Make the most of your Christmas Money | Manulife Blogs

Find ways to use your Christmas bonus more responsibly and still reward yourself.

You’ve waited all year for this bonus, and you know you deserve to enjoy it! How about consider going a different route this time, and figure out how you can use your Christmas bonus more responsibly and still reward yourself? It may seem impossible but with a good game plan you can make your bonus last a little longer this year with these helpful tips.

Pay your debts

Do you catch yourself daydreaming of getting that car you’ve always wanted? Why not use a portion of your bonus to pay off some of your debts so you can finally focus on saving for that sweet ride without having to worry about what or who you still owe.

Put money aside before you splurge

Try to set aside 20%, 10% or even 5% of your salary and bonus. This will be really useful for unexpected expenses. A few months from now when your refrigerator breaks, you will be thanking yourself for putting aside the money.

It’s ok to shy away from sales

You might be tempted to buy that designer bag because of the red tag sticking out, but think again if you really need it, even if you’ll only pay for half the price. Red tags can make you think you are saving, but you might actually be spending on something you never intended to get in the first place.

Treat yourself

When you've paid off some of your debt, you’ve put aside enough money, and you’ve saved yourself from shopping for things you don’t really need, now is a good time to treat yourself. You can splurge on the things you really want. Sometimes, it may feel like a sin to buy yourself things but if you spend wisely and buy items that are useful for you, it becomes an investment.

Invest for your future

Before, you might simply be planning on upgrading to a newer phone or going on a quick break from work. But as you grow older, and #Adulting kicks in, you’ll be faced with bigger decisions like whether to get a car or make a downpayment for a condo. Or maybe start investing to secure your future self.

Investments may have some risks and can be scary at first, especially if you have a full-time job which makes it harder to monitor the market. But by starting early, there will be more time for your money to grow in value which can help you reach your long-term goals like finally saving for a place you can call home instead of condo-hopping. When you invest, not only do you secure your future but your loved ones’ future as well. 

Want to learn more about how to plan for a better, longer life? 

Talk to a financial advisor today!