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IF YOU GOT A $10,000 BONUS, WHAT WOULD YOU DO?

HOW TO PLAN YOUR WINDFALL FINANCES


financial planning, bonus spending
What do you do with your bonus?


Before you start spending it all remember these key facts:


1. You will get less than $10k after payroll taxes are deducted.

2. Set aside something for the tax man – Depends on your tax situation. Here's a suggested order of use: a. Fill up your emergency cash

b. Pay down credit cards – Start with the highest interest rate and work your way down

c. Pay down other debt due in the short-term, i.e., within the next 12-months

d. Pay down other high cost debt, perhaps a personal loan or car loan e. Pay down student loans f. Pay down mortgage. Invest in wealth building assets h. Consider a donation to your favorite charity. Buy someone you love a gift. Watch that Broadway show that you always wanted to see – Make sure to keep this expense to no more than 10% of your take home amount of bonus. So maybe not Hamilton 😊, at least not this time.

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