Holiday Handout: 5 Smart Ways to Spend Your Christmas Bonus
The holidays are here, and, if you’re lucky, you’ll seen be receiving your long-awaited Christmas bonus. Whether your bonus is less than $100 or $100,000, you still get to decide what you want to do with this welcome infusion of cash. If you’re having trouble deciding, here are a few ideas of what to spend your festive funds on.
Others
We know, it seems kind of cliché, but it really is better to give than to receive. You don’t have to offer up your entire bonus if you don’t want to, but helping out someone in need could be just the way to show your gratitude for your Christmas cash.
Search out a local or international charity who needs your help (that would be all of them), and find one that really pulls at your heartstrings. You’ll feel great, and you’ll totally change someone else’s day, too.
Necessities
It seems kind of counterintuitive, given the nature and timing of Christmas bonuses, but it might just be a good idea to put your seasonal stash toward stuff you need, instead of stuff you want.
You could use it to pay bills, do repairs around your home, or shopping at a site like Build.ca to upgrade hardware in your kitchen or bathroom.
Why would you “waste” your “fun money” on stuff that is so boring, you ask? If you get your necessary expenses out of the way with your extra money, you can spoil yourself at random times throughout the rest of the year with the money you were already expecting. Birthday month, anyone?
Experiences
Okay, so this one is all about you, and having fun with your money. That said, we aren’t going to give in and recommend you go out and spend your windfall on stuff that you’re not going to use or that will fall apart in a year.
Memories are a precious commodity, so spend your money on something that will give you some memories to last a lifetime.
Go to a baseball game, travel the world, plan a getaway to the beach. Whatever will bring you the most joy is what you need to do.
Plus, long after any “stuff” you buy would have been gone, you’ll still have the pictures and the memories from your fun experience.
Making More Money
For many people, the idea of diversifying through stocks, bonds, mutual funds, or other income-creating opportunities is nothing but a pipe dream. All of their income goes to necessary expenses, and maybe a checkout lane candy bar if they’re lucky.
Your Christmas bonus could be the boost you need to be able to start investing. Who knows? Maybe you’ll find you have a previously unknown knack for smart investing, and be able to retire early with the earnings from your investments.
Nothing.
If you’ve got your eye on a new sports car, or want to remodel your house, simply stashing your money away in a fund dedicated to that could be just what you need to do. Or, if big purchases aren’t your thing, you can use your Christmas cash to build up your emergency fund for when the unexpected occurs. Though it won’t be quite as exciting as some of the other options mentioned, it could turn out to be the smartest move in the long run.
Whatever you spend your money on: own it. Don’t apologize for how you spend money that is rightfully yours. Spend it wisely, and you won’t have anything to explain or apologize for, anyway.
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Category: Holidays
