ways in which you can spend your Christmas Bonus.
Delay gratification
You can indeed spend your money how you see fit but knowing a few tips to get the most out of your bonus can go a long way. Having your list ready in the form of a budget is the first step. However, take things one step further. Delaying a purchase can open opportunities of getting a better deal on an item, it can also give you enough time to evaluate if it is necessary to get it.
Pay off any debt
A debt-free life means reducing it one paycheck at a time. It is always better to pay off your debt whenever you can. According to the National Credit Regulator (NCR), South African's found themselves in R134 billion worth of credit card debt within the second quarter of the year. The numbers continue to grow with as many as 10.23 million people behind on their repayments. Paying off any existing debt that you might have can help reduce the financial stress.
Grow your money
One thing to remember when creating a budget on how you are planning to spend your bonus is to be realistic. Your needs should always be a priority before you take care of your wants. Grow your money by putting it into investments, getting life cover, or creating an emergency savings account. If you already have one, you can use some of your bonus to boost it. It can bring you one step closer to owning your dream home, car, or even studying that much-needed course that will change your career trajectory.
Pay off fees in advance
There is always tomorrow, even if you will not be around to see it. Each year comes with recurring fees that need to be paid and making sure that these are taken care of can give you peace of mind. If you are a parent, contribute some of your bonus towards your child's school fees. Make sure that your medical cover, along with your life cover is up to date to ensure that you and your loved ones are covered.
Of course, there is the part where you get to treat yourself. After all, you do deserve it.
