5 Ways to Put your Diwali bonus to good use!

2022 is already at October, the with of festivities? Realizing the question already led us to the end of October, and here we are, celebrating Diwali and looking for ways to make use of the various auspicious days that lay ahead of us. Why? Because the Diwali bonus, or performance bonus for some, is right around the corner and we all are looking for ways to spend for the long term during this time. However, it is very easy to get caught up in the festivities around and the various discounts can be very tempting to give a little nudge on the unnecessary splurge on stuff we do not really require at times.

While planning ahead is possible for those who are already aware of the amount that is coming in as a bonus, some are eagerly waiting for the credited amount to let the ‘windfall gain’ sink in. 

With the Diwali bonuses, and Dhanteras lighting the way for the festivities of auspicious Diwali, looking for various ways to invest money becomes an important task for every individual. Looking back to how the previous concepts of various things to buy with your Diwali bonus or things to buy with your performance bonus have evolved, in today’s cumulative glance, let us take a quick dive into the various investment options available to start investing in your Diwali bonus. 

• Invest For the Long Term

While the option sounds easy, choosing the right path for long term investing can become a little difficult for some. One of the smart ways to invest money is to set aside a larger portion of the Diwali bonus for the long term. This method has the potential to provide higher returns and the compounding works to one’s advantage. The easiest way to explore this option is by starting to make a list of all the long-term goals and the risks one is willing to take with the money. Depending on one’s risk appetite the various options available can be explored. One of the methods can be getting into mutual funds, while another new way of investing can be HODLing a crypto asset after conducting thorough research.

Read more on: How to Set Long Term Investment Goals

• Making New Investments

In the words of Warren Buffett, “Pay Yourself First”

If you are new to investing, exploring the various options available can become a little overwhelming at times. To move ahead with the options lead before you, it becomes easier if you jot down the goals as long term and short term. For example; if the various activities happening within the crypto market sounds interesting, a small chunk of the Diwali bonus can be assigned to a crypto asset of your choice, while for long term, you can look into SIPs or investing on mutual funds! 

• Invest in Yourself

If that is getting very investment-heavy, just book that flight and take that trip you have been planning! Invest in what makes you happy. Take that online course that piqued your interest. Set aside some time for exploring newer avenues for your way ahead in life. Get that podcast training started today! There are a ton of people waiting to hear your story. 

If you feel that the Diwali bonus 2022 is small, use the amount to open a separate account and name it something that makes you smile. Put away a small amount every month and see how the impromptu account gets to be such an amazing savings story for yourself!

Else, we have 1 more way for you to explore ‘ways to invest money’

• Increase Existing Investments

For most of us, something or the other as already made its way as an ‘investment’. This Diwali, take a look back and reshuffle and accelerate the existing investments you have already set up! 

Now that the ways of investing have been looked into, let us take a quick look at the newer asset that has made itself known pretty well worldwide! Yes, the crypto asset. As we move forward to a world of Web3, exploring the crypto asset becomes a common talking point for a lot of people. This Diwali let us explore a #CryptoWaliDiwali with CoinDCX crypto investment app. 

To understand the crypto space, click on CoinDCX Blog and start your DYOR