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5 Savvy Ways to Spend a Year-End Bonus
During the first few months of the new year, most employees receive some form of annual bonus. This bonus might constitute anything between three-to-fifteen percent of a professional’s yearly income. That’s obviously a significant amount of money. If you’re like most Americans, then you probably can think of a dozen personal matters (or more) that you’d like to address with an extra few grand in your pocket. But what’s the best use of an annual bonus? How can you stretch a work windfall to the fullest? Today, we’ll explain five smart methods for managing a year-end bonus. Check them out here:
Invest
You couldn’t pick a much better time to invest in the stock market than right now. Whether you’re interested in investing in solid B2B companies that manufacture functional items like plastic barriers, or you’d rather take a chance on an innovative tech startup, investing your year-end bonus can be a great way to maximize its value. Picking the right stock isn’t always easy, but doing a little homework now could lead to a massive pay-off down the line.
Settle Debts
The average American household carries a debt of roughly $137,000. That’s a huge number that far exceeds the median household income. As such, it’s almost never a bad idea to use extra cash to pay down debts to reduce car, mortgage, student-loan, or medical bills. Remember, the faster you can pay off the principal on a debt, the less you’ll have to spend on interest.
Put it Away
Don’t have any pressing needs? Can’t think of a productive way to spend a few thousand dollars? Then don’t force yourself to spend your bonus right away! Instead, add it to your savings account or set up a new account to collect interest on the sum. Throwing a few thousand dollars into a retirement plan can be extremely beneficial in the long run as well, even if it’s not a particularly “fun” thing to do.
Talk to an Accountant
There’s no shame in admitting that you’re not a financial expert. If you’re not, then don’t pretend to be. Rather, talk to an accountant who can help you invest, save, and boost your net worth in significant ways. Don’t be afraid to solicit professional advice if you need help managing your finances.
Treat Yourself
While it’s not a good idea to spend your entire bonus on a vanity purchase, it’s perfectly acceptable to reward yourself following a successful year. After all, you’ve earned your extra cash –– so have a little fun with it. Just make sure to be responsible with what’s leftover!
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