You could eat out more, buy a new TV, spoil yourself with a new car, or have a relaxing spa day. However, if you really want a head start in 2017, use these tips instead.
After receiving your December bonus it can be tempting to go all out and have some festive fun. You could go to restaurants, buy a new TV, spoil yourself with a new car, or have a relaxing spa day. That way, you will have reloaded your batteries and will be able to start working again with a healthy mind after the holidays.
However, if you really want a head start in 2017, both personally and professionally, consider these 5 ways to make better use of your December bonus.
Pay off debt
Start 2017 with a financial clean sheet and use your bonus to tackle your debts. You will thank yourself afterwards for getting rid of debt sooner rather than later.
Start by paying off the ones with the highest interest rates, because that’s the one costing you the most, and work your way through the rest after.
If you’re like most people, you don’t want to work for the rest of your entire life. By investing you will have your money working for you. It will create wealth because of the increasing value of the assets you buy and sell.
Whether the aim is to send your kids to university, or to buy a fancy yacht, investing in stocks, real estate, or businesses will help you get there.
If there are no debts to pay off anymore, you should start building funds like an emergency savings fund, or a retirement fund, or any kind of fund for something important you want to save up for. This way you build in extra financial security for unforeseen circumstances like bad illnesses, accidents, or more positive changes like a career switch or relocation.
So set up a simple account and an automated monthly deposit, and thank yourself later when you really need it.
Take a course
One of the most effective ways to get ahead is to keep learning new skills. It helps you to maintain your competitive edge in your field, advance your career path, earning a certificate that’ll enhance your resume, and so on.
Plus, numbers don’t lie. Being a more skilled professional will most likely earn you a raise, which will allow you to get ahead in 2017 even more.
Take a mentor for lunch
Invest in your networks to help you get ahead professionally. Keep in contact with old professors, your ex-bosses, or other experts in your industry you admire and can help build your career.
Using a part of your December bonus for lunch or coffee is just a small effort, but it is a great way to maintain a good relationship with a mentor, which could be essential to your career.