How I would spend my year-end bonus.

November 16 | Wednesday

It's the time of the year. ATMs in every corner of the town are once again busy as the working class fall in line. Everyone is giddy and excited about their year-end bonus. Salons, malls, and gadget shops are a few of the sought-after establishments.

In socials, it is trending. Memes are flooding. Clever netizens are creatively posting memes of how the working class spend their bonus. Some also express their feelings about not being capable of receiving such an amount of money.

A lot have already planned how they would spend the money. It could be for the necessities, gadget upgrades, or payment for a home mortgage. As they say, it's already spent before they have it in their hands.

How about you? How are you going to spend your year-end bonus?

I'm yet to receive a year-end bonus and I haven't received one since then. But I know some people who have received their year-end bonus. Though it's an extra blessing, many still stress a few days after receiving it as they fail to manage it properly.

I don't want to preach as I'm not in a position to do so. Anyhow, our money, our choice. We have the freedom of how we are going to spend our money/ bonus. However, the world is evolving and it's high time for us to be financially savvy.

Smart financial management is the key to success. No matter how big a paycheck you receive each month, if you are not mindful of your spending, you will still end up burning cash. And we don't want it. We just want to have fun but we don't want to be left with a staggeringly large amount of debt.

For this reason, we have to plan and make sure that our extra money would not go to waste. We have to use it to our advantage. Let's use it to fund something that will be beneficial for us in the future.

Below are my plans for how would I spend my year-end bonus:

Pay off debt

I need to sleep soundly at night knowing that I don't cause stress to the person I'm indebted to. Receiving a year-end bonus is a great chance to pay off debts. Settling debts could give us freedom. It's the first step towards financial freedom. You can now wake up every day without worrying about a few due dates. You would only worry about electric and water bills.

Start Building Emergency Fund

Year-end bonuses could also be used to start building emergency funds. It's a fund that would last for six months. The bonus could be a good start for building the emergency fund.

Life Insurance

We can also use our year-end bonus to top up our life insurance premiums. There is an option for us to pay our insurance premium quarterly, semi-quarterly, or annually. If we want to, we can choose the annual option. It's comforting to feel that the money is spent wisely.

The list goes on. We can give gifts to our family members and relatives. Organize a feeding party. Go on a vacation. But the above-mentioned will be my top priority.

We should do something today that our future self will be thankful for.

Thanks for reading. Until then.

*Hello Read- Friends, I have successfully onboarded another promising writer here. Please help me make her feel at home. Her name is @criscribbler

Do check her articles. Many thanks!

*lead image is from Unsplash.com