Apart from being synonymous with light and bountiful celebrations, the joyous festival of Diwali also brings financial perks in the form of Diwali bonuses. As a recipient of a Diwali bonus, you may have shopping for gifts, gadgets or perhaps the latest car on your mind. However, shopping is just one way to use the amount. You could also use this surplus to get your family an insurance policy or invest for a better financial future. Take a look at the best ways in which you can use your Diwali bonus this year.
Clear outstanding, high-interest debt
Unpaid loans and high credit card debt can be financially draining and cause significant stress, so if you find yourself in a situation where your debt is becoming difficult to manage, use your Diwali bonus to clear it. Doing so not only helps you avoid a debt trap, but also allows you to avoid penal interest and additional charges. Further, settling all your dues reflects positively on your credit score and improves your credit history. Even if you can’t clear your dues in full, a part-prepayment will work in your favour and immediately reduce your interest obligation.
Plan an exciting family vacation
You can use the bonus to fund your personal goals. With the bonus in hand, you can plan an international holiday for your family, for example, and make their dream holiday a reality. As tour operators offer festive discounts on holiday packages for domestic and international trips, you can scour the web for a good deal and plan an exciting Diwali getaway this year.
Create a contingency fund
If you don’t have an emergency fund in place, consider using your Diwali bonus to start one. Having a corpus to fall back on is essential as unpredictable incidents such as a job loss or a medical complication can cause severe financial stress in case you don’t have the necessary financial wherewithal. Earmarking finances for contingencies also helps you build a savings habit. You can make this an annual practice or simply add to the fund whenever you have surplus money.
Purchase an insurance plan to prepare for uncertainties
You wait for the festive season to shop for products that will make your family’s life more comfortable, but this year, you can go a step further and give your family superior protection by purchasing a health insurance plan. Using your Diwali bonus to get a holistic plan makes for an ideal Diwali gift, as by doing so you are securing your family against unforeseen medical emergencies and ensuring that you never have to compromise on quality care.
Grow your wealth by investing in an FD
Among the range of investment options available in the market, FDs are particularly useful as they give you guaranteed returns without any effect of market fluctuations. Further, when you invest in an instrument such as the Bajaj Finance Fixed Deposit, you grow your money with attractive FD interest rates of up to 8.70%, without compromising on security.
In fact, this FD has secured some of the highest stability ratings thereby ensuring you of timely interest and maturity payouts. It has the highest ratings of FAAA by CRISIL and MAAA by ICRA. Moreover, Bajaj Finance’s 2.5 lakh FD customers and a book size of over Rs. 17,000+ crore are further proof of its merit.
To understand your earnings closely, consider these tables.
If you are a new customer:
If you are an existing customer:
Alongside impressive returns, this FD offers you a convenient auto-renewal facility that allows you to renew your deposit for another term without any paperwork or formalities and benefit from renewal bonuses as well. Similarly, you can use the multi-deposit facility to invest in several deposits using a single cheque. Investing in a Bajaj Finance FD is not difficult at all; all you need is at least Rs.25,000. Then, fill an online application form and authorise a representative to get in touch with you.
So, this Diwali, make use of these 5 tips to put your bonus to the best possible use!