Smart ways to spend your year-end bonus

Getting a new phone? A camera? A holiday or perhaps a new handbag? Most of us are eager to cash out our much-anticipated bonus. If you’re reading this, you’re probably looking to make your cash go the extra mile. Great thinking! That bonus is like a seed –  you can eat it now, or you can choose to let it grow and bear fruit.

Here are some ideas to inspire you, because you may just invest your way to billionaire status!

Save it

They say that nobody became a billionaire just by saving money, but that doesn’t mean you shouldn’t save at all. Having a fund ready for emergencies can be a lifesaver. Most would say that 3-6 months of your salary is good to have as an emergency fund.

Invest it

Money can be like a seed, it grows or withers depending on where you put it. There are various investment journeys out there, it may be worth your while to read about investing for beginners.

Pay off debts

A bonus can be your shortcut out of debt, especially if you are looking at substantially high-interest rates like credit cards. The sooner you pay them off, the more dollars you save.

Help others

Giving back to support a cause is a noble gesture. It can help boost your sense of fulfilment and can make you feel better too. If you’re considering donating money, there are tax-friendly ways that can give you a tax deduction of up to 250%.

Upgrade yourself

This can be anything that boosts your skills, health, or appearance. Having the extra confidence that comes with a self-upgrade can be very beneficial to your future. Consider the following to get you started:

1. Culinary courses
2. Job-related courses
3. Gym membership
4. Books
5. Facial treatments

Protect yourself

Having savings can be a wonderful thing, but what happens when you don’t have enough? Keeping yourself covered with insurance can safeguard you from life’s setbacks. There are various types of insurance products that can protect you from different events. You can even purchase some online, instantly! Insurers like FWD make it easy for you to get an insurance quote in seconds.

What can you protect with insurance?

Home insurance

It’s what’s inside a house that makes it a home. Basic HDB Fire insurance only covers your walls, and not the things that you’ve bought in it. FWD Home insurance helps protect you from loss or damage to your home contents and renovation, including the cost of removing debris when an insured event occurs. 

Personal Accident

Accidents can’t be predicted, but you can be a step ahead by covering yourself from hefty medical expenses. FWD Personal Accident insurance even provides a daily cash allowance for up to 365 days in case you get hospitalised because of an accident, food poisoning, or infectious diseases.

Travel insurance

If you’re thinking about having a vacation to reward yourself, don’t forget about travel insurance. If you ever need emergency medical evacuation, the last thing you’ll want to think of is how much it costs. FWD Travel insurance has limitless cover for medical evacuation, plus other great benefits.

FWD is the only insurer in Singapore that offers cashless medical outpatient claims through a medical eCard on the FWD Flyer mobile app. You can easily go to a doctor if you feel unwell after your trip and not have to pay cash up front (up to $500 per visit).

Cancer insurance

Cancer is the leading cause of death in Singapore, with one in five Singaporeans likely to contract some form of it in their lifetime. That’s why FWD Cancer insurance is designed to be simple yet solid, it provides a 100% payout for all cancers, even for early stages.

Term Life

You can also choose to protect the people most important to you. FWD Term Life insurance ensures your loved ones receive financial support in the unfortunate event you are unable to provide for them due to an accident.

You are entitled to spend what you earn, we believe in rewarding ourselves when we deserve it. The truly important question for you is, how will you spend it?