How to Spend Your Bonus?

An article from The Star Online gave some tips on how to wisely spend your long-awaited bonus (if there’s still any left). Most people will anxiously use it to pay the down-payment to their new car or down-payment for a new house.

1. Review your financial status

2. Pay off your debts

3. Settle your mortgage

4. Education fund for children

5. Set up an emergency fund

6. Add to your retirement fund

However, with the recent petrol price hike, a portion of the bonus might be needed to buffer for the increase spending on transportation.

Though it’s important to be in strict control of your finances, but I do think you should also allocate some small portion of the bonus to pamper yourself. You cannot just keep saving and forgot to reward the golden goose who’d been working hard in laying the eggs.

But still, if possible, the tips given above can certainly give us a better preparation for the future.

Remember, you are only as broke as you are today because you didn’t save enough yesterday.

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