5 Practical Uses of Your Christmas Bonus

Here are five practical uses of your holiday bonus that will make you better off in the long- run:

 

1. Prioritize Debt Reduction
   Consider paying down your debts, such as high interest credit cards or loans. Focus on paying down those high-interest-rate debts. Less debt means less money spent on interest and more savings for the new year.
    
2. Establish or Boost Your Emergency Fund
   Use your bonus to recover from any financial blows you took this year or ‘beef up’ your emergency fund in a high-interest savings account like the JMMB Bank Bonus Saver account. Your bonus could give your emergency fund an immediate boost in the form of a lump sum, allowing you to reach your other financial goals more quickly.
    
3. Invest in your Retirement
   Give your retirement savings a boost by setting aside your bonus for this reason. Remember, the earlier you begin planning for retirement, the more time your money has to grow. Consider contributing to your retirement account or an approved pension scheme, such as the JMMB Retirement Solution.
    
4. Add to your Investments
   If you’re new to investing, consider investing in stocks, unit trusts, bonds, or other investment vehicles. Diversifying your portfolio, by having a good mix of investments can offer better long-term returns and help you build wealth over time.
    
5. Fund Long-Term Goals
   Lastly, you can use your bonus to help fund those cherished long-term goals – be it a deposit on a property, start a business, or a long overdue vacation. Using your holiday bonus is a great way to get started on these goals.
    

Make this holiday season a steppingstone to long-term financial growth by using your Christmas bonus wisely, and it'll be a gift that keeps giving.
 

Written by: Michelle Sinclair-Doyley, Corporate Manager, Group Financial Partnership Support & Financial Education