I got a bonus last year from my company but I want to maximize on this windfall. What should I do? Frivolous spending is not an option.
You are right not to blow it all on something frivolous that will not accrue any future financial benefits for you. While it is okay to treat yourself, your best bet would be to use the bulk of the money to improve your financial status. This would be the greatest benefit to you rather than succumbing to the temptation to buy that big screen television you always wanted.
At the Unit Trust, we encourage investment of any unexpected monies that may come your way, whether it is a tax return, medical claim or income from a second job. In particular, the receipt of a bonus can be significant enough to ease some financial constraints without having to tighten your belt.