Money Tips: Planning a party as soon as you get your bonus money? Complete these 5 tasks first..

Bonus Money Tips: As soon as the bonus money comes into the account, happiness comes to the face. But do you know that you can increase this money even more by using it smartly? Before partying and shopping, look at these 5 points which will make both your today and tomorrow better.

First of all, get rid of expensive debt.

If you have any expensive debt, like a credit card or a personal loan, then use the bonus money to repay it first. The interest on these loans is very high. Getting rid of the debt means that the interest money will be saved, which will be your direct income. This is the investment with the most guaranteed return!

Create your own 'emergency' treasure.

No one knows when an emergency will come in life. Create an emergency fund equal to your 3 to 6 months' expenses with the bonus money. If you already have it, then increase it further. This fund will save you from begging in front of someone in difficult times, like losing a job or a medical emergency.

Save tax and increase money.

You can also earn money by saving tax. Invest your bonus money in schemes like Public Provident Fund (PPF), Equity Linked Savings Scheme (ELSS), or Sukanya Samriddhi Yojana. Investing in these will give you tax exemption, and your money will also grow in the long run. That is, kill two birds with one stone!

Strengthen your security cover.

Do you have adequate health and term insurance for yourself and your family? Use the bonus money to increase your insurance coverage. Remember, insurance is not an expense, but the most important investment for difficult times that keeps your family financially safe.

A little fun is also important.

After all the planning, it is important to give yourself a small reward. Spend a small part of the bonus on things you like. Be it a new gadget, a short trip or a party with friends. After all, you are the one who has worked hard throughout the year.

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