It’s the most wonderful time of the year!
As the song lyrics goes, Christmas is the time of the year for sharing and giving.
It’s also the time when most people have lots of extra money due to bonuses like their 13th-month pay and Christmas bonus.
It’s good to be generous and it’s also not bad to treat yourself once in a while but as a Financial Adviser and Financial Planner, this season is one of the most advantageous times to have extra cash to get your financial life in order.
Watch the video below where I enumerate the Five (5) Ways to Smartly Spend your Bonus:
Here are the 5 ways again:
- Pay off your debts – allocate a portion of your bonus to reduce or pay off your high-interest debts.
- Build up your safety fund – if you don’t have at least 3 months of your monthly expenses set aside, this is a great opportunity to have your safety fund started or completed.
- Consider getting life insurance – always remember that you can only invest in life insurance when you don’t need it so better get one as soon as possible
- Invest – if you already have a safety fund in place, allocate some of your bonus cash to your future self by investing! Talk to me so we can properly plan your investment and objectives.
- Enjoy – don’t forget to share and treat yourself! Just make sure you spend it wisely and you don’t spend it all in the present moment, leave some for your future.
Any more tips you want to share? Want me to answer other personal finance related questions? Comment below!
To our success in all areas of life,
Argel Tiburcio, CIS, RFP Graduate Member
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Featured image source: http://www.theaccountancy.co.uk/
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