Year end bonuses
This year will be the 7th time I am collecting year-end bonuses. I will be receiving 2.5 months of bonuses, excluding 13th month. The amount is not big, but substantial enough for me to settle my renovation and insurance loans. I also intend to set aside some money for some investments and my baby’s endowment plan. I targeted to settle my car loan by next year-end, using next year’s bonuses. With that, I would only need to worry about my housing loan.
Most Singaporeans had already made plans on how they are going to use their bonuses. Some planned to go for overseas holiday while others planned to buy big-ticket items like car or house. My advice for those who had just started out working is to exercise financial prudent and use your bonuses to pay off your study or any other loans. The interest incurred, especially for credit cards. can be scary if you keep rolling the loan. So always aim to pay off your debt as soon as possible. And year-end bonuses offer the best life-line to you to finish off your existing debt.
How much bonuses are you collecting this year and how you plan to spend it? Care to share?
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SG Wealth Builder