The holiday season is well on the way and after Black Friday and Cyber Monday your savings account might be looking a little thin this time of year. Luckily, it’s almost time to receive your holiday bonus in December, but how would you go about spending your holiday bonus wisely?
Generosity is key
‘Tis the season not only to be jolly but also to share with those less fortunate. You can donate a portion of your December bonus to a charity of your choice because it is during this time of year when summer is fierce that funds for charities run low in ensuring the kids, or animals have enough food or drink to see them through.
Our pick of non-profit organisations:
Rainy day fund
Do you have a rainy-day fund? You know that when things are good they are great but once in a while we all experience emergencies but don’t necessarily have the money to fund them which causes a lot of people to go into overdraft and to apply for increased credit at banks. Putting some money away for a rainy day is a good way to spend your bonus. Your future self will thank you.
Don’t doubt your debt
Putting your bonus toward paying off your debt is another excellent way to spend the extra money you may have, and your holiday season will be less stressed because you won’t have to be worried about missing a payment date.
If none of the above options appeal to you, we at Finhound would strongly urge you to spend your extra money wisely. You have worked hard for it and the period of time from your December salary to your January salary can feel extra long when you have to scrape by. Remember that your budget should still predict your spending habits during the holiday season and instead of buying extravagant gifts for those you love, get practical or sentimental gifts instead.
Have an incredible festive season from all of us at Finhound.