Make the Most of Your Year-End Bonus: Here Are 3 Ways You Can Do It

The holiday season is almost upon us — it’s also almost time for the much-anticipated year-end bonus! Before you add your wishlist to your cart, remember that this extra cash can be a game-changer to achieve your bigger goals if used strategically. It can redefine how you “treat yourself.”

Here are three ways to use that hard-earned money to bring you closer to your big goals.

3 of the Most Strategic Ways to Spend Your Year-End Bonus

1. Use it to protect yourself from the unexpected

One of the best uses of your holiday bonus is to build your emergency fund — think of it as gifting yourself peace of mind and financial security for the holidays.

Your emergency fund is your defense against life’s uncertainties, from unforeseen repairs medical emergencies, to the unexpected loss of income. The earlier you get started building yours, the more freedom you can enjoy in the future.

Financial experts often recommend saving enough to cover your emergency fund’s three to six months’ living expenses.

2. Use it to grow even more money

Investing in your year-end bonus can lead you to long-term financial growth. It doesn’t have to be complicated, either. Platforms like Earnest offer easy-to-use investment options that can help you get started.

With the Earnest app, you can explore various investment avenues suited to your risk appetite and financial goals and learn all about it as you go. Think about it as putting your bonus to work, growing it over time, and preparing for future financial goals.

The Earnest app also lets you conveniently open an Online Time Deposit account with higher interest rates of up to 4.5% versus a regular savings account.

You can download the Earnest app through this link.

3. Use it to invest in yourself

Continuous learning is a robust investment. Using part of your bonus to enhance your skills and knowledge is giving yourself the gift of better opportunities.

Whether enrolling in an e-learning course on LinkedIn or Coursera, attending workshops, or picking up a new hobby, investing in yourself can yield significant long-term benefits. It can boost your career prospects, personal growth, and overall happiness.

Now for some tips on spending strategically this holiday season!

The season is all about giving gifts, exchanging cards, and showing our love. Here are some tips on making the most of holiday shopping.

• Plan Your Purchases: List what you need and stick to it. This helps avoid impulse buying.
• Look for Discounts: Take advantage of holiday sales, clearance items, and discount codes. Many stores offer special promotions during the holidays.
• Compare Prices: Use online tools to compare prices across different retailers to ensure you get the best deal.
• Buy in Bulk: For items you use frequently, consider buying in bulk to save money in the long run.

Your credit card can be a valuable tool during the season. Here’s how to use it effectively:

• Earn Rewards: Many credit cards offer cashback or reward points for purchases. Use your card for holiday shopping to maximize these benefits.
• Avoid Interest: Pay off your balance in full each month to avoid interest charges and maintain a good credit score.
• Check for Promos: Look for credit card promotions or deals, such as discounts on dining, shopping, travel, and additional cashback offers. Check out Metrobank credit card promos here.

Need a Metrobank credit card? You can apply here.

Find the best holiday promos

Look for holiday promotions, including cashback deals, discounts, and special offers. Many retailers and online platforms run limited-time promotions, so checking out these deals can help you save more on your purchases.

Happy holidays and happy saving!