What should you do with a bonus from work?

[GreenGreta]

Ok, my work gives occasional bonuses to it's employees. Now it isn't much, but sometimes it's 200 bucks! And sometimes it's a cash spiff. So far, I've gotten like over 500 in bonuses in 6 months!

I think that since it's free money and you aren't counting on it for bills and stuff, it should be special. Well, that's obvious to everyone. I think this money should be invested, not blown. I blow my paycheques on crap every week, crap like my cable bill and groceries. I don't get to invest much, because my pays are just enough to get me through.

Or, I could buy a few things I wouldn't normallly get to have, like artwork (I'd have to save them up awhile), nicknacks, clothing, cds etc.

So what do you think? What would you guys do?

 

[Martin Le Acadien]

Its yours, you should make GreenGreta happy, obviously you are doing a good job, you boss wants worker contentment, Spend it on what you see as a need.

My family smells a bonus, I lose everytime, with direct deposit, it is easily discovered.

US cash has a certain smell to it, females of the species in Baja Canada are keenly aware.

Enjoy, GRETA its yours!!!!

 

[the caracal kid]

my sister went the corporate route. she used her annual bonuses over 5 years to pay her house off. A good choice considering how much money is paid in interest on a mortgage.

 

[Jay]

No mortgage would be nice...


I would pay off bills or invest it, GreenGreta.

 

[Toro]

RE: What should you do wi

I'm spending mine on booze, women and gambling.

The rest I'm just going to waste.

 

[MMMike]

Beer and popcorn, without a doubt!

 

[Semperfi_dani]

RE: What should you do wi

Here is what I do.

Since I already budget for my bills etc, when i get bonus money, i treat it as extra money i did not expect.

I split it in four ways. I pay 1/4th of it and put it towards the highest interest credit card or highest balance. That way its just and extra payment to reduce my overall debt.

I take 1/4th and put into my high interest savings account to just sit there which will go towards a trip or whatever I happen to be waiting for.

I take 1/4th and put it towards my employee share purchase plan. My company matches my contributions, so i get more money in the end.

Finally, with the other 1/4th, i put it towards just pointless spending, like a massage, new clothes, etc..something thats extra to my budget. I feel good when I spend it on myself.

Now in the event where i don't have say a credit card bill or no need to purchase something or can't do my share purchase, I will just redirect that 1/4th to whatever i need the most. Otherwise, it just goes into my savings plan.

I take the other 1/4

 

[missile]

Extra money? unless you have the misfortune to have something break down just before you get the bonus[my bad luck ],spend it on something you've been wanting for some time.you never know what's around the corner,so enjoy it now

 

[Jay]

Re: RE: What should you do wi

I'm spending mine on booze, women and gambling.

The rest I'm just going to waste.

:lol:

 

[MMMike]

Re: RE: What should you do wi

Here is what I do.

Since I already budget for my bills etc, when i get bonus money, i treat it as extra money i did not expect.

I split it in four ways. I pay 1/4th of it and put it towards the highest interest credit card or highest balance. That way its just and extra payment to reduce my overall debt.

I take 1/4th and put into my high interest savings account to just sit there which will go towards a trip or whatever I happen to be waiting for.

I take 1/4th and put it towards my employee share purchase plan. My company matches my contributions, so i get more money in the end.

Finally, with the other 1/4th, i put it towards just pointless spending, like a massage, new clothes, etc..something thats extra to my budget. I feel good when I spend it on myself.

Now in the event where i don't have say a credit card bill or no need to purchase something or can't do my share purchase, I will just redirect that 1/4th to whatever i need the most. Otherwise, it just goes into my savings plan.

I take the other 1/4

Pretty good plan. It doesn't make much sense, though, to put money into a savings account earning maybe 2% when you have credit card debt costing 20%+. Better put it on the credit card. If you still want to spend it on what you were saving for, put it on your credit card when the time comes. You will still be further ahead.

 

[manda]

Ok, my work gives occasional bonuses to it's employees. Now it isn't much, but sometimes it's 200 bucks! And sometimes it's a cash spiff. So far, I've gotten like over 500 in bonuses in 6 months!

I think that since it's free money and you aren't counting on it for bills and stuff, it should be special. Well, that's obvious to everyone. I think this money should be invested, not blown. I blow my paycheques on crap every week, crap like my cable bill and groceries. I don't get to invest much, because my pays are just enough to get me through.

Or, I could buy a few things I wouldn't normallly get to have, like artwork (I'd have to save them up awhile), nicknacks, clothing, cds etc.

