Post by mariafromnj on Jan 14, 2020 17:08:25 GMT -5
When I was getting big bonuses what I did with them varied quite a bit based on what our financial situation. We don’t like to carry much debt and we like to have solid savings. We have used it to pay off cars to eliminate car payments, paid off other debt or added to savings. A few years we were in good shape financially so we used the bulk of it for something else (vacation, upgraded a car, something for our house, Luxury item).
I am not complaining y'all. I am all for paying my taxes and I happily do. Just a little sting when you see the difference in the amount of bonus vrs what you actually get in the moment.
We don't get bonuses, but my husband has the potential for huge overtime pay in his job, so I currently split the amount over what we've budgeted 40/40/20 - savings/debt/fun. It allows me to feel like we're using the money responsibly while still allowing us to enjoy life a little.
We typically use it for larger home improvement/maintenence projects (new roof, flooring, one year we bought 2 new A/C units AND 2 new water heaters). So fun.
ETA: If we don't have anything home improvement related on deck, we put it in savings with a little bit going for just spending money or a vacation. We also use it to fund new investments.
Post by definitelyO on Jan 15, 2020 13:47:27 GMT -5
Last year I put my bonus into our accounts - there really wasn't anything large we were saving for. But now, I'm going to use that money to pay cash for a new car.. (which now we need).
If this year's bonus is the same as last year, it will probably go toward a family trip to Alaska this summer, new dining room table, and then savings.