Use one of these strategies to help you use your yearly bonus wisely!

Are you expecting to receive a bonus soon? If there’s some extra money coming your way, you probably want to use it wisely before it burns a hole in your pocket. Make the most out of your money by choosing one of these simple, yet brilliant ways to use your yearly bonus. No bonus in your future? Keep these smart tips tucked away for the next time you have some spare change!  

Simple, Yet Brilliant Ways to Use Your Yearly Bonus

January 23, 2017

Use one of these strategies to help you use your yearly bonus wisely!

Are you expecting to receive a bonus soon? If there’s some extra money coming your way, you probably want to use it wisely before it burns a hole in your pocket. Make the most out of your money by choosing one of these simple, yet brilliant ways to use your yearly bonus. No bonus in your future? Keep these smart tips tucked away for the next time you have some spare change!

 

Put it in a certificate



If you don’t have a specific use for your yearly bonus and can sock the money away, try putting it into a Certificate! The longer you keep your money in a Certificate, the more money you will make in dividends. Think about your financial future and goals to decide how long you can go without needing the extra funds. Choose what is best for you with this helpful Certificate calculator.

Have you heard about Certificate Laddering? Learn all about this savings strategy with this free eBook.  

Reinvest in yourself



Is there a class on Udemy you’ve been wanting to take or a book about leadership or business on your reading list? Use some of your bonus to reinvest in yourself! Whether it’s a course at your local community college towards your next degree or a seminar to help strengthen your skills, using your bonus towards something that will help you in your career is always a smart move. 

 

Save, Share, Spend



It’s the money mantra that has been around for ages, and it’s always a good way to utilize your extra money! First things first - put some in savings. Try to put at least 30% of your bonus into your main savings or an emergency fund. Next, share some with a local charity. Finally, spend some on something you really need or want. These easy steps will help you avoid spending it all in one go.

 

Put it towards retirement



The truth is, you can never save too much for retirement! If you don’t need the funds this minute, try upping your 401K or IRA contribution by one or two percent. If your employee does a match and you’re not hitting the maximum yet, now is the prime time to up your contribution. Not sure how much a 1% increase would matter? It could mean an extra $190 to spend each month during retirement!

 

Make a much-needed upgrade



Have an outdated cell phone that can barely take a clear picture? What about a computer that takes ages to boot up or open a program? Struggling without air conditioning in your vehicle? You’ve earned that bonus, so use it to make a much needed upgrade. You have the extra money. Now is a great time to use it on something that might not be a major need, but is much more than just a want.

Looking for other smart ways to use your money? No matter what time of the year, these 6 smart money resolutions will help you build a better financial future. You can also check out our financial education page for multiple resources about how to better utilize and manage your money.

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