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It’s an unfortunate truth that not everybody who works hard all year round is going to get a bonus. We do have that practice of rewarding workers, but if you are working for a business that does offer a large bonus at the end of the year, then there’s every chance you’re already daydreaming about what you could do with the money. If you are going to get one, you might be tempted to spend that money on something fun like a vacation, and you should absolutely do that if you have enough money to. However, there are some smart ways that you can spend your year end bonus.
- Start shopping around. So if you are planning to use a portion of your year end bonus for something fun, then why not look at buying one of the Moomba boats at Premier Boating. No matter what you do, you should allocate a percentage of your bonus money for something for yourself. It doesn’t have to be a massive splurge depending on the size of the bonus, but it can be something that you’ve had your eye on for a while.
- Start an emergency fund. Regardless of your age or your income, you should always have some savings for unplanned bills or for a period of unemployment. A solid emergency fund really is going to be one that gives you enough money to cover three to six months of essential living costs. Putting a chunk of your bonus towards it is really going to help you just get building something great. Even if you already have savings, then add to it. Boosting it is a smart move.
- Pay off some debt. The longer you carry your debt, the world is going to be for you and the more interest you’re going to have to pay. Too high of a credit card balance can really impact your credit score negatively, and that can make it very difficult to borrow money when you really need to. If you are set with your savings you should consider using some of your bonus to chip away at your credit card debt before you go ahead and buy that boat we mentioned earlier.
- Improve the house. Updating your house makes it more fun to live in, and it makes it somewhere you want to be. Having a renovated home may really work to your financial benefit, and it’s going to help you in the long run if you do intend to sell. Renovations don’t have to cost that much either, so make sure that you’ve allocated the right amount and you’ve got quotes for everything you want to change.
- Invest more in yourself. Sign up to a class or take on some more certificate courses in education. Investing in you is a great way to spend some of your hard earned cash. By investing more in yourself, you’re going to help yourself in the long run and you’ll be able to earn an even bigger bonus later on.
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