Did the boss man give you a sweet bonus check this year? 🤠 If so, he’s probably one cool dude. You should give him a big hug and ask for that raise while he’s at it! 🥰 Hey, the answer to every unasked question is always no. Go claim what’s yours, king.
If you’re wondering how to make your year end bonus go the extra mile, we’ve got a few ideas up our sleeves. 💰
Here’s Five Fast Facts on how to make the most out of your bonus:
- 💵 Winning While Waiting - Not 100% sure how to spend your extra cash? Why not park it in a bank account while you decide? Better yet, put it somewhere that earns you more money for doing nothing. A high-interest bank account will give you the most bang for your buck. Many of today’s high-yield savings accounts, money market accounts, and certificates of deposit (CDs) could earn you 4% APY or more.
- 🫠 What a Drag - If you’ve been lugging around credit card balances like an old sack of potatoes, it’s a good idea to use your bonus to pay them off. The interest that piles up on those balances really costs you in the long run. Start with your debt with the highest interest rate. Your future self will thank you.
- 🚨 Somebody Call 911 - How’s that emergency fund lookin’? Whether you’re starting from scratch or replenishing your fund after tapping it, that bonus money could provide you with a pretty sweet cushion. It’s not a glamorous move, but having cash reserves relieves stress and gives you big time peace of mind.
- 💡 Save It For Later - Speaking of your future self, consider putting that bonus towards your retirement savings. If you want to max out your contributions for 2024, you still have a little time left! For this year, you can contribute up to $23,000 in a 401(k). If you’re 50 or older, you get an extra $7,000.
- ⛹️ Ballin’ Out - Feeling the urge to splurge? No shame in that game! If you feel like you’re in a good spot with your finances, why not buy yourself something nice? The occasional treat yo’self moment is good for your mental health. Call us if you’re getting bottle service tonight.
🔥Bottom line: If you’re fortunate enough to get a bonus, make sure you use it wisely! And we weren’t kidding about asking for that raise. Thinking about pulling the trigger on a personal loan? Not so fast, partner. Make sure you read up on all things personal loans in this trusty article before making moves.
How will you make the most out of your bonus?
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