Best Way to use your Diwali bonus efficiently

By Jayadeep Reddy

Posted on October 1, 2019

You’ve worked hard throughout the year, and now some of this effort is being rewarded in the form of the Diwali bonus. For many individuals and homeowners, the Diwali bonus is one of the financial highlights of the year, and it can transform the direction you’re heading in, or can give you access to new opportunities you never had!

However, while it’s nice to have some more money in the bank, one of the big questions to ask is what’s the best way to spend it. Today, we’re going to explore how you can do this, all to ensure you’re making the best and wisest decisions.

Clear Any Debts

Having debts can be expensive but acquiring your Diwali bonus can be a great opportunity for you to clear some of the balance. The more debt you have, the more interest you’ll be paying, and the more expensive it will be in the long term. Why not treat yourself to some well-deserved financial freedom!

Treating Yourself

Like we said above, you’ve worked hard throughout the year, so if you’re already financially well-off and prepared for some of the other points we’ll talk about today, why not treat yourself to something special. Whether this is payment towards a new car, a new computer, a smartphone, or even a vacation, use the money on something that will make you happy.

Protecting Your Future

While you’ve got the funds now, this can be a great time to protect you and your family in the future. Most commonly, this will in the form of insurance, such as a life insurance policy. These can help you to ensure you’re financially stable now and, in the future, regardless of what happens. You find quotes and term insurance plans here when you’re ready.

Profitable Investments

It’s common knowledge you need to spend money to make money, so why not look at what opportunities you have to invest now and have a greater return in the future? You could seek the assistance and knowledge of a professional investor, or look into what bank accounts, ISA plans, and stocks could be good for you at the time of receiving your bonus.

Save for a Rainy Day

You can never be sure what the future holds, and what might need to be paid for and what costs need to be covered. Instead of spending your bonus, why not stick it into an account and save it for when you need it. This way, if you ever come up against any unexpected costs, you know you’ll never have to stress about it!

This could be anything from being short on rent or needing to repair something, to getting yourself a new car or even a new deposit on a house!

Summary

There are plenty of ways you can spend, or save, your Diwali bonus, but spending it wisely instead of wasting it on short-term purchases that end up wasting it can be one of the best decisions you’ll make. Take your time and spend it on what works best for you!

Best Way to use your Diwali bonus efficiently