Spend Your Bonus Wisely This Year End Holidays
Christmas is coming! All the streets and shopping outlets are getting into the festive mood as we await the new year 2015. We at Empire Global are none the wise too. Some of us have gone on long vacations to soak in the holidays we needed. Most of you are awaiting the year-end bonus or AWS or some would call it the thirteen month bonus.iPhone6? Holidays in Europe? Can't wait to spend on those items you want? Let us give you some advise before you think about spending them away.
Review Your Budget
Budgets are important if you want to get your finances in order especially now it's the year-end frenzied shopping happens when big sales goes on in festive seasons. Take advantage of your bonus, all you need is 4 simple tips from us.
1. Don't count your chickens before they hatch
Your bonus might be a sure thing, but don't ever go spending until it's yours. You won't want to land yourself in debt and hate yourself when you don't get your bonus.
2. Factor in income tax & Chinese New Year
Save Your Bonus for Income Tax in 2015Save Your Bonus for Income Tax in 2015
When you receive your bonus, you have to account for the following year's income tax amount. Set aside a sum of the bonus for income tax. Not to forget, the annual CNY festival can amount to large spendings for the family. Ang baos, family dinners, visiting all are unforeseen costs.
3. Formulate a plan and stick to it.
If you had worked out a budget in the earlier part of the year, now's the best time to look at it again. Have you stuck to your goals and savings policy? Look at the financial goals you have made, the bonus can be used as a boost on your goals.
4. Pay off debt
Pay off outstanding debt, whether its credit cards, renovation loan or personal loan, especially if they attract high interest. Have a bigger bonus, consider putting it on your home loan or car loan.
Spending on Year End Bonus
Rather than squandering the cash in needless new devices or luxury items and accruing more debt, because you've overspent on the bonus, consider investing in a hobby, an experience or a charitable course.
Considering travelling? Travel tight on a budget, stay in a hostel. Experience the culture right from within.Learn from billionaire Li Ka-Shing to build up your network and savings using your income. We feel the article is more weighted towards business owners however the common salaryman should saving at least 30-50% of his salary.Invest in long-term investments to get the compounding effect. Compounding goes a very long way and works most effectively when you are consistent.Set up your new financial goals for 2015. Write them down and use your bonus as the baby pot of gold for your new plans. A little bit can go a long way.
Making purchases Online: Avoid online cyber s cam s!
Online Shopping S ca m Be aware of your moneyOnline Shopping S ca m: Be aware of your money
$50 for a camera? Too cheap to be true? Although most of us would have forego such deals, but some of us will still take the bait. There have been several reports of people getting S ca mmed online by deals that seemed too good to be true.The number of cases in reported crimes have risen from 96-504 and the amount involved has tripled. Singapore Police Force has ramped up on educating the public through various media outlets.
Our advise?
Always buy from authorised retailers or known platforms. Check out the seller's profile and ensure that you are confident of receiving the product too. Start by being aware by checking out this video by SPF New Media Team
If you are intending to purchase a device online from digital marketplaces, second hand sellers or resellers, you can do a quick check on the product's imei number on the SPF SPEX platform. http://www.police.gov.sg/epc/spex_info.html
Here's a musical video on online S ca ms (#criminalwatch) to lighten the mood:
Spending on Year End Bonus: Bottom Line
Ultimately, the bonus is yours. Use your bonus in a way that you feel good about and do something that gets you enthusiastic about your overall financial life. And of course, it's best to clear as much debt as possible and living a debt-free life is one of the best feelings that you can have.
For more information on Loans, check out on our website:http://applypersonalloans.sg/
Tags: bonus, bugeting in singapore, criminalwatch, financial advise, financial goal, money
Review Your Budget
Budgets are important if you want to get your finances in order especially now it's the year-end frenzied shopping happens when big sales goes on in festive seasons. Take advantage of your bonus, all you need is 4 simple tips from us.
1. Don't count your chickens before they hatch
Your bonus might be a sure thing, but don't ever go spending until it's yours. You won't want to land yourself in debt and hate yourself when you don't get your bonus.
2. Factor in income tax & Chinese New Year
Save Your Bonus for Income Tax in 2015Save Your Bonus for Income Tax in 2015
When you receive your bonus, you have to account for the following year's income tax amount. Set aside a sum of the bonus for income tax. Not to forget, the annual CNY festival can amount to large spendings for the family. Ang baos, family dinners, visiting all are unforeseen costs.
3. Formulate a plan and stick to it.
If you had worked out a budget in the earlier part of the year, now's the best time to look at it again. Have you stuck to your goals and savings policy? Look at the financial goals you have made, the bonus can be used as a boost on your goals.
4. Pay off debt
Pay off outstanding debt, whether its credit cards, renovation loan or personal loan, especially if they attract high interest. Have a bigger bonus, consider putting it on your home loan or car loan.
Spending on Year End Bonus
Rather than squandering the cash in needless new devices or luxury items and accruing more debt, because you've overspent on the bonus, consider investing in a hobby, an experience or a charitable course.
Considering travelling? Travel tight on a budget, stay in a hostel. Experience the culture right from within.Learn from billionaire Li Ka-Shing to build up your network and savings using your income. We feel the article is more weighted towards business owners however the common salaryman should saving at least 30-50% of his salary.Invest in long-term investments to get the compounding effect. Compounding goes a very long way and works most effectively when you are consistent.Set up your new financial goals for 2015. Write them down and use your bonus as the baby pot of gold for your new plans. A little bit can go a long way.
Making purchases Online: Avoid online cyber s cam s!
Online Shopping S ca m Be aware of your moneyOnline Shopping S ca m: Be aware of your money
$50 for a camera? Too cheap to be true? Although most of us would have forego such deals, but some of us will still take the bait. There have been several reports of people getting S ca mmed online by deals that seemed too good to be true.The number of cases in reported crimes have risen from 96-504 and the amount involved has tripled. Singapore Police Force has ramped up on educating the public through various media outlets.
Our advise?
Always buy from authorised retailers or known platforms. Check out the seller's profile and ensure that you are confident of receiving the product too. Start by being aware by checking out this video by SPF New Media Team
If you are intending to purchase a device online from digital marketplaces, second hand sellers or resellers, you can do a quick check on the product's imei number on the SPF SPEX platform. http://www.police.gov.sg/epc/spex_info.html
Here's a musical video on online S ca ms (#criminalwatch) to lighten the mood:
Spending on Year End Bonus: Bottom Line
Ultimately, the bonus is yours. Use your bonus in a way that you feel good about and do something that gets you enthusiastic about your overall financial life. And of course, it's best to clear as much debt as possible and living a debt-free life is one of the best feelings that you can have.
For more information on Loans, check out on our website:http://applypersonalloans.sg/
Tags: bonus, bugeting in singapore, criminalwatch, financial advise, financial goal, money