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PERSONAL FINANCES
Five Strategies For Your Next Windfall
If a year-end bonus or tax refund is headed to your bank account, deciding what to do with it may not be an easy decision. Here are five options that are recommended by financial planners.
01 Pay Off Debt
If you have balances on any credit cards, these should be first in line for your windfall. Inflation may have pushed your credit cards’ interest rates higher than you realize, especially if you have set up autopay and rarely review your monthly statements.
02 Bump up your emergency savings
Ideally, working adults should maintain a cash reserve that equals around three to six months’ worth of living expenses. If you’d rather reserve some of your windfall for other things, consider setting aside a smaller amount each month.
03 Boost your retirement fund
Putting cash into your 401(k) or retirement savings is always a smart move. For example, if you deposited a $3,000 bonus into an index fund with an average 7% annual return, the $3k would grow to over $24k in 30 years.
04 Invest in education
If you’re looking for ways to move up in your career, consider using your bonus to earn new skills and/or certifications. If you’re planning to send a child to college, consider a 529 College Savings Plan.
05 Reward yourself
There’s nothing wrong with treating yourself to a night out, a weekend trip or a visit to a favorite retailer. A bonus is a reward for your hard work, after all, so why not have some fun with it?