MANY people who are waiting for their bonuses have already decided how they’ll be spending the money!
Many will go for Christmas gifts, or spend it on friends or themselves.
But Danelle van Heerde, head of advice processes and tools at Sanlam, says putting your bonus out of reach is your first priority. “Otherwise you will be relying on your credit card to make ends meet again for another 11 months,” she warned.
She shared the following tips to help you manage your bonus.
Put it out of reach
Move your bonus out of reach as soon as you get it.
If you plan to invest your bonus or pay off debt, do it immediately.
You can also consider other options, too. Speak with your children’s schools if they offer discounts for paying in advance.
Have a plan
Define what you are going to do and commit to it. Call your financial services provider or retailer to make a plan on how you can pay off your debt on the day you receive your bonus. Or open a specific savings account where you can send your money.
Reward yourself
When spoiling yourself, it is better to make a goal you can work towards which will give you satisfaction. Remember, spending your bonus on a lots of smaller items and events won’t give you much satisfaction.
Involve your friends
It may be helpful to find a friend or two and plan activities together that don’t cost a lot of money. Setting up a challenge to repay debt with friends who find themselves in a similar situation is also a good idea.
