Bonus season has started!! Appraisals , Yearly Increments and Performance Bonus. Bonus is reward for the excellent contribution you made for the growth of the organisation. This is the month where you get extra credit into your salary account. There are many ways to put your bonus work for you.
Mentotax is here to guide you to utilise the funds wisely.
Plan your family vacation:
You have worked so hard for the year and earned good appraisals. It's time to celebrate the occasion and relax to make yourself powerful. Plan a trip along with family using your bonus.
You have worked so hard for the year and earned good appraisals. It's time to celebrate the occasion and relax to make yourself powerful. Plan a trip along with family using your bonus.
Pay off Debts:
Paying off the credit card bills, personal loans are recommended as they charge high interest. Utilise the bonus to prepay the debts.
Paying off the credit card bills, personal loans are recommended as they charge high interest. Utilise the bonus to prepay the debts.
Build Emergency Corpus
Employ your bonus to build the Emergency corpus equivalent to six months expenses of your family. Emergency corpus plays vital role in financial stability.
Employ your bonus to build the Emergency corpus equivalent to six months expenses of your family. Emergency corpus plays vital role in financial stability.
Invest in yourself:
Use the bonus to enhance your skills, start participating in workshops, seminars, conference. Pay subscribtions to periodicals, Association using the bonus.
Use the bonus to enhance your skills, start participating in workshops, seminars, conference. Pay subscribtions to periodicals, Association using the bonus.
Reduce your taxes:
Work with your bonus to earn maximum salary to your pocket instead of paying taxes. Invest your bonus in NPS, ELSS Funds, PPF account based on your risk appetite, Time horizon and Tax Slab.
Work with your bonus to earn maximum salary to your pocket instead of paying taxes. Invest your bonus in NPS, ELSS Funds, PPF account based on your risk appetite, Time horizon and Tax Slab.
Boost your Insurance Portfolio:
Enhance your term insurance plans and top up your health insurance utilising the bonus. Have a maximum cover so that your family will not face any trouble in your absence.
Enhance your term insurance plans and top up your health insurance utilising the bonus. Have a maximum cover so that your family will not face any trouble in your absence.
Start new SIP/STP:
Invest wisely to get maximum out of bonus, park Ur bonus in liquid fund and start STP in equity funds. And enhance your existing SIP by 10% for better returns.
Invest wisely to get maximum out of bonus, park Ur bonus in liquid fund and start STP in equity funds. And enhance your existing SIP by 10% for better returns.
Invest for your childrens future:
Direct the bonus in savings scheme like Suganya Samruthi Yojana, Childrens Fund to save for the child future. Longer the Investment, better is the compounding and return.
Direct the bonus in savings scheme like Suganya Samruthi Yojana, Childrens Fund to save for the child future. Longer the Investment, better is the compounding and return.
Start Investing on New Initiatives:
Utilise the bonus to set up your own band , start a small green house farming for vegetables, Buy a musical instrument , make your home energy efficient to reduce electricity bills, buy a bicycle for cycling , Buydgets to enhance your effeciency.
Utilise the bonus to set up your own band , start a small green house farming for vegetables, Buy a musical instrument , make your home energy efficient to reduce electricity bills, buy a bicycle for cycling , Buydgets to enhance your effeciency.
Mentotax recommends to utilise your bonus wisely and make most out of it. Plan your finances well and attain financial freedom.
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