Increase financial Status with salary, increments & bonuses!

Sindujaa D N

If you have taken a personal loan or have a large credit card bill, then you can use the bonus to pay it off. Apart from this, it is prudent to increase investment in SIP along with salary increases.



An employee's salary increase or bonus undoubtedly acts as an energy booster. This not only improves the performance of the employees, but it also improves the financial condition of the employees. If the salary increase and bonus is handled well, this extra money can definitely make your situation better.


The new financial year has started. The time has come for the announcement of salary increase and bonus of the employees in the companies. If your salary has also increased and you have got bonus, then with these extra earning you can improve your financial condition.



Salary hike and bonus are extra earnings for us. Extra earning is definitely enjoyable. We use it for those works which cannot be done by earning from salary. If you have not gone anywhere with family for a long time, then this work should be done with salary increase or bonus money. But, this extra earning should not be spent completely.


With the right use of salary increase or bonus, we can improve our financial condition and also increase our earnings. Here we are discussing some such tips by following which you can make your financial situation better with your salary increase or bonus.



Pay off high-interest debt

If you have taken a personal loan or have a large credit card bill, then you can use the bonus to pay it off. If this does not help much, then some money from the salary increase can also be used for this work. Credit cards charge around 40 percent interest and personal loans charge around 15 percent interest. Both are weapons of economic destruction and should be cleaned up at the earliest.


create emergency fund

If you do not have an emergency fund, then you can create an emergency fund with the bonus amount. This fund can be increased by including some part of the increment in the salary. The emergency fund should be of at least six months according to your monthly expenses. If your monthly expenses are Rs 50,000, then you must have an emergency fund of at least Rs 3 lakh. Due to having an emergency fund, neither one has to spread his hands in front of anyone nor there is any problem in running the house in an odd situation.

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