Best use of Annual Bonus/Variable Pay

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Got Annual ….and Annual Bonus… Congrats…

How to make Best Use….

— New Gadget in Market – Lets Buy
— 3 years OLD Car , Sell it man..Buy a new one have to take minor Loan
— Lets plan for Longgggg Holiday (Oversees)
— Others….

Correct…..So……these are thoughts come into your mind…at least 10 days before money credit to your account.. ..

Well Well Well….Please STOP thinking..

Think about these first::

– close out expensive loans like credit card debt,
personal loans and overdrafts as soon as possible as we end up paying higher
interest rate on the same.

-You may consider partial repayment of home loan or
any other existing loans you may be currently running for which you are paying
higher interest than what you would normally earn if you had invested the same
at a competitive rate.

-start a new monthly SIP..to save for your Kid’s Education/Other Goal

-Putting your money in the right savings instrument(s) is 3/4 the battle won.

So Next Time…..Think/Plan ahead at least 10 Days before money comes to your account how you are going to spend your Annual Bonus/Variable Pay.

Regards

Finance Doctor

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