I have a colleague who puts almost the entire bonus he gets into a re-payment of some loan or the other, to reduce his emi. And saves a part of his salary each month to contribute to a bulk payment each year along with the bonus money.
My husband and I spend every penny of the bonus on something else - buying stuff for the house, for us, for our kid, or saving it for known future expenses or (not often enough) actual savings.
Mathematically what my colleague does makes more economic sense - the interest rates on the loans are way higher than most investment opportunities. He's cutting down his monthly expenses.
But emotionally? I cannot understand why I would spend my whole bonus paying off a loan I had agreed my salary can cover. I personally want that bulk money of a bonus for something special for me and my family - jewellery, phones, clothes, toys. All things I can - and do - buy regularly, but the pleasure of spending a large chunk of my hard earned money (or my hubby's :)) on something special once a year gives me immense pleasure.
I remember (and use) the car we used one bonus to buy, that gorgeous ring I wear from another bonus, or that gift we got for our son's birthday, or the party we planned for him.
And it comes down to this in my mind. Spend today, or save today. And I agree on the pension planning (and I admit I suck at it). But what will I do with even a million rupees when I am 60 (if I live). Maybe this is an after-effect of my mom's history and even her philosophy. But I want to live today. Enjoy today. And not be dead before I stop worrying or start enjoying.
But that's just me :). Maybe I'll be alive and destitute at 55 and wishing I had saved more (and definitely not written this blog) :).
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