Gratification 2023: what debt should you pay with this extra money?

During the celebrations for National Holidaysthe gratuity becomes additional income for more than 4 million workers in the private sector, who are faced with the opportunity to settle debts and improve their financial situation.

Properly managing this extra money is critical to ensuring effective and responsible use of the bonus. Charles Caillaux, corporate sales manager for Equifax Peru, says it’s important to carefully assess our financial priorities.

“We must focus on paying those debts with higher interest rates or that represent greater consequences in the event of default. In this way we will obtain control of our finances and move towards greater economic stability,” Caillaux points out.

In this sense, the specialist points out the four aspects that you should consider when deciding which debt should be paid with the bonus:

1. Interest rates: Analyze the different debts you have and compare the associated interest rates. Prioritize those debts with higher interest rates, since they are the ones that generate the highest financial costs in the long term. By paying off these debts, you’ll reduce your interest burden and can devote more resources to other important aspects of your finances.
2. Amount owed: Evaluate the amount of money you owe on each of your debts. While interest rates are crucial to consider, also consider those commitments that have larger amounts. Paying off significant debt can significantly ease your financial burden and give you greater peace of mind in the future.
3. Impact on your financial well-being: consider how paying off a certain debt will affect your overall financial well-being. Some can generate high levels of stress and worry, which affects your quality of life. If paying off a particular one gives you greater peace of mind and allows you to have more control over your finances, That can be a priority to allocate your salary bonus.
4. Consequences of default: If you have debts with financial institutions, it is essential to take into account the consequences of non-payment. Some, such as credit cards, can generate default interest and negatively affect your credit history. Prioritize those that can have the most significant impact on your financial reputation and avoid situations that could harm your access to future credits.

When should my bonus be deposited?

Employers have until July 15 to make the deposit of the bonus for national holidays to their workers; However, since this date falls on a Saturday, the maximum term to deposit this employment benefit will be Friday the 14th, warns the economist Omar Azanedo.

“Payroll payments are carried out in the bank payment systems. Normally, these tools work for the businessman on Saturday until noon. So, most likely, they will be making their payments on Friday the 14th,” he says.