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?
Join me in my investment journey and read my financial adventures for free! Through the sharing, my vision is to improve and change people’s lives. In school, we don’t learn how to budget, manage our finances, build wealth and invest our money. Instead, we are taught useless subjects which we would never put to use most of the times during our working lives.
Yet, managing our money is an important life skill that is critical to our survival in the society. Many people start to realize how it is importance of managing money only when they face the prospect of financial ruins, by then which would be too late for remedies. Thus, I started this blog to share articles on finances which I aspire to make a positive impact in others’ lives.
You can opt to subscribe email updates on my articles for free by entering your email address below.
Subscribe to Blog via Email
SG Wealth Builder