Twice a year you have the opportunity to have extra money, which can be a help or a headache. There are those who spend it even before receiving it, and those who seek to make a difference to see the benefit of receiving that extra in their account.
Do you remember what you did with your first bonus? And with June of this year? Was it something really important or was that money diluted in your account and you didn’t know how it went? This is how you can see what place you gave to that extra money and if you want to continue that way or you are going to learn options that are much more beneficial for your economy.
In this case we are talking about the bonus, but it also applies to a bonus that they pay you at work once a year, for a temporary income and even for a refund of money. Any sum that comes in apart from the normal income of the month can be both a help and a waste of money. It depends on you and the decisions you make in the coming days.
How to avoid wasting that money and not getting it “lost” in daily use?
The first thing is to give it a destination. Otherwise, it is very likely that you will spend it without paying much attention, and a few days later you will say “what did I spend my bonus on?” If it has ever happened to you, you know what that feeling of having wasted a good opportunity is like. So that it doesn’t happen to you again, he left you some ideas:
- Use it to pay off one or more debts. Credit cards, money you borrowed, pay off a loan. Something that allows you to stop paying interest every month and at the same time helps you eliminate one or more expenses from your budget from now on.
- If you don’t have debt, the ideal is to invest that money. In a Common Investment Fund, for example, or in other options such as bonds or stocks.
- Pay for Christmas gifts and holiday expenses. This way you don’t add to your January credit card statement. That will give you the peace of mind to start next year with more order.
- Do you want to make improvements to your house, paint or fix something on your car? Take advantage of this injection of money to buy materials, or to pay for labor.
- It is also a good opportunity to renew sheets and towels, curtains or any other element in your house that you always leave for “when you have the money.” Now you have it, take advantage of it!
Of course buying dollars is an option, always keeping in mind that that in itself
It is not just investing, but protecting the value of savings. It’s a possibility, of course. But it’s not the only one.
It is essential that you find a destination for your bonus even before collecting it, so that this time you can make a difference. But be careful! Finding a destination for it is not the same as (mis)spending it. It’s thinking about how that extra bit can help you improve. Once you know what to do and that money actually reaches your account, execute as soon as possible. Don’t leave it in your account for days and days, because not only does it lose value, but you run the risk of spending it outside of what you had planned. Invest it, transfer it or buy what you have decided, as soon as possible. This way you will be sure to really see the difference from what you had done in previous years. You can learn and improve with your money!
Celeste Sánchez is a communicator specialized in family finances and creator of Money in Order.
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by Celeste Sánchez