So what do you think? What would you guys do?

I would put it in an account, save it to buy and old microwave, and fuel for the drive down to see Manda and the Jellyfish this summer!!

 

[GreenGreta]

That's happening anyway Manda Manda, money or none.
heehee

 

[manda]

Re: RE: What should you do with a bonus from work?

That's happening anyway Manda Manda, money or none.
heehee

mwa ah ah ah ah :twisted: :twisted: , P.E.Islanders beware of the chickies with microwaves this summer... 8O

 

[Dexter Sinister]

I'm a little long winded here, but I have some strong feelings on this subject.

Any reputable financial advisor would tell you the same thing: the first and best investment you can make is to pay down your debt. If you have a mortgage agreement that allows annual lump sum principal payments on the anniversary, and you should have if you have a mortgage at all, do that first. Credit cards, if you use them intelligently, aren't the same as debt, they're a revolving credit line and you should try to organize your financial affairs so you don't carry a balance from month to month, you pay the whole sum off every month. If you can't do that most of the time, you're using credit cards the wrong way and buying things you can't really afford. The interest rates on credit cards are usurious; if you really need to make a big purchase, a loan from a bank or credit union is a much cheaper alternative in the long run.

But take care of yourself too, and have some fun. If you can make an extra $500 in bonuses every six months, good for you, and keep some of it back for yourself. Want a good digital camera? A new computer? A nice guitar? Some home renovations? Keep half your bonuses for yourself and you can have them all within a few years. Depends on your personal priorities, and nobody but you can decide what they are.

But above all, remember this. You have a certain level of income from your salary that you know you can count on consistently, and you've probably arranged your financial affairs with respect to that sum. The bonus is found money, you don't owe any of it to your spouse, significant other, children, or anyone else. It's uncommitted, it's yours and only yours, earned solely by your own merit, so nobody but you is entitled to an opinion about what you should do with it.

It's entirely your call. Your money, your choice. And I speak as someone who's been married for 25 years. Your total family income in salary is what determines lifestyle; bonuses, because they're not certain, can't be part of that calculation. They're a gift, and my wife and I have always agreed on that. My extras like that go into a separate account, what I call my FAT (Fishing And Tools) account, and so do hers, but I don't know what she calls hers. Salaries are household income, bonuses are not.

Go crazy.

 

[GreenGreta]

This babe has no debt. 8)

So this is what I did, I bought speakers for my computer, gave my kid some piss away money and ordered a whack load of chinese food late at night. I enjoyed it, but now it's gone. Life sucks sometimes.

But hey Dex, I'm glad you and your wife agree on something, you don't hear of that too often. :lol:

 

[manda]

This babe has no debt. 8)

So this is what I did, I bought speakers for my computer, gave my kid some piss away money and ordered a whack load of chinese food late at night. I enjoyed it, but now it's gone. Like sucks sometimes.

But hey Dex, I'm glad you and your wife agree on something, you don't hear of that too often. :lol:

This babe wishes she had no debt..... :?

 

[GreenGreta]

Having no debt is so easy manda.
Step 1. Buy a 20 foot yacht with sleeping cabin
Step 2. Install a bunch of incendiary devices to it
Step 3. Go out into the ocean a couple hundred feet
Step 4 Dive off
Step 5. Blow said boat to kingdom come (it's nice there, some great restaurants)
Step 6 Swim to shore, after cutting hair while in ocean
Step 7 Call yourself Gina, and start life ova
A breeze.

 

[Curiosity]

LOL GG

You are a breath of fresh air.....I am way too anal over money because I was always in debt when I was younger and had to borrow money to pay off borrowed money.... it was awful - like
someone owned me...even on the job....I never felt the paycheck was mine to enjoy.

So....you have kids.... treat the bonus in a couple of ways....
some to have fun for all of you....and some to save....even the kids should start learning how to save.....set a goal of untouchable money.....like all of you have something socked away for a really special event. But make sure everyone has fun with a portion of it.

Your kids are only kids once....and they should learn the smart thing CAN include fun too.... savings shouldn't ever be treated like punishment because there is no instant gratification with savings... but they can learn the value of saving for a "goal".. something special they really want....even if it takes a year....

Savings were sadly lacking in my upbringing...my mom and dad were always good for a touch...even when I had a part time job while I was still in school.... I never learned how to save or plan ahead... took me years of being in debt to learn....

 

[manda]

Ahhhh...mine's all student loans.....blech

 

[manda]

I don't think I really look like a Gina, do you?