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Have you thought about what you're going to do with your bonus?

by , 04 November 2016
Have you thought about what you're going to do with your bonus?
It's coming to that time of year when many people may have an end of year bonus to look forward to.

Whilst your first thought may be to go out and splash it, you should resist the temptation.

So what should you do with your bonus instead?

Read on to find out…

What you can do with your bonus

There are definitely ways you can put your bonus to better work than splashing it on unnecessary items.

Here are a few options…

Use your bonus to pay off debt

If you have balances on your credit card, store cards or an overdraft, why not use your bonus to pay it off, or pay off as much as it will cover?

This will reduce the interest payments you have to pay on any leftover balances. With interest rates on debt much higher than that on credit balances, this makes perfect sense.

Save your bonus

You could put your bonus towards something you’re saving up for. Consider fixed-term bank accounts or government retail bonds to secure the best rates of interest.

These options are good if you know you won’t need the money for a specific length of time. And they’ll prevent you from dipping into it too.

Put your bonus into a tax-free savings account

If you haven’t already put your annual allowance for your tax-free savings account to work, start off with your bonus. You can save up to R30,000 a year in these accounts.

You can use your account as a way to save, or to invest in unit trusts or exchange traded funds. This will help your money grow over the long-term.

So there you have it. What you could do with your bonus.

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