Fortunate enough to have an end-of-year bonus in sight for all your hard work in 2019?
The temptation to splash out on the big-ticket purchases that yield short-term satisfaction can become very real once the money lands in your account. But you’re also being presented with a golden opportunity to strengthen your financial position going into the new year and beyond.
Take a moment right now to consider the benefits of using your hard-earned money more effectively. With a little discipline and planning, you can enjoy a perfectly good festive season without breaking the bank, and invest in longer-term abundance.
Here are our top five tips to get you started…
Pay off debt
Enter the new year with more peace of mind by using this opportunity to reduce any short-term debt obligations with high-interest rates (such as personal loans or store cards).
Invest in your future
If you’re lucky enough to not have any lingering debt, use the extra income to secure your future by topping up your retirement savings or opening (or adding to) a tax-free investment account.
Pay expenses in advance
One sure-fire way to alleviate financial stress in 2020 is by looking ahead to any large expenses you’ll have to cover in the new year (like school fees) and paying some in advance.
Plan your festive spending
There’s nothing wrong with treating yourself and your family over the holiday season. Before you do so, though, decide on the percentage you’ll be using for luxury expenditure, and stick to it. A good rule of thumb is 10 – 15%.
Uplevel your career
Why not leverage the windfall to invest in further education and training that helps you up the ante at work and increase your chances of enjoying an even bigger bonus next year?
If you’re ready to see just how hard the extra income can work for you, sign up for a university-accredited online business short course that’ll transform your professional life in 2020.
Your future self will thank you for ditching the short-lived thrills of the spending season in favour of the lasting rewards of a brighter future.