• Contact Us
  • About Us
  • Advertisement
  • Privacy & Policy
Friday, July 11, 2025
SUBSCRIBE
The Brief | Namibia's Leading Business & Financial News
26 °c
Windhoek
22 ° Wed
25 ° Thu
  • Home
  • Companies
    • Finance
    • Agriculture
    • Technology
    • Property
    • Trade
    • Tourism
  • Business & Economy
  • Mining & Energy
  • Opinions
    • Analysis
    • Columnists
  • Africa
  • e-edition
No Result
View All Result
The Brief | Namibia's Leading Business & Financial News
  • Home
  • Companies
    • Finance
    • Agriculture
    • Technology
    • Property
    • Trade
    • Tourism
  • Business & Economy
  • Mining & Energy
  • Opinions
    • Analysis
    • Columnists
  • Africa
  • e-edition
No Result
View All Result
The Brief | Namibia's Leading Business & Financial News
Subscribe
No Result
View All Result
TB image banner 750x140
Home Companies Finance

Plan your bonus to last the long run

by editor
November 24, 2023
in Finance
7
A A
14
SHARES
232
VIEWS
Share on FacebookShare on TwitterShare on LinkedIn

In October, the Bank of Namibia (BoN) left the repo unchanged at 7.75%, the highest in the past 14 years. If a repo rate increases, borrowing becomes more expensive, and product and service prices increase for consumers.

You might also like

NamRA collects N$12.78 billion in first two months of financial year

BoN orders banks to cut gap between repo and lending rates

DBN secures Green Climate Fund accreditation

The repo rate is one of the monetary tools to either control inflation or stimulate demand. Conversely, inflation is the rate of price increase over a given period. It is a broad measure of the cost of living in a country. 

In one of its monthly reports, IJG Namibia said that Namibia’s annual inflation rate edged up to 6.0% in October from 5.4% year-on-year in September, the highest rate since May 2023. As a result, the repo rate and inflation influence our spending as we approach the Festive Season, especially now that most people will receive annual bonuses.

The Festive Season is when we spend the most on ourselves, holidays, Christmas shopping and New Year celebrations. With the current challenging economic situation and high inflation rate, bonuses disappear more quickly due to the high cost of living. However, if we plan our bonus and prioritise our expenses, we can see savings in the long run. How can this be achieved? 

Ask yourself what you want to use the bonus for

Thinking about everything you want to buy or planning an extravagant vacation can be tempting as we approach the Festive Season. But before that extra deposit gets into your bank account, take some time to consider how you want to use it. No matter the size of your hard-earned bonus, you should consider how it can best serve you and your short and long-term goals.

For instance, you can plan it in such a way that it will relieve your expenses for the first two months of 2024. Think of it as an opportunity to reset and prepare for the following year by doing the following:

Plan: We all know that January comes with financial obligations such as school fees, school supplies, and school uniforms. All these expenses happen before receiving our first salary in the new year. Set aside some of your bonus to ensure you are ready for these expenses at the beginning of the year. Ideally, financial planning should be forward-looking for at least 12 months and include already-known once-off costs. 

Pay off some debt: It is essential to know that you should first pay off your loans and other obligations to avoid excess charges and potentially being blocked by a credit agency, as this will hamper your ability to borrow again. If you must catch up on due amounts, this is an excellent opportunity to make good on those payments and start 2024 fresh and worry-free. 

Buy essentials now: Besides the looming Festive Season, there is also the temptation of Black Friday sales. There are some excellent prices on everyday necessities, and it is a good idea to use your bonus to buy extra groceries that will last from December until the end of January.

How about buying double the amount in pre-paid electricity to ensure the lights stay on in January. You can even ask the school if you can pay your child’s tuition for January 2023 in December to ensure you are ready for the new year. 

Cover regular critical expenses in advance: If you can use your bonus to pay the rent or mortgage a month in advance, do it. Buy airtime vouchers and store them somewhere safe to recharge your phone and data in January. These ideas could help give you peace of mind for January so that you can enjoy your Festive Season. 

Every year, we promise to do better the next. A good place to start is to budget.A proper budget begins with a detailed list of your expenses. What does your monthly grocery bill look like? How much is your rent or your mortgage?

What do you spend on electricity and water, rates and taxes? Does your budget include savings? Detail all these expenses and see how they impact your income. 

