Smart Ways To Spend Your Year-End Bonus
Many companies offer bonuses to reward employees at the end of the year. If you're one of the lucky ones who has received a great year-end bonus, and want tips on how to spend it, here are some ideas! 1.Pay off debtThe larger your monthly debt repayments are, the less you’ll have to invest for your future. Using a sizeable portion of your bonus to pay off debts, especially those with high interest rates, will save you money in long term. If you have credit card debts, home loans or car payment plans, you can also pay some of these off, so you have fewer interest payments in the future!To avoid unnecessary debt, you can consider using WeLab Debit Card. With a debit card, the money is deducted from your bank account directly when you make a purchase – unlike a credit card, you will not end up with a massive credit card bill! For more information about our WeLab Debit Card, you can go to: https://www.youtube.com/watch?v=OeXzX2_EyZI 2.Setup an emergency fundWe never know what the future holds for us - that’s why we should always be well-prepared. What if you have a large, unexpected expense and didn’t have cash on hand? You might end up having to take money out from your long-term investments. Hence, having an emergency fund is extremely important so you're always prepared to deal with what life might bring — whether it be good or bad. You can try to save 6-12 months’ worth of living expenses as an emergency fund, and store in a liquid, low risk account. Since it may take time to build up your fund, putting some of your year-end bonus could be a good start. 3.Invest in yourself You also deserve to spend a portion of your bonus on yourself. Jobwise, you can invest in a training program to upskill yourself and help advance your career. You can also use your bonus on things that can fulfil your life, for example: learning an instrument, learning how to code, or even learning a new language. Last but not least, invest some of your bonus into your health! Get a gym membership, join a yoga course, or sign up for a fitness magazine subscription are all great options! 4.Splurge a littleWhile we did talk about how to use your year-end bonus wisely, it doesn’t mean you can’t splurge some on yourself. You’ve worked so hard this year, so you can reward yourself a little too! Go do something that makes you happy – go for a relaxing massage, enjoy a staycation over the long weekend, or have a nice dinner with best friends. You deserve it after working hard the whole year. Spending tips 🤑: from now until 31 March 2021, get 5% cash rebate when you eat out, hail a ride or shop for groceries with your WeLab Debit Card on Fridays, Saturdays and Sundays!* 💰*Terms and conditions apply. Offer valid until 31 March 2021. Each customer can earn up to HKD 250 Special Rebate (from eligible spending on Fridays, Saturdays and Sundays) as well as HKD 250 Base Rebate (from eligible spending on Mondays to Thursdays) every calendar month.