Diwali Bonus is one of the satisfaction in the form of money for the employee.
Are you the lucky one [wp-svg-icons icon=”thumbs-up” wrap=”i”]
I am sure you have planned your entire bonus on the lifestyle-related purchase.
Have you ever planned to utilize the amount in a proper designed way to keep yourself financial healthy?
There are few ideas to help you deploy your finances in a more productive way.
Reduce your EMI burden and long-term loan
Every individual or employee is holding hands with EMI in any way or other, Home loan, Car loan, Personal loan, Education loan.
Have you ever think for reducing your EMI or closing your debt.
As per experts, closing your credit card debt is on your top priority list, which will reflect your credit score.
Last, to go with the home loan and education loan, that will reduce your repayment tenure.
Buy health Cover for family
Buying health insurance for family required an expert advice, selection of perfect gems for your family health insurance is a difficult choice.
Never depend 100% on group health policy of your company, also avoid individual health plan, family floater includes husband, wife along with children.
Single premium Term Plan
Buying a term plan for the salaried is very important to secure the family member, the point is:
Have you selected the term plan according to your family future plan?
This year invest your bonus amount in single premium term plan which will cost you little bit ample but also secure your life as well as you don’t have to worry about the lapse of premium.
It’s not cost effective, but if you miss your premium payment your policy lapse and there is no chance of renewing your policy.
You have to purchase a new one which must be high premium play. You can also avail the tax benefit under section 80C.
If you don’t have, have one.
The emergency fund keeps you always two step ahead, That will help you in unplanned financial crises.
Keep your emergency fund in liquid form, whenever you required it will be available for you without delay.
Topping up of your investment
Investment in the mutual fund (SIP) sometimes required a lump sum top up, just to regain the market downfall, that will also help you averaging your investment.
I personally prefer to inject some additional amount other than SIP to take complete benefit of market fluctuations.
Invest in Fixed deposit for your parents
Interest income up to ₹ 50000, for senior citizen in a year is exempted. Transfer money to your parents through cheque and invest in fixed deposit and make yourself nominee to avoid dispute.