Saturday, 22 December 2018

What to do with your Christmas Bonus?

Christmas is a season of loving and giving, also the time that we can have more extras on our bank account because of Christmas Bonus, 13th Month Pay, Vacation Allowance, Etc. etc.

3 years back, my Christmas bonus goes to the gadgets, new shoes, new clothes, and mostly materials things, later end up asking myself "Where did my Christmas Bonus Gone? Those are times that I'm not aware of financial planning because of having so much excess cashflows.

This year 2018 is a different story, I planned where to put my Christmas bonus. Here are some smart ways of handling your Christmas Bonus;

First, Pay off your Debts. If you have unreasonable debts like Credit Card Debts that incurring 3% interest in a month, your Christmas bonus will lessen the burden of interests. It is not an easy task because of mindset of spending it for your wants, it's a yearly reward of hardwork but trust me, it will lessen your worries of debt payments.

Second, Save for Retirement. If you are an OFW and have a plan to go back home in the near future, it is the right time to save for retirement and if you are already investing,  it's the time to add on your investment portfolios. Remember you are not going to work for a lifetime, time will come that you will retire, so better to prepare for it.

Third, Treat your family. Treat yourself and family for a vacation or a dinner in an expensive restaurant. Do only this advise, if you have already done the first 2. Christmas is a time for celebration and giving. Give some treat to your loved ones.

Wishing you a Merry Christmas!!!

Sincerely yours,

Jonathan Ruiz

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