Smart ways to spend your bonus

For most salaried employees, you’ve probably received your annual bonus.

But before you blow it all on a single extravagant purchase, consider making the most of it with these steps…

Step 1:  Erase your debt

If you’ve an outstanding amount owing to either your bank or credit card company, this is the time to pay it off.  Full settlement of your loan or reducing the owed balance with a lump sum payment will ensure your debt doesn’t snowball because of the interest charged. 

Step 2:  Big picture spending

Saving up for a wedding, home purchase or renovations?  This is where the next bulk of your bonus should go to.  Even if you’ve been steadily putting away cash on a monthly basis, a large injection of funds is pretty useful and lets you make an immediate deposit on this you need. 

Step 3:  Rainy day funds

Having an emergency fund lets you have more options when making certain life decisions, for example, to have a change in career, spend time at home for health or family reasons, or even taking some time off to find yourself (a real luxury in this day and age!). 

Step 4:  Look into growing your money

Look into diversifying your portfolio with some savvy savings and investment tools (provided your life and medical insurance needs are taken care of!).  Speak with your preferred financial adviser representative or bank manager about what kind of plans are suited to your risk appetite. 

Step 5:  Then treat yourself!

Following these steps creates a healthy habit of enjoying your cash within your means.  So whether it’s a nice dinner out or a solo vacation – revel in it.  Because now you’ve really earned it!

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