One of the best things that could ever happen to a worker is getting a bonus. Suddenly, you have all this extra money, and your mind is racing as you contemplate the things that you want to spend it on.
While it could be tempting to buy new gadgets, clothes, or a pair of Yeezys to treat yourself after receiving a bonus, consider what it took for you to earn that extra cash. Once you remember that you actually worked hard, got stressed, and even went the extra mile to earn that money, suddenly, it seems important to spend or invest it wisely rather than frittering it all away on frivolous items.
Here are a few smart and sensible things to do with your bonus.
Transfer it to a savings account
As soon as you receive your bonus, take the whole amount and transfer it to a savings account. This way, you won’t be tempted to use the money on a whim, and it earns interest the longer it stays in the savings account.
Put it aside for your dream home fund
Instead of spending it on a fancy car or electronics, save your money for the one purchase that truly matters—your very own home. In fact, make it a habit to stash away all bonuses for your real estate fund, so that in a few short years, you could find yourself moving into your dream house.
Invest in yourself
According to author Robin S. Sharma (via The Everygirl), investing in yourself is the best investment that you will ever make.
“It will not only improve your life, it will improve the lives of all those around you,” said the author. To invest in yourself, you could take online courses, hire a coach, or enroll in a business etiquette class as previously reported by Jobs & Hire.
Set up an emergency fund
No one knows what will happen in the future, that’s why it’s good to set up an emergency fund should you get sick or laid off from your job. Ideally, you should have six months of income saved for your emergency fund.
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