By Lina Martinez

The holiday season is a time for friends, family and good food but for some, it also means a big Christmas bonus. Some of that money is inevitably going to go on gifts but what do you do with the rest? That lump sum of money gives you a lot of opportunities and if you just spend it all on stuff for yourself, you’ll regret it in the long run. But when it’s burning a hole in your pocket, it’s difficult to know what to spend it on. Don’t waste it, try some of these ideas instead.

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Buy Precious Metals

Investing the money is always a sensible choice but if you don’t know that much about the stock market, it’s risky. You can always get a broker but then you’re paying them fees and the whole thing can be a bit too stressful. But if you buy silver or gold with that money and sit on it, you could sell it for a big return in the future. If not, it’s a good financial investment to pass on to your children. The benefit of buying silver or gold is that the market is nowhere near as volatile as stocks. There will be some ups and downs in price but those precious metals are always going to be valuable.


Most people are sitting on a big pile of debt these days, it’s become the norm for a lot of us but it shouldn’t be. When you’ve got high interest debts from credit cards or loans, you’re just burning money every single month. Clearing them as quickly as possible is the best way to avoid that but most people just can’t afford to pay more than the minimum amount. If you’re in this position, you can use your bonus to pay it all off, or at least clear a big chunk of it. People are wary of doing this because it seems as though the money’s all gone just like that but the thing is, you’ll have more money left over at the end of every month if you aren’t making hefty interest payments.

Save For Retirement

Building a healthy retirement fund should be at the top of your financial checklist. Even if it seems far away, it’ll soon come around and if you haven’t put enough aside you’ll regret it. It’s difficult to save when all of your other expenses are stretching your salary to the limit, but if you put your entire bonus into a high interest savings account, you’ll get a good head start. Having a big chunk in there already encourages you to add to it and you’ll start building interest on it from an early age. Compound interest is one of the best ways to secure your financial future so getting as much in your savings account as early as possible is vital.

These are three great options for spending that Christmas bonus but it’s worth remembering that the holiday season is a time for fun, so don’t be afraid to spend a little bit on yourself. Just don’t go overboard.

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