Start off your Diwali bonus by reducing or clearing your debts
New Delhi: Diwali 2022 which was celebrated on Monday came with many financial benefits for several employees. Many government and non-government employees received Diwali Bonus and Dearness Allowance from their employers. And now that the Diwali festival is over, they can use the money wisely to et maximum returns.
While some employees splurge on shopping, others make different forms of investments. This time, one can think of making several investments as inflation has become a realty now. However, it is always advisable to pay off debts and make other SIP investments.
Here’s how you can utilise your bonus for future benefits:
Start off your Diwali bonus by reducing or clearing your debts. You can make use of bonus to clear outstanding credit card dues or car loans or even personal loans if any. This to a great extent will reduce your interest burden.
Next, you can invest in mutual funds for long-term benefits and that can help you achieve your future goals. When you invest a lump sum Diwali bonus, it can help you succeed in getting closer to your financial goals in more than one way.
Apart from this, you can also use Diwali bonus to upskill or learn something new can help you in your professional growth.
Another interesting way to invest money is life insurance or medical insurance. This can be done with a Diwali bonus and it will help you secure your family’s future.
For many employees, it becomes difficult to keep aside funds from monthly salary to build an emergency fund but in such a situation, Diwali bonus can help. Ideally speaking, one should have an emergency corpus equal to six months or a year of expenses.
Moreover, if you are planning to buy an asset such as a home or car, setting aside the lump sum can help you for the down payment. For this matter, you could save for short-term goals such as holidays or funding a course.
By clicking “Accept All Cookies”, you agree to the storing of cookies on your device to enhance site navigation, analyze site usage, and assist in our marketing efforts Cookies Policy.
