Pay off your debts

Published in the Geelong Advertiser, March 2009 by Tony Prytz

Paying off debt or investing is the smartest thing to do with the cash bonus, according to Geelong Advertiser finance columnist Dale Gillham.

Mr Gillham, who is chief analyst for share investment firm Wealth Within, said many people had spent far too muchduring the good times.

"People have high levels of debt and reducing debt is a sensible thing to do," he said.

Mr Gillham said, in general, he did not favour the cash bonus.

"But if it can reduce your credit card debt or be invested then that is the best use for it," he said.

Deakin University is encouraging people to spend the money on a course or training to improve their business or job prospects.

Lecturer in information systems in Faculty of Business and Law Marie-Louise van der
Klooster said $900 could pay most of the fees for a diploma in business planning course or pay for a course in hairdressing or forklift driving through Gordon TAFE.

"We encourage people to do something that has long-term benefits," she said.

"A person who has a business could use it to upgrade their skills in running that business.

"It is a chance to do something they might not have done otherwise.

"We say, just stop and think a little and think of the money as an opportunity to get a long-term benefit."

Back to Articles