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How to manage bonus to settle your debt? (my way)

I have just received my second part of my bonus, this year I get less than what I get last year. Due to certain reason, top management rate my performance to inconsistent. Well, better than I get nothing. That I should be grateful for. I am not complaining on how less my bonus comparing from my other colleague. I just want to share on how u can pay your debt using your bonus wisely.

If happened to be you get a good bonus this year, you can consider my method. I have plan to use the same method this year but Allah swt is the great planner which this year I need to plan back on paying my credit card. 

So this year, let me share how I use my good bonus I received last year to pay my credit card.
Please be reminded that do not use all your bonus, take the chances to make emergency fund if u still did not have one. Let say u have spend some for holiday, some for buying this and that and u still have lot some more. Or u did have in mind using some of your bonus money to pay or settle your debt. As for me, I need cash so I did not settle it.

What did I do?
1. I need to identify which credit card has the lowest outstanding.
2. Target date to settle the outstanding. For example, 1 year from that month.
3. Current outstanding /12 months
4. Example:
Current outstanding = RM4,000
Target = 12 months
1 month need to pay = RM335
Min amount or you have allocated certain amount = RM200
U just need to add RM135 from your bonus to add it up.
So you no need to add from your salary.

There will be interest along the way, but do not worries, U just keep doing it until U settle till the 12 months. What happened along the way, you have spend all your bonus? Like I told u, Allah swt is the Best Planner. Do not freak out like me. Just continue pay your debt without added your extra money. At least the outstanding balance is reducing not increasing!

What happened to me?
1. I was to eager to settle all my credit card which I use all the same method to all my credit card. 
2. I did not plan well which I have use it to other things along the way.
3. When my bonus is getting lesser, I have use one of the credit card which is the lowest outstanding to pay for my other spending.  

Like I told u, this method is only works if you have good bonus or u have other extra income. I like this method so much but I need cash more this year, so I need to spending wisely.

Best of Luck!

Road to financial free

Thanks

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