Have you recently received an extra bonus and you’re trying to think of ways to spend it? Maybe you had an excellent month of work and wound up with some extra commission? Whatever the situation, having a little extra money is a great position to be and you might be wondering how to spend it. Here are 4 productive ways to spend your annual bonus:
1. Home Repairs
Investing in your home is always a smart idea, especially if you’re able to do so in cash. It’s important to consider what will make your home more comfortable and best increase its value in the long term. While it might be tempting to focus on more surface projects like buying a new TV or updating the colour of your living area, I would suggest you might want to check to see if there’s any more substantial work your home needs. If you’re living in a colder climate, then a real concern will be your water pipes and how they handle the winter months. If you have had an issue with pipes freezing over, it might be worth investing in a Heat Line system to ensure that the pipes are gently and properly heated to combat any frosting issues.
2. A Vacation
If you’re in a good place financially, then I always suggest spending your bonus on a family vacation. Life is so busy, especially when you take into consideration how much of our free time we really get to spend with our loved ones. A vacation is the perfect opportunity to slow down and really connect with those who are most important to you. You don’t have to go far to create special memories, even somewhere that’s within driving distance from your home city can make for a wonderful vacation. If you don’t have children, I suggest that a really fun holiday could be going to a variety of vineyards and doing a wine tasting tour where you can buy some red wine gifts to take home with you. Maybe you’ve got some bucket list destinations that you want to check off, using your bonus is the perfect way to make those travel dreams a reality.
3. Paying Off Debt
This may be the least “fun” thing on the list, but often being responsible is the best way to spend your money. If you have any personal debt, you’re probably being charged interest each month which adds up quickly. Not only will clearing some of the debt help you make a real dent in your debts, it will also minimise how much interest is being added to your debt, ensuring you can pay it off as fast as possible. There are many suggestions of how to pay off debt, but I would personally focus on whichever debt has the highest interest rate. If you’re wanting a bit more financial advice, it might be worth investing in the services of a financial planner to help you come up with a strategy for getting ahead.
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