How to spend your bonus wisely and make it work for you

Millions of consumers are waiting with bated breath for their cellphones to ping on Friday night showing that their bonuses are now in their bank accounts.

Most of them have planned already what they want to do with the money but think again to ensure you spend it wisely.

The best option is always to pay off debt to ensure you save on interest and free up more money every month going into the new year.

If you are lucky enough not to have a mountain of debt to pay off, investing it to ensure it grows for later is a good option.

Thomas Berry, head of sales at PSG Wealth, says you can make your bonus work for you if you do not go out and spend every cent immediately.

"While the temptation to splurge is strong, using this money wisely can reshape the course of your long-term financial future," says Berry.

"Allocating even a portion of your bonus to strategic investments can unlock opportunities for growth and financial security."