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Diwali Bonus: There are many companies that give bonuses to their employees on the occasion of Diwali. People wait for this bonus throughout the year. However, as soon as they get the bonus, they get winged and spend it on unnecessary work. It is important that the bonus amount is used properly. Today we will tell you where it is better to spend the bonus.
Used to repay the loan: It is better to use the bonus received on the occasion of Diwali to repay the loan. Whatever type of debt you have, try to tackle it. Nowadays most of the people are stuck in the trap of loan or credit card debt. For such people Diwali Bonuses can prove helpful. Even if the bonus is not enough to pay off the entire loan amount, try to reduce the outstanding amount. Apart from this, if you have taken a personal loan from someone, repay it with the Diwali bonus to keep the relationship sweet.
Create an emergency fund: If you are debt free Diwali Use bonus for emergency fund. An emergency fund will prove helpful in meeting emergency needs. This fund should be prepared in such a way that you do not face any financial problem even in bad circumstances for 6 to 9 months. After the corona period, the importance of emergency fund has increased.
Invest for better returns
A large portion of the Diwali bonus can be invested for good returns. Investing with short or long term goals would be a better option. For example, there are options like mutual funds, SIP, PPF etc. You can also bet on shares based on correct calculations and expert opinion.