As the year comes to the end, most people will be getting their 13th cheque or a bonus. With the spirit of the holidays, there will be plenty of expenses to be covered, including unforeseen ones. Zimoja looks at ways to safeguard your bonus to make sure it lasts you until the new year, which also comes with its expenses, including school fees,rent, groceries and stationery, to name but a few.

AVOID SPENDING YOUR BONUS BEFORE YOU EVEN GET IT 

According to financial advisor Devon Card from Cruel Invest, a financial planning and investment company, one of the worst mistakes anyone can make is to spend their bonuses even before it lands in their bank account. He said depending on the terms of your contract, receiving a bonus may not be guaranteed. He advises that you rather wait for written confirmation from your employer on the exact amount of your bonus before taking any action.

PAY OFF DEBT

According to Cruel Invest, a financial planning and investment company, paying off expensive debt is of utmost importance, as it eases the financial load on you in the next year. When you receive your bonus, it is advisable to save at least half of it so that you don't find yourself in a financial squeeze in January. Avoid getting caught in the hype of trying to please relatives or to brag about the fact that you've received a bonus; instead, save it for that proverbial rainy day that looms. 

SET UP EMERGENCY FUND

Financial advisor Devon Card from Cruel Invest advises that you make sure that there is money readily available in the emergency fund if an emergency arises. "Eleven months of the year are available for anyone to save, so you can start saving from January eight through November, so that a portion of your savings can go towards your bonus. This will allow you to save half of your bonus and use part of your savings as part of your bonus," Card said. He said that this enables you to still have some money in your account should you need it at anytime. "Therefore, it is important to have some kind of small savings that you can use as a bonus in order to save your actual bonus," he said.

FIND A FIXED ACCOUNT 

There's also the option of getting a fixed deposit account so that you can deposit your bonus for a month or longer, depending on your needs. You can also use the account to accumulate interest on money saved on the fixed account; of course, the rates are different, and you can always check which one is best suited to you. Otherwise, use your bonus to make more extra money for yourself to use for necessities this year. Also, there are options for a 32-day notice account.

PREPARE FOR SCHOOL AND VARSITY EXPENSES 

If you have school or university-going children, you may want to set money aside for the inevitable costs of school fees, school uniforms, stationery, and transport. This is because most schools open mid-January, which means you will need access to cash before the January pay day. Many higher education institutions also need registration fees before they can admit your child. Give careful thought to what expenses will be payable and by when to ensure the 'back to school/varsity' stage is financially manageable.