For many people, recent economic difficulties have made it more important than ever to stretch the money they earn as far as possible. With the impacts of the COVID-19 pandemic still affecting many, and the costs of day-to-day living skyrocketing, finding effective ways to bolster your financial situation has become increasingly important. One of the many ways to become financially stable in today's tricky climate is by taking advantage of the wealth of different bonuses available to consumers. From making the most out of your annual employment bonus to being savvy when downloading the latest apps, here are the best ways to use bonuses to make your money go further. 

Receiving a bonus from work 

There aren’t many better feelings at work than receiving your employment bonus at the end of the year. Just in time for the busy Christmas period, for some people, this extra cash will help to fund the year’s festivities while for others it is an important financial buffer for the year to come. What is important to consider is that there a better, and worse, ways to utilise this bonus. While it can be easy to treat a bonus as an excuse to spend some of your cash irresponsibly, a better way to look at it is as a top-up to your salary that you’ve worked hard all year for. At the end of the day, end-of-year bonuses are often based upon your performance across the year, so care should be taken in spending it in the right way. If you don’t need the extra cash, place the lump sum into a savings account or investment to start growing that money into something bigger. If the additional funds are helpful for your situation, carefully prioritise your financial goals and designate portions of the funds to them. 

End-of-year performance bonuses are not the only ones you can receive from your employer, and you should be aware of other possible opportunities to optimise your earnings in the workplace. Many companies offer referral bonuses, which gives you the opportunity to receive a cash bonus for providing the company with a new employee. Make sure to be aware of these schemes and keep an eye out for job openings when they arise. Also, signing bonuses, provided to individuals joining a new company are also commonplace, with many employers using them to incentivise people to work for them. If you see a new opportunity that matches your skills, the signing bonus on offer may be worth considering. 

Spin for free with online casino bonuses

For those who are partial to playing virtual poker or the latest slot games at online casinos, taking advantage of the huge range of bonuses on option is a no-brainer. Nearly every online platform out there offers some kind of bonus to entice players, new and old, to play on their platform. The most common types are welcome bonuses, deposit bonuses, loyalty bonuses as well as free spins on slot-style games. To access a bonus at a casino you will have to qualify for the requirements that the site sets and though this sounds confusing, to determine whether you qualify you simply have to read the bonus terms and conditions. While some bonuses give you the opportunity to essentially play for free, giving you the chance to win big by spending your own cash, others simply match your bets, giving you money to play with. Whichever bonus you make use of these bonuses are a great way of maximizing your chance of winning without having to overspend. 

Supermarket loyalty can help save the pennies

Nowadays, essentially every store on the British high street has some form of loyalty program or customer rewards system, providing savvy customers the chance to get more money out of every shopping trip. And with the average UK household now spending around £4000 a year on groceries, signing up for one of the many supermarket loyalty schemes should be an obvious decision. While the exact bonuses up for grabs vary between supermarkets, most loyalty schemes use a points system in which shoppers earn points every time they shop. Points can then be spent in-store helping to save on the weekly shop or used for vouchers at partnering businesses like restaurants and experiences. In recent years supermarket giants Tesco (Clubcard) and Sainsbury’s (Nectar) have also introduced special discounts for car holders on a range of grocery items. Only available to loyal members, perks like these have been shown to cut the price of cupboard staples by over 30%.  

Take advantage when you sign-up for a new credit card

A whole host of banks and credit card companies now offer lucrative sign-up bonuses when choosing them as your next current account, saver or credit card, and taking advantage of the lump cash sums on offer is a super simple way of maximising your spending power. Banks like Lloyds, Nationwide and First Direct offer new customers cash sums of up to £200 just for switching to them, while other interesting perks like subscriptions to streaming services and discounted cinema tickets are commonly available. Furthermore, credit card providers often incentivise new customers by offering welcome points or miles when choosing their financial services. For example, American Express gift new platinum card members 50,000 reward points to be used on things like plane tickets or hotel rooms. With a broad range of different bonuses on offer, remember to do adequate research before signing up and find the deal that suits you best.

More ways to get monetary bonuses

In addition to work bonuses, loyalty rewards, and credit card offers, there are several other ways to earn extra money. Here are some ideas to help you boost your finances with minimal effort:

• Bank Referral Bonuses
  Many banks offer cash rewards for referring friends or family to open an account. These referral bonuses can be an easy way to make extra money, with some banks offering up to £100 per referral.

• Cashback Websites and Apps
  Platforms like Quidco, TopCashback, and Honey allow you to earn cashback on purchases from partnered retailers. This simple step can help you save a small percentage on every purchase, which quickly adds up over time.

• Utility Switch Bonuses
  Energy providers, broadband companies, and other utility services often offer cash incentives for switching to them as your provider. If your contract is up, look around for the best deals, and you may find a bonus waiting for you.

• Student or Teacher Discounts
  If you’re a student or work in education, you may be eligible for discounts and perks across a range of brands and services. These discounts, while not cash bonuses, can translate into real savings on everyday items and technology.

• Surveys and Market Research Participation
  Companies are often willing to pay participants in surveys, focus groups, and product testing panels. Websites like Swagbucks, Toluna, and UserTesting offer cash or vouchers in exchange for your opinions and insights.

• Referral Programs for Subscription Services
  Many subscription services, from meal kits to streaming platforms, offer cash or credit bonuses when you refer someone to their service. These bonuses can sometimes be used to cover your own subscription costs.

• Sign-Up Offers on Investment Platforms
  Some investment platforms offer bonus funds when you open an account and make a minimum deposit. Platforms like Vanguard and Hargreaves Lansdown occasionally run promotions for new investors to help them start saving.

By taking advantage of these various monetary bonuses, you can supplement your income and save on purchases, ultimately making your money go further with little added effort.

Final word...

It is easy to become overwhelmed by the plethora of different money bonuses, schemes and deals on offer in our modern world and though it might seem simpler to just ignore them, taking the time to look what's on offer can be an effective way of helping your money go further. While some energy is initially required to sound them out, the final reward outweighs this. Next time you’re online, in the office or on the high street, keep a look out for what’s on offer.