There are few better feelings in the world than being properly rewarded for your hard work. For a lot of people in certain sectors, this can come in the form of an end-of-year bonus. The burning question that might be on your mind however, after receiving one, is what to do with all of your hard-earned cash. Thankfully you have come to the right place as this guide contains four excellent ways that you can spend the money.
Donate To Charity
Making a charity donation is one of the most fulfilling ways in which you can give back to the community and also help others who are not as lucky as you. This can be done in a variety of ways, from engaging with local charities near you to simply allocating a portion of your money each month to be automatically transferred to a charity of your choice. Learn more about how to donate money to charity here.
Open Up a Savings Account
Money can go a lot further if you learn how to invest properly. Get in touch with your bank and ask them about the savings plans that they offer. Many savings accounts may require you to have a minimum deposit before you can get started, so an end-of-year bonus may provide you with the financial impetus to get started. You don’t only have to have a traditional savings account either: you can also learn how to invest in different commodities, cryptocurrencies—such as Bitcoin, which rallied this year—and stocks in order to diversify your portfolio.
Take a Well-Deserved Vacation
When all is said and done, life is not just about work. Therefore, if you have the means to do so, then it makes sense to think about taking a well-earned vacation. To save money, it’s a great idea to plan your break in advance. You can either make use of a travel agent—a great option if you want to book a multi-stop tour while minimizing stress—or you can look up both the transportation options and the hospitality choices yourself, perhaps saving yourself even more money in the long run (although in some cases travel agents can save you money). Dream big and make your ultimate dream destination a reality! Just make sure to let work know well in advance so you can book the time off!
Move into a New Home
Many people dream of moving to a new home, but ultimately do not make the big leap because they do not have enough start-up cash to genuinely be able to afford the deposit for either a mortgage or to rent a new place. With an end-of-year bonus, you might find that you finally have enough money to make this long-vaunted dream actually happen. This can be one of the smartest investments you make, especially if by paying this deposit you actually save more money through mortgages or cheaper rent in the long run!
Thanks for reading and y’all stay dandy.
-Diego
Follow me on Instagram and Pinterest for more menswear inspiration.
(Some of these links may contain affiliate links, so that means if you click and buy something, I get a cut. It helps keep the site going! Full Disclosure)