What do people spend their bonus on?

[anxious]

My wife said that she heard of a survey that stated that most people spent their bonuses paying off their credit card. Is this true? I dont get bonuses but if I did i'd definitely spent a lot of it on my car. I remember reading an article from Autocar ASEAN November 2006 which did a comparo on the BMW 335i coupe v rivals(triple test)...Audi TT & Porsche Cayman. The artcle started with the assumption that the reader just got a 30000pound bonus and had a dillemma on which coupe to get? Of course in Malaysia even if you get a RM30000 bonus, there's really nothing much you can get.( car of course) I dont think that many can dream of a RM300k bonus. So buying your dream car with the bonus is pretty much out of the Q, anyway what would u do?

 

[David Yong]

In general most people spend their bonuses to clear debts. Your wife is right. There are many people out there who are spending future money (spend first and pay later concept) and that is why they repay it when they get their bonuses at year end.

I just got to know a friend who earns merely RM 2k a month and she bought a Gucci sunglass at RM 1.3k! Her concept is pay first via credit card, then repay back on installment scheme or via bonus later.

 

[Russie]

Using the hard earned annual bonus to clear off debts is definitely not a good choice. What more if it's a bad debt? However, give in situations whereby some people have no choice but to resort in doing so, I guess that's the only way to make yourself relieved as you are able to clear off debts like credit cards, personal loans, blah blah blah (at least partial if not the whole sum). Believe me, having high outstanding balances in your credit card is not something fun. It will definitely take time for you to clear off every single ringgit.

Ideally, bonus received should be used wisely, i.e. in investment, both conventional & very secured investment such as fixed deposit (or time deposit as some may call it) or alternatively investing in other higher return but with higher risk investment (you know, I know).

Having said all these, I believe it would boil down to each individual's situation, different individual have his or her own "situations" to face.

For me, ideally I would want to invest my bonus (if the pay out is handsome) in fixed deposit, whereby I am getting 1% above board rate.

:smokin: Cheers~

 

[initialM]

Using bonus to pay off debt especially credit card is a bad financial practice. Yup a lot of people out there practising this. You should invest the money. When you got the return then only u can spend. Earning 2k & spent 1.3k for sunglasses is like digging yr own graveyard. We must invest for the future. Or else we'll be in rat race like most people out there. Saving & investment are the best practises. Anyone want to have personal advice on how to invest can ctc me hehehehe:love: :love: :love:

 

[Alan Teh]

Well i use my bonus to buy more properties because our cost of standard living is getting higher year by year, land is more expensive nowadays, cost of building materials skyrocketed like hell.

For example i invested in a properties 1 and a half years ago cost me Rm 800K now it worth Rm 1.2M

 

[Kaiza635CSI]

when my bonuses come in it really depends on my mood if i want to spend any of my money.. but if its for 6 then i wont think twice.

 

[affan66]

for me this year's bonus will go into:
1. Reduce house loan
2. Pay off car loan
3. Savings for kids and wife
4. Minor mods to car
5. Holiday

 

[initialM]

for me this year's bonus will go into:
1. Reduce house loan
2. Pay off car loan
3. Savings for kids and wife
4. Minor mods to car
5. Holiday

Wah yr bonus must be huge. :love: :love: :love:

 

[affan66]

huge or small, it is all apportioned accordingly. If i follow my heart, everything goes into item 4.

 

[JKay]

I guess using your bonus to pay off your credit card isnt all bad.

I knew a few people, who when they came into some money, even tho they had debts, they didnt pay any of them off, but just spent it on other things, like branded clothes. To me, that was just plain stupid

Still not good to rely on bonus to pay off debts tho

 

[jarance]

my bonus goes into my home minister retirement fund... :stupid:

 

[initialM]

my bonus goes into my home minister retirement fund... :stupid:

Just make sure the fund does not goes Metrojaya Fund, Isetan Fund, Jaya Jusco Fund & those fund related to it kekekeke:love: :love: :love:

 

[astroboy]

I have done all the above but this year something different, I spent in on the down payment of E90..

 

[jarance]

Just make sure the fund does not goes Metrojaya Fund, Isetan Fund, Jaya Jusco Fund & those fund related to it kekekeke:love: :love: :love:

but unfortunately it does coz the home minister is also the finance minister. :love: :love:

 

[Bailey]

my bonus goes into my home minister retirement fund... :stupid:

aiyah so sad lah u hah as if like u r in the same boat as our fren who alwz bring along his home minister to TT hehehehhe

 

[Jules]

bonuses for new toy(s) for the FAMILY.....remainder for savings/investment, if any left! LOL

 

[meanguy]

Some bonuses come in huge sum, some miserable! No matter how much, I guess we should pamper ourselves with something we longed for after slogging for a year!

 

[Bimmer910]

Once i had a credit card (i was a fresh grad with blue eyes hehe) Like most people, i spent before i could afford it... Took me 2 years to pay off the outstanding amount. Banks still send me "free" cards now and then. BUt i learnt my lesson, and from that point till now, i have never touched a credit card. I spend what i have. Period.

Bonus last year went on invaluable asset(s) - Mummy hospital bill, and babies requirements

 

[Bailey]

such a good son yeah u boy & not to forget good dad also yeah

 

[sesat88]

aiyah so sad lah u hah as if like u r in the same boat as our fren who alwz bring along his home minister to TT hehehehhe

now i really wonder what the Health Minister spend his bonus on?