Got Diwali Bonus - Use it Sensibly

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Diwali is just around the corner and the festive cheer can be noticed everywhere. People are already planning how they want to spend their bonus; buying a car, electronics, designer clothes etc. However, majority of them go overboard and end up depleting their bank accounts with unwanted purchases. We must ensure that we make optimum use of the bonus amount.

First and foremost, a list should be made so that the unnecessary expenditure can be avoided. It is vital to keep a check on expenses. Do thorough research before buying products so that they get best deals and save money.

We might often be tempted to blow away entire bonus on purchasing their desired merchandise but we should refrain from making this big mistake. A part of the bonus must be kept aside for shopping whereas the rest can be used for other purposes such as paying off debts. Loans are undoubtedly worrisome for any individual and repaying even a small part can provide relief. My advice to pay off any outstanding credit card amount succeeded by personal loans if any.

Investing in gold is the first thing on our mind during Diwali. However, we should encourage invest the bonus in other vehicles and take one step closer towards attaining monetary objectives. For example, an SIP of Rs.4000 every month can be increased by Rs. 1000-2000 to reap the benefits later. In addition, forming a retirement corpus should be top priority for all of us. We should think about long-term investment options which offer tax benefits as well.

Diwali is the festival of lights and happiness, the perfect time to donate money to bring a smile on someone’s face. We should keen to donate part of their bonus for a good cause. Moreover, there are certain organizations who give tax deductions up to 50% or 100% of the contributed amount, in accordance with the IT Act.

Thanks

Regards

Gaurav Kansal

9313368533

“Happy Diwali”

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