4. Take Insurance policies: Spend your bonus money for taking some insurance policies as it can help you in many ways. There are different kinds of insurances that can be taken, for instance, life insurance policy, automobile insurance, and more. When you take a life insurance policy you pay a small amount of money from your salary every quarter or every month per year, this money is saved by the insurance company and given back to you as a lump sum amount after a certain period. This might also cover your medical and family expenses sometimes. If your car is damaged in an accident and if you have taken an automobile insurance for it, all the expenses of damage will be taken care of by the insurance company, thus in this way you save a lot of money.

5. Spend some money for your own enjoyment: Yes, indeed! You have been working hard all year to earn that bonus and thus you have all rights to spend your money for your own enjoyment. You can either go for a holiday to relax yourself or buy something that you have been dreaming for something like iPad or a laptop. The idea is to have something to show for your bonus and spend it in a meaningful way that improves your life and your finances. Keep a track on where your money goes so that you can work towards your goals, strike a balance, and of course, continue to save.

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