Though it is August, and the holidays are months away, it’s never too early to start thinking about what to do with your holiday bonus money. While there is great debate over the best option, I believe families should make the choice of what is right for them.
PUT IT IN A SAVINGS ACCOUNT
With the economy uncertain and unemployment high it would be wise to put the money into a savings account – especially if you do not already have a little tucked away for emergencies.
PAY OFF DEBT
Maybe you’ve racked up some credit card balances shopping for the holidays. Or maybe you want to pay off some debt you already have. Either way, paying off debt with your extra money is a good choice. You will save money on interest, and if you pay off a card completely, it will open up the funds to start your snowball payment plan for paying off your debt.
http://www.associatedcontent.com/article/8298979/claiming_victory_over_your_credit_card.html?cat=3
TAKE A VACATION
Some families like to use the extra money to take a family vacation each year. Depending on the amount of the bonus there are lots of choices when planning a vacation. Just remember to use money saving tips, and you could have a really good and fun family time. http://www.associatedcontent.com/article/8317733/tips_for_saving_money_while_traveling.html?cat=3
DONATE TO CHARITY OR YOUR LOCAL SCHOOL
The holidays are a time of giving and sharing. Donating your holiday bonus to your favorite charity or the school your kids attend would be an excellent way share the spirit of the season. Every year our teacher’s end up paying for school supplies out of their own pockets. A trip to Office Depot or other supply store with your bonus money will not only help out your own kids, but other kids as well.
BUY THINGS YOU’VE BEEN NEEDING
Throughout the year sometimes we run across things we need but can’t afford. A new vacuum or getting the carpets cleaned is wonderful examples. Maybe you need a new refrigerator, washer and dryer, or a new mattress. Using the extra money allows you to get the things you need without breaking your normal every month budget.