Why you should not spend your bonus during Christmas 2017


So, it’s that time of the year again and you have by now received your bonus or 13th check (That’s if your company offers one). We know that you want to spend all that money. STOP RIGHT THERE! Here is why we think you should not spend your bonus this Christmas:

  1. You have worked the entire year, spending all that money in one go is not productive.
  2. January is around the corner and you most probably need extra money in January.
  3. 2018 is set to be a harder year than the current year.
  4. School fees will become due in January.

Here are some tips on how to preserve your bonus:

  1. Plan how you intend on spending your bonus.
  2. Move your money from your main account to a savings account.
  3. Spend a minimum of 20% at the most for your December expenses or gifts. The other 80% should be saved or utilised as per our recommendations below.


Some tips to use your bonus wisely:

  1. Set up an emergency funds for unexpected emergencies that may arise in 2018.
  2. If you plan on buying Christmas gifts, rather opt for cheaper gifts.
  3. Open a savings account and start earning some interest.
  4. Pay extra towards your home loan.
  5. Pay extra to your car loan.
  6. Settle short term debts, you will have one less account to pay off in 2018.
  7. Put some extra money away for your retirement.


Check out our article on ways to save this Christmas by visiting our blog. https://blog.smartdebtadvisors.co.za/dont-spend-christmas/