At the end of the year, the atmosphere is filled with many expectations, hopes and joys, with the festivities and the new year to come. Part of the excitement is receiving your bonus, however, on many occasions you may have felt that you “did not pay” this extra salary. To avoid this situation, we bring you tips to guide you towards a good administration of this money, so that you can make the most of it wisely.

Say goodbye to debts

It is very important that at the time of receiving your bonus, you can divide it and allocate small percentages of it, to pay either necessary services or commitments acquired in credits.

The first thing that is recommended is to pay the debts you have. When you get out of this situation, you will be able to enjoy greater health, in addition to that you will be able to fully enjoy your income.

Reduce expenses

It is normal that when receiving extra money – especially in this time of festivities and celebrations – people spend more, and not necessarily on really important items.

You may be tempted by offers and discounts, however, be able to discern between those acquisitions that are vagaries of the moment and among those which are going to bring a greater good to you or a family member, friendship, etc.

For example, to save on gifts you can invite your friends to a home-made dinner, or get your gifts at a local businesses, so that you can get a quality item, at a comfortable price and at the same time help the local economy.

Know how to wisely invest on yourself

Now, it is clear that after a hard year of work you deserve to indulge, what experts recommend is to allocate 20% of the bonus to invest in fun and entertainment. Remember that getting out of the routine and having a few days to yourself is beneficial for your mental and physical health.

Simply keep a budget and respect it, so as not to fall into excesses.

Save up, save up and save up

The habit of saving is the best advice regarding responsible money management, whether for short or long term goals. Saving is a custom that forms discipline, self-control and responsibility and, in addition to being a tool to achieve future goals, it can also be a savior in troubled times.

In fact there are several digital services and applications that make it easy to save, with these you can move towards a successful 2020, taking the first step towards financial health.