It’s the bonus time again. I know you’re excited to check your bank account and can’t wait to spend it. But hold on, though it’s your hard earned money, it’s not wise at all to spend it mindlessly. You must spend your bonus in smart ways so you can maximize it for your own good.
Here are some of the smart ways to spend your bonus:
1. Pay debt, mortgage or loan
Whatever debt you have, whether it mortgages, loans or you borrowed money from your colleague for your last vacation, pay it off first.
2. Build emergency fund
Experts say it’s good to have at least 6 months worth of expense as emergency fund in your bank account. If you don’t have it yet, set aside some of your extra money to contribute to your emergency fund pool.
3. Invest the money
There are many ways to invest your money depending on the risk and the return level. Different people have different tolerance on the risk level. Consult your financial planner on choosing the best investment for you.
4. Take vacation
Yes, take vacation once in a while. It’s not only good for your body to relax but it’s also beneficial to your mental health so you come back office feel refreshed and more productive.
5. Take up professional courses
In this highly competitive world, you need to keep upgrading yourself to stay relevant and competent. Try to find some professional courses that can level up your skill. Picking up new language is also a good thing as it can become handy when you deal with overseas colleagues or customers or even just for travelling.
6. Buy something that improves your health
Get something to improve your health to a better one. It can be a neck massager, good honey to drink everyday, or sign up for yoga membership. A healthy body can lead to healthy mind too and improve your overall life.