Oh Christmas bonus! I think many areanticipating of getting that amount in the next few months. And of course, wecannot deny that as early as now we are already planning on what to do with it.This would also be me a few years back.
I was asked before in a quick interview whether it would be ideal to spend yourChristmas Bonus for buying gifts this coming holiday. Well, if you are going toask the old me, then I would definitely say yes. However today, I would alreadyhave a different answer for that one.
There’s no hard rule on what to do with your bonus. After all,this is just once a year. Plus, you deserve this. This spells extra money. Thethought of having that “extra” amount is also synonymous to how easily we spendit. Every time we get something apart from our salary, we can easily dish thisout and buy things in our head. Oftentimes we allocate this bonus for giftbuying.
Again, there’s nothing wrong if you spend it that way. However, I would wantyou to look on another perspective. And this is making the most of this “once ayear reward”. How about you stretch the longevity of this bonus and not use itall in one day? Perhaps, make this bonus last or make it work for you in thenext few months or years. How about if we use this for our long termbenefit?
Hence, here are some suggestions you might want to consider.
Suggestion 1: Budget it out. It would be best tobudget your bonus and know where the money will go. If you have plans to buygifts out of the bonus, do get a small percentage out of it and never theentire amount. You might want to use 20% of it for the food and gifts. Or useenough percentage for those holiday expenses.
Suggestion 2: Save it. If you still haven’t builtyour emergency fund, it would be ideal to use your bonus to beef this up. Anemergency fund is a savings fund that is worth three to six times your salary.This serves as your money buffer for sudden and unexpected expenses.
Suggestion 3: Pay debt. You still might haveoutstanding balances hence it would be ideal that you use another percentage topay debts. You don’t have to pour everything in order to pay it. As a matter offact, you can still pay debts while saving. Just make sure you allocate a fewpesos and slowly pay your balances.
Suggestion 4: Invest. If you have completed youremergency fund already and got some manageable debt, perhaps it would be idealto invest. Put your money in something that can last and will have a greatimpact to your future. If you are relatively new, invest in knowledge first andget the ropes of investing. You can start with insurance, mutual funds and goto stocks. You can always ask experts and even go to your bank on how toproceed with such investments and the right one for you.
Suggestion 5: Share. It is always rewarding to shareour blessings. Do not forget to give back to your church and local community.Give gifts that would matter to others. Host a charitable event, do a feedingprogram in another community, host a party in a local day care and more.
And of course do not forget to get a few percentage for you to enjoy. After allyou worked hard for this one hence you might want to spoil yourself just alittle. You deserve the money and you have been working for a year. These arebut suggestions on how you can spend your bonus. Of course if you no longerhave debt, you can skip that part and store more for the other suggestions.Just make sure that you will have an equal balance and a budget that will makeyour bonus last.