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How to Make the Most of a Year End Bonus

According to a recent survey by Accounting Principals, only 63% of companies plan on rewarding employees with year end bonuses this year. This figure is down from 75% last year. Clearly, year end bonuses are not something everyone gets to enjoy.  Even so, many people who do get bonuses spend the money on extravagant vacations or frivolous purchases. If you happen to be one of the lucky ones, here’s how to make the most of an end of year bonus. Save It First of all, congratulations on not immediately spending your year end bonus. It is a feat that not everyone can claim. Unfortunately, most will dole it out as if it were water running through their fingers. There are lots of good reasons to save your end of the year bonus rather than spend it. For example, you can save the money for a rainy day. Or, save toward a future large purchase, such as a car. Pay Debt If you have debt, applying your end of the year bonus to it can reduce it and get you one step closer to financial freedom. Pay on the lowest debt you have so you can get it paid off first. ...

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