If you're lucky enough to get a bonus this year, we have three words for you – spend it wisely!
It’s easy to think your 13th cheque is extra kroon to blow on dop, lekker vriete and Krismis klere on the big days.
But with the rise in food and petrol prices, we are going to hoes more for these in 2017, and you will be better off paying off your skuld and saving up.
“We’re not suggesting that you don’t spend any of your hard-earned bonus on yourself and your family, but now’s a good opportunity to put yourself in a better financial position for 2017,” says Graham Craggs, spokesman for Budget Insurance.
“Instead of blowing your bonus on large and expensive items, rather come up with a strategy that will see you saving, investing or paying off bad debt.”
Budget Insurance has these tips for spending your bonus smartly:
- Firstly, don’t spend your bonus or rack up credit card debt before you’re actually paid your salary.
- Write down a holiday budget, and stick to it, bearing in mind you won’t get a salary at end of December.
- As soon as you get your bonus, move it from your current or cheque account to a different account so that it’s out of sight and you’re not tempted to spend it all at once.
If you have debt with high interest rates such as credit cards and personal loans, pay them off.
- Use your bonus to set money aside for emergencies or invest it in an easy-to-access fund that offers high interest.
- Use your bonus on house maintenance or improvement, thus increasing its value.
- Or put it towards your bond, it will save you thousands in the long run.
- And when Janu-worry comes around, have some geld set aside for the laaities’ school clothes and fees.
- Pay school fees upfront for the following year.
- Treat yourself! If you’re financially healthy, then buy yourself or your family something great. You probably deserve it.
The Daily Voice asked people how people would be spending their bonuses:
- “People should spend their bonus on important things, but keep to a budget. I’m unfortunately not getting a bonus, so I can’t do anything now.” — Radia Baker, 19, from Kuils river
- “I’m only getting my ‘incentives’ in January. I would spend my bonus buying clothes and a new phone.” — Sibulelo Aba, 25, from Philippi
- “People should not do what they did last year (spending rashly). They should just fill up the cupboards and put money away for January.” — Irshaad Smith, 49, from Tafelsig
- “Everyone should use their monies wisely. If you can and know people who really need something, give to those in need. Money is scarce nowadays and this is the season of giving.” — Juwaya Smith, 50, from Mitchells Plain
- “Buy a new car, spend those monies on clothes as it is festive.” — Sisanda Ntsipo, 18, from Khayelitsha
- “People should be wise and not spend all their bonus as it’s a long wait for the January pay cheque. Yet, they should also reward themselves for the long hard year.” — Matthew Sims, 22, from
- Strandfontein
- “They should care for the poor and those who don’t have anything. Start a feeding scheme for the festive period for the homeless.” — Lance Wessels, 24, from Kuils River.
- “They should make an investment in needy kids, sort out their wives and homes.” — Chriszano Matthysen, 30, from Kuils River
- “ Hulle kan hulle geld spend om mense kos te gee wat op die pad slaap.” — Najwa Dickson, 53, from Rocklands.
- “People should just buy gifts for the family, go out on family trips and have lavish dinners.” — Ziyanda Siswana, 20, from Khayelitsha
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