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5 ways to spend your bonus this festive season, if you were getting one

By: Natasha Archary

spend your bonus
Image: Adobe Stock

If you were getting a bonus this year, what would you spend it on? Considering that most companies struggled to make a profit this year, a bonus is not guaranteed for every household this festive season.

It may be wishful thinking to hope you will have different payouts coming your way over the holidays, and if you are one of the fortunate South Africans taking home a bonus at the end of the year, here are 5 things you could spend it on.

Before you spend your money in your head, remember when it rains, it pours, so it’s a good idea to put your bonus to use wisely.

Pay it toward your debt

The thing that makes debt feel deafeating is the interest accumulated over the repayment period. If you use the lump sum of your bonus to pay for your debt, it should make a big dent in what you owe.

Pay your towards your child’s school fees

If COVID-19 taught us anything, it’s that life brings so much uncertainty. We were never prepared for the financial lows the pandemic brought and preparing for those rainy days should be a part of our routine now.

We need to think ahead and make more informed financial decisions. Getting a head start on school fee payments is a good place to start.

Securing your child’s academic year early means you can free up some monthly fees or bank that.

Invest, buy shares and open savings accounts

If you can survive the holidays without touching your bonus, then do so.

Put your bonus away in a fixed term, savings account which will build interest over time.

Invest your bonus by purchasing shares or putting a downpayment on a house. Think long-term before you blow your bonus on frivolous expenses.

Invest in you

There’s no denying that upskilling yourself can give you an edge in your career or in your creativity. If you’ve been thinking of going back to school or learning a new skill, your bonus could go a long way at minimising costs for the year.

10% treat, 90% responsible

If you have no pressing debt or expenses, the best thing to do would be to book yourself and/or your family a well deserved holiday. Either local or international.

Before another worldwide pandemic hits and the entire population gets banned from leaving their homes again. Work within your means but the idea is to give yourself a 10% treat whilst being 90% responsible.

Listen to the conversation on Kaya Drive:

Also read: What the law says about going to work sick

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