Yes, it’s that time of the year again. And no, I’m not just talking about the holiday rush. For us working professionals, it’s a different kind of rush we love to call BONUS.
Made you smile, didn’t I? But notwithstanding the ‘treat others’ and ‘reward myself’ mindset of extra cash, wouldn’t it be great to give a gift this season that literally keeps on giving? I don’t want to sound like Scrooge, but really, there’s a better way to handle your Christmas bonus.
Rude Awakening: Bonus boom and bust cycle
Where has your bonus gone, you ask. Oh, it’s all in your closet, in your brand new phone, and maybe in that swanky 40-inch LCD that you got for a bargain. Let’s face it: we are all conditioned, teased, and eventually convinced to spend recklessly in this so-called season of goodwill and hope. The Christmas spirit has transitioned well into a definition comprised by weekly mall-wide sales, midnight madness, and party packages.
No, this will not be a sermon, but who are we kidding? When we’ve finished spending our bonus on non-essentials, we’re back to the reality of soaring prices of basic necessities. So in today’s cash-strapped reality, there’s no such thing as extra cash.
Not-So-Rude Awakening: Your bonus can come a long, long way – if you want to
See, we need to change our behavior towards our bonus, if we want it to stay in our hands long enough to be transformed into something more profitable. But how?
1. Let it be. Stop obsessing over how to spend your bonus. Instead, go out of your way to make sure that it stays put.
2. Invest. There’s a reason it’s called a bonus – it’s essentially more than your usual provision. If you haven’t thought of where to spend your money just yet, don’t let it sit still and do nothing! Mutual funds cater to different types of people with different financial objectives and investment horizons. So know your options and make your money work hard by investing it.
3. Start a business. If you can’t beat them, join them, is what they say. I’m referring to the innovative entrepreneurs who see opportunities on how to make their money work harder for them. It could be as easy as starting out with selling food, clothing or other basic necessities at work, with very minimal capital needed.
4. Donate. Well, there will be no immediate karmic pay-out in charity, but hey, you feel good, right? And holiday or not, the satisfaction of knowing that you’ve been a big help is priceless.
Now, can you think of other ways so your bonus will not melt like the butter over a bibingka?
Thanks for this wonderful post!