Five ways to make your bonus work for you
Now that Christmas is over, it’s time to start looking forward to the next best thing – not Easter, but bonus season!
Everyone likes to feel valued, and bonuses are a great way to show appreciation for hard work.
So, how can you make the most of yours and put it to good use? We’ve got a few ideas.
Save it for a rainy day
Bonuses are not guaranteed, therefore shouldn’t be relied on. That’s why it’s important to continue saving your regular income.
A good rule of thumb is to try and set aside 3-6 months’ worth of savings. Plus, you can grow your funds even more by moving them into an X-Account*. You’ll effortlessly earn up to 16% AER on selected cryptocurrencies, with interest calculated daily and paid weekly.
Plan out those big-ticket expenses
Have you got some big expenses coming up? Whether it’s an insurance payment, a home renovation project or perhaps some new furniture, you don’t want to get stuck in an endless cycle of borrowing from banks and paying high interest on your repayments.
So, why not use your bonus? You’ll be able to sort out those costly outgoings straightaway, without having to worry about paying back your bank.
Pay off your debt
A bonus is a great way to start tackling your debts. If your interest rate is high, it’s a good idea to make this your priority. Plus, paying off your debt will free up any money that was once used for repayments.
Let’s say that you had US$500 that would go towards your student loan repayment every month – now that the debt has been paid off, you can use that money for whatever you want!
Come over to the digital side
Curious about crypto? It’s time to see what you’ve been missing! Wirex grants you instant access to over 30 top cryptocurrencies – from big names like BTC and ETH to DeFi superstars like AAVE, MKR and many more!
Whatever you choose, you can effortlessly buy and exchange your favourite tokens in the app at exclusive OTC rates. Check out our full list of cryptocurrencies.
While it’s best to save some of your bonus, that doesn’t mean you shouldn’t spend a little on yourself. After all, receiving a bonus is a testament to a job well done, so why shouldn’t you treat yourself?
Take a small portion of your bonus and spend it on whatever you like. You could treat yourself to a day at the spa, book yourself a well-deserved vacation or finally buy those dream shoes you’ve been eyeing up for a while. Go on, you deserve it!
*X-Accounts are not currently available in Singapore. Interest earned in X-Accounts applies to EUR, GBP or USD converted to stablecoins. T&Cs apply.