Do Not Burn It
With Christmas on the horizon, bonuses are already being anticipated. While there is nothing wrong with enjoying your bonus, there is a certain level of moderation needed to make the most of your bonus. There are ways to make that one bonus last and reward you throughout the new year till the next bonus comes around. It is so easy to give in to temptation and forget about the problems you were recently facing when you received your bonus. Considering it was money, you never had a lot of us running to give our money to online Christmas shopping. Although the expensive gifts you couldn’t afford recently were a nice gesture, they also served as a reminder that you needed to do a better job of saving throughout the year. It is not really a bonus if you have to use it all to do something you felt was necessary to do without it. Here is what you should do with your Christmas bonus to beat the trends.
Debt Check
Firstly, pay off all your debts, be they credit cards or whatever debts you may have accumulated during the year. Make sure you do not create any new debts, because why start your year off in the red if you don’t have to? If your debts do not penalize advances on payments, look into that and relieve some of the upcoming pressure. Once your debts are sorted, you can start to look for gifts and reward yourself for a lot of hard work and smart decisions.
Invest In Yourself
Do you have a skill set you’ve always wanted to learn but have never had the chance? Is there a skill you need to hone in on in order to get a job? Investing your bonus in honing that talent could be a wise decision for your future. By investing in a work-related skill and converting your year-end bonus into one that also increases your earning potential, you can set yourself up for a better career in the future. Personal abilities can also bring joy to one’s life. Learning to program or becoming fluent in a foreign language are both excellent ways to broaden your horizons. Discover what free resources are available before investing your bonus in a skill set you’re interested in but don’t know much about.
Start That Side Hustle
Starting a side hustle is another way to stretch your bonus. Your full-time job’s Christmas bonus may provide you with the initial income you need to get started. Assume you want to learn to code, but you’ll need a computer and two monitors. You can buy this equipment with your Christmas bonus. As a result, you’ll be able to make money from your side hustle.
All In All
Christmas bonuses are a pretty sweet way to end the year, but getting overly reliant on them might lead to trouble down the road. If you decide to spend your year-end bonus instead of saving or investing it, do something significant. It makes a lot of sense to put that additional money toward something that will benefit your future, lessen your financial stress, and make you feel good. Refer to some of our other articles for information on some good investments!
