You can use your Diwali bonus to invest in various options to protection of your short term, middle term or long-term interests depending upon how you are currently placed
Also, Diwali being a festival of lights and celebrations, Diwali also brings joyfulness in the form of bonuses. You can put this money into a different investment and earn impressive returns or you can use it to pay off your debt.
Here are few ways you can put your Diwali money to best use.
Buy Health Insurance
The treatment costs have been going up with time and it’s important to have sufficient health cover to meet this cost. If you have not taken a Health Insurance for self and family yet, it would be wise to use a portion of the surplus money to buy Health Insurance. Even if you are protected under corporate cover, a personal cover is required to get sufficient coverage.
Pay Off Debts
You could also use the money to clear off an outstanding loan amount. If you have debts with high-interest rate such as Credit Card debts and are unable to source funds to clear them off, put your bonus money to good use. Paying off your EMIs and clearing off your debt on time would help you save your interest outgo and keep your CIBIL Score strong.
Plan Your Retirement Fund
If your present income is sufficient to achieve all your requirements in the short- and medium-term, you can use the Diwali bonus to increase your quantity for retirement. Instruments such as Mutual Fund and PPF are ideal for building a retirement fund.
Invest in Mutual Funds/SIP
You can also gaze at creating more wealth by investing in diversified mutual fund portfolios or even SIPs (Systematic Investment Plan).SIPs can be invested as less as Rs 500/month and provide good returns in the medium term prospect of 3-5 years. Any less than that might be too early to expect an encouraging return from mutual funds, though it is dependent on the market condition at the time of investment.
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