Spend your Bonus the right way

Pay off expensive debt:
Your bonus can be effectively employed to reduce your debt, particularly high-interest debt such as retail and credit cards.

Invest your money:
If you haven’t yet started investing, use a portion of your bonus to set up an investment such as a unit trust portfolio. Even if you can only afford to invest the minimum lump sum contribution, taking the first step towards investing in the future can be life-changing.

Boost your emergency fund:
The two most important features of an emergency fund are (a) that the money is easily accessible and (b) that the money is kept in a separate account. The nature of emergencies is that you cannot foresee them and, as such, the money is generally needed on the same day.

Prepare for school and university fees:
If you have school or university-going children, you may want to set money aside for the inevitable costs of school fees. Give careful thought to what expenses will be payable and by when to ensure the ‘back to school/varsity’ stage is financially manageable.

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