The December Christmas season is fast-approaching yet again, and for most of us workers, especially the ones in office environments, that means one very important thing, something everyone seems to be looking forward to during the exciting holiday season…of course, that’s right, it’s Christmas bonuses!
Once you get that 13th month pay, it is definitely more than tempting to splurge all of that hard-earned extra money on material things, trips, gifts for yourself and others, but it might be a good idea to think twice before swiping your debit card. That’s because one way to make the most out of it is to spend it wisely – did you know that you can have fun and enjoy your Christmas bonus all while being responsible and saving some of that money, tucking it away for a rainy day or even using it for the better good- for your tomorrow and your future?
It’s not wrong to want to spend on the things that catch your eye, although if you want the best of both worlds, to have the ability to spend and to save at the same time, just keep reading on.
1.) Budget – One very effective way to spend and manage your Christmas bonus is through the use of budgeting. When budgeting your money, you should allot a certain and specific amount of money for the items you would like to buy, such as gifts for yourself, family, friends, and other individuals.
Make sure that everything you spend on has a set amount of money set aside specifically for its purpose, else you might find yourself in a situation wherein you need to buy something important, but it turns out you’ve used up all of your available funds.
When budgeting, be realistic and practical as much as possible because doing so helps to avoid overspending, as well as any possible financial mishaps.
2.) Put your priorities first – Most will find it incredibly tempting to simply throw all of their problems to the wind and enjoy the holiday season with their newfound money. This might seem fun and all, but isn’t a very good choice in the long run…because after the initial wave of happiness and shopping adrenaline fades, you’ll only be left with regret and unpaid bills.
Be sure that before you spend your Christmas bonus on gifts and trinkets, that you spend it first and foremost on the things that are urgent and things that matter. Put that new gaming console away and ensure that you’ve paid your water bill, electricity bill, and other must-pay expenses before anything else! Because after all, it’s far better to enjoy yourself with a lifted, careless and problem-free spirit after all.
3.) Set some away for savings – When the Christmas season rolls around, you’ll probably find yourself throwing money here and there on gifts, expenses, decorations, food- the holiday works. It’s definitely a good time to have cheer and be merry, but that doesn’t mean you shouldn’t think about the contents of your wallet.
When you get your Christmas bonus, setting aside a certain amount and placing it in your bank or your savings is a smart and responsible idea because it gives you extra funds to use for a rainy day, if it ever comes. It’s always smart to think ahead- you never know when you’re going to need that money if an emergency or sudden expense suddenly pops up in front of you, after all!
So before you start splurging and spending your Christmas bonus, take a sizeable portion of it. Some might say it’s impossible to /save during the holiday season, but with discipline as well as the right mindset, it is perfectly possible.
4.) Invest your money – The world of investments, stocks, insurance, and business might seem incredibly daunting but once you play around and get the hang of how the entire system works, you’ll find that its incredibly beneficial, not only for your knowledge but also for your money.
While saving is nice and all, if you really want to get all of your money’s worth it is more than wise to invest it in companies and watch your funds grow and flourish with the economy. Although investing is rather risky, it is more than worth it in the long run so long as you do proper research. You never know, that little amount of money you invested might just be the reason you can afford heaps and heaps of presents for your friends and family members somewhere along the line in the future!
If you want to be smart with your Christmas bonus, investing is definitely a big must- it’s around this time of the year where you see lots of new businesses start to flourish, too, so be sure to keep an eye out for that.
5.) Cut unneeded corners – Although Christmas time is undoubtedly the best time to splurge and celebrate, it might be smart to cut back on the things you don’t really need to have a good holiday season with friends and family.
Don’t just spend and spend for the sake of spending! Try and search for cheaper, but still good quality options for your Christmas celebration. Enjoyment doesn’t have to be expensive, after all. What matters the most is the time you spend with your family and friends, so be sure not to get too caught up in the holiday spending and cut back a little here and there. Your after-holiday wallet will thank you later!
And there you have it, five ways on how to spend your Christmas bonus while still saving for your future.
So long as you have a responsible and strict mindset when it comes to your spending and planning, this holiday season is sure to be both festive and frugal at the same time. Make sure not to be too hard on yourself, however- it is still Christmas, after all.
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