5 Tips to Help You Get More Out of Your Christmas Bonus | Manulife Blogs
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Find out how you can make your hard-earned money work harder for you
The holidays are fast approaching, and your 13th month pay and year-end bonuses are coming soon. The sudden influx of money can spur people into a spending frenzy. If left unchecked, you might find yourself wondering where your hard-earned money went.
So this year, you may want to do things differently and take a more reasonable approach to your bonus. Think about it: you’ve put in the work to earn that money. Shouldn’t you make your bonuses work hard for you in return?
So, here are some suggestions for what you can do with your bonus:
Tip 1: Indulge sensibly
We get it – rewarding yourself is an important part of the holidays. So instead of your usual spend on clothes, gadgets, and post-quarantine trips, choose the one thing you simply must have and spend only on that. The rest of your bonus can now be used for savings and investments.
Tip 2: Watch out for promos and sales
The urge to splurge can be quite irresistible during the holidays. Be smart and reserve part of your bonus for upcoming mall and store sales.
Tip 3: Start chipping away at debt
Using a portion of your bonus is a great way to quickly pay off loans or credit card debt. The less you owe, the better off you will be I reaching your financial goals.
Tip 4: Spend for Growth
If we are willing to spend on the fine things in life, then shouldn’t we also spend in a more meaningful way? Use part of your bonus for self-improvement – enroll in a masterclass or purchase books that can help you in your professional and personal life.
Tip 5: Start Investing
Why not turn the season of spending into a time for financial planning? Get in touch with a financial expert and ask questions about how your bonus can be used to make even more money to secure your future.
Let’s face it; it’s easy to splurge when you have so much money on hand. So when your bonus pay comes this year, take a minute or two to think about how you intend to use on invest it.
Want to learn more about how to plan for a better, longer life?
Talk to a financial advisor today!