By Stella Thng
First things first: clear your credit card debt, so you don’t continue to incur interest expenses.
And, if you have recurrent bills or are paying anything by instalment, consider paying up the full sum. This puts your bonus to good use, and you won’t have to sweat it out over the next few months or years.
Besides saving on interest (if any), you may even get a discount. For example, if your child attends Chinese enrichment lessons at Berries World, you get a $50 discount if you pay up for the whole year in one go.
Also, when our pockets are deeper, we tend to splurge on little items without thinking about whether we seriously need them. Instead, reserve your bonus for necessary things, like getting a new family car because the one you’re currently using has been in and out of the workshop so many times, it’s become a liability. Or what about renovating that leaky toilet?
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