BANGALORE:  Got your annual bonus for this year? So what’s your plan? Spend it, what else? Do you think the same? It's always great to get a raise or bonus, but it is equally important that you use the extra cash to make smart financial moves that can increase its value exponentially over time. If you will splurge all your bonus money in excitement then you will be the only person who will regret later. Thus wise money management and productively using annual bonuses will help us to take care of not just present needs but also future needs and contingencies.

1. Repay your debts first: Use you bonus to pay off all your high- cost debts! Nowadays several young professionals don’t realize how debts can cause disaster to them. Until they receive calls from credit card collection agencies, they keep on spending lavishly, neglecting their credit card bills. Debt management must be the first in your priority list when you get your annual bonus. It is advisable to keep the habit of paying off your balances in full as they come due. That means paying off a chunk of your loans will immediately start saving you more money than you could if you continue to make those slow and steady monthly payments.

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