Remember, budgeting is a family matter, so the more input from the family on where to save on expenses, the more success you will have in sticking to the budget. Plan your budget for 12 months ahead and update it every month.

You will be able to see emerging patterns in your expenses, like the month your vehicle license is due and those pressure points. You can adjust your spending accordingly or postpone certain costs to smooth out your financial position. 

*Samuel Linyondi is Bank Windhoek’s Strategic Communication Manager,

author avatar
editor
See Full Bio
Tags: budgetfinancefinancesfinancial literacynamibianamibia newssavings
Share6Tweet4Share1
Previous Post

A guide for homeowners on achieving a smooth and profitable property sale

Next Post

How much Namibian private schools will cost you in 2024

Recommended For You

NamRA collects N$12.78 billion in first two months of financial year

by reporter
July 9, 2025
0
NamRA sees drop in illegal vehicle imports following moratorium

The Namibia Revenue Agency (NamRA) has collected N$12.78 billion in revenue between 1 April and 31 May 2025, as part of the current financial year. Of this total,...

Read moreDetails

BoN orders banks to cut gap between repo and lending rates

by reporter
July 2, 2025
0
BoN orders banks to cut gap between repo and lending rates

The Bank of Namibia (BoN) has directed all commercial banks to narrow the gap between the repo rate and lending rates by 25 basis points in two stages...

Read moreDetails

DBN secures Green Climate Fund accreditation

by reporter
July 2, 2025
0
DBN secures Green Climate Fund accreditation

The Development Bank of Namibia (DBN) has been officially accredited by the Green Climate Fund (GCF), a move expected to improve Namibia’s ability to access international climate finance....

Read moreDetails

Bank of Namibia meets incoming Bank Windhoek MD

by reporter
July 2, 2025
0
Bank of Namibia meets incoming Bank Windhoek MD

The Bank of Namibia has officially met with James Chapman, who will take over as Managing Director of Bank Windhoek in July 2025. Chapman was introduced to BoN...

Read moreDetails

Standard Bank invests N$35 million in CSI initiatives over five years

by reporter
June 30, 2025
0
Standard Bank invests N$35 million in CSI initiatives over five years

Standard Bank Namibia says it has invested more than N$35 million in Corporate Social Investment (CSI) initiatives over the past five years. The bank’s wide-ranging support spans health,...

Read moreDetails
Next Post
How much Namibian private schools will cost you in 2024

How much Namibian private schools will cost you in 2024

Related News

ExxonMobil speaks on Namibia prospects

ExxonMobil speaks on Namibia prospects

May 1, 2022
Windhoek Country Club reports record N$15m profit

Windhoek Country Club reports record N$15m profit

December 4, 2023
Nedbank eyes further growth of home loan unit

Nedbank eyes further growth of home loan unit

September 12, 2022

Browse by Category

  • Africa
  • Agriculture
  • Analysis
  • Business & Economy
  • Columnists
  • Companies
  • Finance
  • Finance
  • Fisheries
  • Green Hydrogen
  • Health
  • Investing
  • Latest
  • Market
  • Mining & Energy
  • Namibia
  • namibia
  • News
  • Opinions
  • Property
  • Retail
  • Technology
  • Tourism
  • Trade
The Brief | Namibia's Leading Business & Financial News

The Brief is Namibia's leading daily business, finance and economic news publication.

CATEGORIES

  • Business & Economy
  • Companies
    • Agriculture
    • Finance
    • Fisheries
    • Health
    • Property
    • Retail
    • Technology
    • Tourism
    • Trade
  • Finance
  • Green Hydrogen
  • Investing
  • Latest
  • Market
  • Mining & Energy
  • namibia
  • News
    • Africa
    • Namibia
  • Opinions
    • Analysis
    • Columnists

CONTACT US

Cell: +264814612969

Email: newsdesk@thebrief.com.na

© 2025 The Brief | All Rights Reserved. Namibian Business News, Current Affairs, Analysis and Commentary

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In

Add New Playlist

No Result
View All Result
  • Home
  • Companies
  • Mining & Energy
  • Business & Economy
  • Opinions
    • Analysis
    • Columnists
  • Africa

© 2025 The Brief | All Rights Reserved. Namibian Business News, Current Affairs, Analysis and Commentary

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.