Receiving a bonus is awesome!! Let's define what a bonus is before going further. A bonus is additional money awarded usually based on a company's and/or employee's performances. Pay outs are typically given in the first quarter of the new year. Bonuses ranges from a few hundred to thousands of dollars.
Now that you have this windfall of extra money you need to do something with it before it burns a hole in your pocket. Here are some wise ways to distribute your bonus money.
- Boost your online savings account, check out www.BankRate.com for recommendations
- Payoff high interest credit cards or the card with the smallest amount of debt for a quick win
- Invest in your passion project or small business by registering you company with your Secretary of State, buy the domain for your business...start by getting started
- Open a small business checking account, check out this NerdWallet blog post for insight https://www.nerdwallet.com/blog/banking/best-free-business-checking-accounts/
Of, course do something to reward yourself with a portion of the money, just don't spend it all in one place. Last, year I used my bonus money to invest in my business by purchasing a new laptop, having a professional photoshoot and hiring a creative web developer to assist me with relaunching my business. I powered my pivot by performing well at work, receiving a bonus that bootstrapped my small business. I didn't have to tap into my salary because I used my bonus wisely. Accomplishing your goals at work can help boost your bonus! Reference the blogpost about being a model employee and goal setting to refresh your memory. Be creative with how you invest your bonus and propel yourself forward personally and professionally.
Welcome to the Posh way of life!