Many people will be getting their bonuses this month and while this may sound exciting, it’s important to use the money wisely.
However, it’s important not to get overexcited and overspend because January awaits.
Below are the top five tips on how to spend wisely during the festive season.
1. Treat yourself (within reason)
You deserve a treat after a long year, but that doesn’t mean you should spend all your money in one go. Set aside 10-20% of your bonus for something special.
It could be a weekend getaway, a fancy dinner, or that gadget you’ve had your eye on.
The key is balance: enjoy the moment but avoid spending beyond your means. A planned treat is far more satisfying than impulse splurges that lead to regret.
2. Clear high-interest debt first
Starting a new year with a huge financial load is daunting. Use your bonus to reduce high-interest debt like credit cards, personal loans, or store accounts.
Prioritise debts with the highest interest rates first, as these are the most costly over time.
Not only will this reduce your monthly financial commitments but it’ll also free up funds for future goals. It’s a stress reliever and a smart move rolled into one.
3. Shop for the necessities
Don’t wait until January to start shopping for your children’s stationery or uniform. Buy them now while there is still money so that in January, you can focus on your 2025 goals.
4. Plan for the year ahead
Why wait until January to start thinking about your goals? Your bonus can be the perfect seed money for 2025 plans.
Putting your money to work now can help you avoid financial stress later – whether it’s saving for a family holiday, upgrading your home or funding your children’s education.
