What's the plan with the bonus?

It has not been an easy year financially for many of us. And since we have worked so hard, we feel we need a break. And getting that bonus might just be that break we've been needing.

If you are one of the fortunate ones to get a bonus this year, yay for you, *air punch*. The last time I got a bonus was when I was at a restaurant on eat-all-you-want-day. That was so 'rewarding'.

So what's the plan: new shoes, phone or bag? I know, those would be amazing. Still, we want to start 2016 a little better this time. Uhmm no, I am not talking about new year's resolutions. I am talking about creating wealth for ourselves and getting rid of that bad debt. Read about good and bad debt here.

So, what's the plan? How are we going to tackle this bonus business? My ?ish for you is to live freely - no stress or worries about money. So depending on your financial situation, I suggest just three things for spending your bonus this year:

- Live Large -- at leas for one night. Set aside a little money for a dinner out and enjoy whatever you fancy. Good food and good company is a win, always, and a chance to dress up cannot be missed. You've worked hard, so yes you can. Just don’t blow the entire bonus on expensive food. Remember this is for one night only.

- Pay down debt. No matter how much it is you received this year, that bonus can wipe it out or at least reduce it substantially. Be smart and pay off those high interest credit cards pronto.

– Invest the money – Treat the money with respect; save some of it and let the power of compound interest go to work for you.This might be a good time to invest in Satrix. You don't need a financial adviser for this. They have plans starting from R 300 a month or R 1000 lump sum. Just read a little bit on their website and see which investments is best for you. This is one investment you won't regret. 

- Or you can save in Retail Savings Bonds. The minimum amount that can be invested is R1 000 per investment. You can increase your investment in any of the Retail Savings Bonds by buying further RSA Retail Savings Bonds, not exceeding R5 000 000 and each amount invested being a minimum of R1 000.

Remember that a bonus is not a regular income and because it comes once a year, you should try and maximize it one way or another in a profitable way. There is nothing as horrible as seeing your hard earned cash vanish before your eyes. Happy holidays.