A little bit extra is always welcome at any point of time. And if it is in terms of money, toh kya baat hai! Anybody who works knows the value of bonus. They come rarely but when they do, you are all smiles! While most of you might be thinking of splurging it on some expensive goodies, here are some smart ways to utilize your bonus.
Treat yourself right!
Before investing in other things, treat yourself to something good. This could be a gym membership, a short solo vacation or a weekend retreat. You earned that bonus so a little bit of pampering is definitely allowed.
Start a savings fund
Apart from your usual savings, set aside a different savings fund that is related to a goal. If you have a big purchase dream in your future, start contributing towards it with your bonus.
Take care of your credit cards
Very often we have come across friends who have got their credit card debts so high they have to take loans to repay them. Don’t put yourself in such a situation. If your credit card bills are nearing a danger point, repay all your debts and start afresh.
Set up an emergency fund with your bonus
Life is a ride that has both ups and downs. You need to be ready financially to tackle any such situation. Set up an emergency fund that will cover your sudden requirements. An accident, a health checkup, unemployment etc can be easily faced. A good emergency fund is one that can keep you going for a smooth six months.
Save for your travel fund
This is for everybody out there. Travel. It teaches you lots of things and most of all it lets you experience. Be it a vacation or a retirement travel plan, set up a travel goal and save money for it. You will never regret it!
Invest in the market
Play a safe and secure game in the stock market. This way your savings will be able to give you good returns. Keep yourself well aware of how the market functions to make sure you are not on the losing end.
Make your bonus an actual bomb of a bonus!