Finance Globe

U.S. financial and economic topics from several finance writers.
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What to do with Bonus Money in 2015

Do you work a position in which earning a bonus is possible? Some companies pay these once a month. Others only pay once a quarter or once a year. Regardless, this should be more than enough to keep you focused throughout the year. After all, the better you perform the more money you earn.

What you do with bonus money is your decision. However, you don’t want to jump the gun and spend the money foolishly before you consider all your options.

If you receive a bonus this year, here are three things to consider doing with the money:

1. Take a vacation. You earned some time away from the office, so you might as well take advantage. Depending on the amount of your bonus, you may be able to fund your entire trip with this one check.

2. Pay off debt. Is this the most exciting way to spend a bonus check? Of course not. That being said, it is an idea to consider. From student loans to credit cards, if debt is weighing you down it is time to put it in the past once and for all. Even if you only use some of your check to pay down the debt, it will go a long way in improving your situation.

3. Save it. If you don’t know what to do with the money, if you don’t have a clear cut understanding of how it should be spent, put it in your savings account for the time being. This way, you will have the money at your disposal in the future. There is no law saying you have to spend your bonus right away. You have the right to save the money for as long as you want.

These are just a few of the many ways to approach bonus money in 2015. The next time one of these checks hits your bank account, consider the three options above. The only thing more exciting than earning a bonus is deciding how to use the money. What are you going to do with the cash?
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Tuesday, 20 August 2019

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