The year end is only a few months away. Many companies usually payout year-end bonuses and make salary adjustments at the end of the year. Have you considered what you will do or would do if you receive year end bonus or salary increase? Will you spend it or will you allocate it to help you reach your financial goals? Here are some things you can do with your extra money:
- Allocate more to your 401k
- Allocate more to your IRA
- Pay down debt
- Fund child’s education funding
- Establish or increase emergency fund
You could do a combination of the above mentioned. If you are trying to simplify your finances just make sure you do not spend it all on unnecessary things. It’s great to treat yourself for a job well done but make sure you are also using the additional funds to put yourself in a better financial situation.
SO WHAT DO YOU PLAN TO DO WITH YOUR BONUS MONEY OR SALARY INCREASE?