How To Spend Your Bonus Like A Pro

It’s Christmas time again, and for everyone in the corporate world, this means it’s bonus time. Some have already gotten their Christmas bonus (or at least, 13th month pay), while others are still eagerly waiting for that lump sum. Have you already given thought about what you want to do with that money? Perhaps, right off the bat, you will be spending it on Christmas gifts. That’s a noble thought, especially being a Filipino who has long valued the tradition of gift-giving. However, for the professionals who have been thinking of things to buy for themselves as a reward for another year of surviving the hassles of work and irate customers, there are better options. Perhaps a shiny new watch? Or maybe a stylish laptop? That new line of rubber shoes? Here are some of my suggestions on how you can spend your bonus like a pro:

Stocks and money markets. Money has the innate ability to make more money if put in the proper setting. Investing is a great way to do this. Sure, we hear things like “the market is volatile, you might not get your money back as is,” or a story like “I know this guy who lost all his money on this.” But if given the proper orientation like on how to handle your investments, how to research on what company can be profitable for investment, or which bank has less risk than the others, putting your eggs in better baskets will likely produce more chickens.

Clothes. Let us face facts and admit that it has been a common perception that those who dress smart are perceived as smart. Among the employees constantly competing for the management’s interest and attention, those who can wear and carry a smart look has an advantage over their shoddily dressed counterparts given other things equal. Instead of buying new gadgets that are hardly an improvement on your old one, you can focus on looking as stylish as that gadget. Invest on your appearance. Maybe it is high time to let go of the Jackson look and buy new pants that actually reaches your ankles. Maybe your stylish hobo get-up needs revamping to match the corporate setting. Buy something that will improve your face value. This is most important in people involved in sales. Can’t sell looking like someone who will steal the item back now, could we?

Skills. It is Christmas time, and it is also the end of the year. Have you reflected on the things that happened to you this 2015? In your job, what was the defining project that you were able to accomplish? Under what department were you able to work on? Have you been stuck on the same job, or were you constantly adjusting to the leadership style of newly promoted leaders? Maybe it’s high time to start your own path to becoming a leader yourself! You can use your bonus to invest on skills. Enroll yourself in seminars that can improve your leadership skills.

If promotion is not your goal, but rather trying out new things under other departments, you can try out skills-based training such as facilities management for the logistics department, or Internet marketing for the marketing department. Using your bonus to improve your skills may not have its monetary reward in the short term, but being able to add new skill sets can definitely be your competitive advantage in the long run.

Business. Finally, for the bold and ready to take on the competitive world of entrepreneurship, maybe it is high time to use your hard-earned bonus to start your own business. Add that lump sum to your savings and check out how much capital you can use. Don’t be discouraged if you don’t have that much to start that dream business. A lot of people start out small, so maybe you could, too. There are a lot of options for budding entrepreneurs who are strapped for cash. Nowadays, those who are determined to have their own business should be able find a venture that they can afford to start.

It is too easy to squander your hard-earned bonus on things that are not really the most important. To avoid being carried away by impulse, you must already have a plan on how you will use your windfall before you even receive your bonus. Know your priorities so that you could have the discipline to spend wisely.

*Originally published by the Manila Bulletin. Manila Bulletin, C-4, Sunday, January 3, 2016. Written by Ruben Anlacan, Jr. (President, BusinessCoach, Inc.) All rights reserved. May not be reproduced or copied without express written permission of the copyright holders.