First things first, your 13th cheque is not a bonus. It is your salary, already included in your total cost to company. Your employer is just nice to you by saving on your behalf, for 11 months. Because you can’t be trusted with saving it yourself if they paid it to you monthly. Oh, and your employer also earns a decent interest on that money too, which you get zero of, it is their reward for saving money for you.
Now that is out of the way, let’s see what you can do with your windfall.
If you really want to enjoy the benefits for a long time, not just for the next 16 days of spending sprees, you will be wise to use that money and pay of at least 12 bills of something on your usual monthly budget.
Here’s a few examples that you can pay once-off full annual premium, and forget about it for the whole of next year.
1. Medical aid
2. Short term insurance
3. Child(ren) school fees
5. Credit card or store accounts.
6. Access bond
7. Tax Free Savings Account
8. Retirement Annuity
9. Start an Emergency Fund
If you take your whole bonus amount, and drop it in one of the above, you will enjoy your bonus for 12 full months, instead of 16 days of December.
Bonus: This is an actual bonus, some insurance companies and schools will give you a nice discount if you pay for 1 full year in one shot. Now that’s a bonus.
But if you’ll rather be Moreki this festive, please give me a call, I’ll obey all the rules, as song as you buy.
Peace, have a safe one.