DON'T BLOW YOUR BONUS

With December around the corner, this is how you can avoid Januworry

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TAKE NOTE: What to do, or not to do, with your precious year-end work bonus

MANY people think that they are automatically entitled to a bonus (particularly at year-end) from the company/organisation that they work for.

This isn’t the case. Unless the payment of a 13th cheque or bonus is specifically stipulated and agreed upon in your employment contract, then your bonus is at the discretion of your employer.

For those who are lucky enough to receive a year-end bonus or a 13th cheque, make sure to use it wisely.

I don’t want to put a damper on the long-awaited festive season, but now is not the time to be spending recklessly and getting deeper into debt.

Here are a few dos and don’ts for your bonus:

One of the best things you can do if you have any extra cash is to pay off your debt.

Make a list of all your creditors and note how much your outstanding balance is, as well as how many months you still have to pay and most importantly, what the interest rate is of each debt that you are paying