In May, most people get an annual bonus from their employer. And some of you might have already planned on how to spend this bonus amount much in advance. While spending it, it's important you maintain a fine balance between pleasure, daily necessities and allocating it towards important financial goals. Remember to reduce your debt first. More so if they are high-cost ones such as credit card outstanding or personal loans. If your existing life and health insurance policies are having insufficient cover for the family, then it would be wise to correct this problem using some of your bonus amount right away.