7 Steps To Use Your Diwali Bonuses Effectively

Wishing you all a very happy and prosperous deepawali!!!! So Its Bonus Time!!! :) :) :)

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We know that because of this pandemic some of the employees might have not got any bonuses. So no worries you can keep this as a saved article for your future uses.

A Little Background :

When I was working as an employee I was facing a lot of problems to save Diwali bonuses, As soon as Diwali ends my bonuses would end :). And this was going on for about 4-5 years. Then I learnt from some of my mentors and Implemented the same in my life and HOLA!!!! it gave me good results.

Good Results means When I Was Told To Leave From the Job. The first 2 years of my entrepreneur journey were taken care of by these steps which I had implemented. So Like My Mentor, “Siddharth Rajsekar” says that Learn, Implement and Teach.

So today I will be sharing with you all my 6 real life Steps I used when I received my Diwali bonus.

  1. 1 Step 1: Differentiate between Needs And Wants

    This is very important. You need to really practice hard to differentiate between your needs and wants

    For e.g. When I was working I had seen the majority of my friends used to have iPhones (1st Hand or 2nd Hand). And I had realme phone. So some of my friends used to flaunt that phones and sometimes used to bully me also regarding this phone.

    So I thought Enough Is Enough. I need to buy and I was waiting for my Diwali bonuses to come and buy an iPhone. But when I got the bonuses I thought silently Why do I need this phone after all. Is it going to change my life, Is it that I will be getting more promotions in my company.

    When I got "NO" as answers to these questions. I took a decision not to buy an iPhone and invest that money to take care of me and my family on rainy days.

    If you can't differentiate between your needs and wants, then you can't go ahead. And this will make your life very hard to live, You will be in the rat race forever.  For everyone who wants and needs will be different. Many wants may seem like needs. Needs are a special kind of want and refer to things we must have to survive, such as food, water, shelter, and insurance.

    Still, if you find confusion between your needs and want, then kindly take the advice of a Financial Freedom Mentor, Advisor so that they can better guide you.

  2. 2 Step 2: Get Adequate Life/Health Insurance Cover

    Sometimes due to a shortage of money or some pressure from some agents, we tend to buy insurance. But that insurance cover is not enough. Insurance is always taken as an income generating tool.

    But It's a wrong notion. Insurance Is Just An Armour against your unexpected risks. It will help you in troubled times when you needed the money the most. So Always Consider "Insurance" As Expenses And Not Income.

    And This Expenses Is Mandatory. This Pandemic has shown that the proof.

    You need to do a review of your existing insurance covers(Life + Health). And Then Get the remaining amount of insurance cover by using your Diwali bonuses.

    If you have adequate insurance cover, then think of your retirement, future home, etc. Because these things require insurance cover.

  3. 3 Step 3: Clear Your Pending Credit Card Debts/E.M.I Dues

    This step really changed my life. I had a credit card debt of Rs.1lakh which I cleared when I got the Diwali bonus. This would boost your self-confidence and also improve your credit score.

    One Real Life Hack I can share with you is that I had paid off my Highest Interest Paying Debt.  If you can pay off this debt then it's nothing like. You, Will Be A Free Bird.

    But CAUTION, Don't Overstress yourself by doing this. If you have got enough surplus money then do this, otherwise, pay off any other debt which you can. 

    So if you think you have a good money surplus then use this to do this activity. It will help you and your family in the long run.

  4. 4 Step 4: Invest Tax Savings

    Use These Diwali bonuses to invest some of the money in your tax savings, so that you can save some portion in the tax accordingly to your tax bracket.

    And request to kindly don't wait till march to do the planning of your 80C. Rather try to complete this activity before the calendar year ends.

    Get In Touch With your Chartered Accountant and get all the details. Always remember some of the activities it's better we should assign to some experts so that it will ease your life.

  5. 5 Step 5: Life Long Learning

    I can't stop myself enough saying this point again and again. This is really important for any person be it an employee or entrepreneur.

    Don't stop learning until you leave this world. This Important Step has really changed my future about what I am now. Try to learn about Financial Literacy, money management skills.

    Keep Learning and Teach your wife, your husband, your children about the same so that they will not commit the same mistakes which you might have committed.

    Keep investing in knowledge. And if you think this particular training has not done any good for you. 

    Then think how much you have implemented what the mentor or teacher taught. If the answer is not satisfying then go back to that same mentor or trainer or teacher. Again learn and come out with flying colors.

  6. 6

    Now, this has become a very important post corona age. You need to have at least 6 months of savings in an emergency fund be it any form (liquid fund, savings account, or any other investment tool)

    But just see that it can be liquidated as soon as possible if any emergency comes. So you need not dig into your personal savings or any asset sellings.

    I would strongly recommend keeping 6 months of salary income. But increase it as and when your lifestyle changes or something news happens in your life like a new child, 2nd child, new home, or anything else). 

    Because if you keep your emergency fund up to the current lifestyle then it will act as "KAVACH" against any calamity.

  7. 7 Step 7: Party Hard!!!

    Finally, what is the use of money when you can't enjoy :)? So enjoy some Diwali bonuses but do the above steps and then you enjoy.

    You will be satisfied and content with what you are doing with your Diwali bonuses. And one day this will give the financial freedom life which you never have dreamt of.

    Going off to that dream vacation, doing adventure activity, etc... Do Whatever you like. 

    Don't OverSave. Just Enjoy Your Life. Money Is a Form Of Energy. The More You Give The More You Receive. I had Learnt This In A Very Hard Way.


    I hope by this time you must have got some ideas about how to use effectively your Diwali bonuses. Do share your valuable feedback and your experiences about how your Diwali bonuses.


    It's the money which you have received because you have worked for 1 full year. So use it very wisely

    What I have implemented is that I used 75% of my Diwali bonuses in these steps. And rest I used it to enjoy.....

    I hope this all Steps will make your Diwali bonuses go wonders and give you that financial freedom that you always wished for.

    Wishing you and your family a very happy and prosperous Deepawali!!!!

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