Bonus Check – Do’s and Don’ts
by Linda Jacob
It’s always so fun and exciting to get a bonus check (or a stimulus check, welcome to 2020). Our minds go crazy thinking about all the fun and exciting things we can do and buy with the extra cash. Will you go on that vacation you’ve been thinking about, or purchase that new couch? Where ever your imagination takes you, don’t take any action until you’ve had time to sit down, and think through exactly what would be best. Sometimes, it really is a vacation, but with all that has happened these past six months, a little thought and self-control can go a long way.
If you haven’t already, now is the time to write out your financial goals. If 2020 has taught us anything, it’s that we should all have an emergency fund. If you don’t, that should be your first goal. As great as that new couch would be, having it won’t put food on the table or pay the rent if you are furloughed from your job.
Once you have 3-6 months’ worth of living expenses, then you can consider other goals. Maybe it’s to get out of debt, or fix the leak in your roof. What ever you decide, make sure you and your spouse are on the same page, and that everyone has input and will eventually get what they want.
Once you have the goals in writing, you can start to decide how you want to spend that bonus check and which goals you will either fulfill or at least get you closer to fulfilling. Taking these simple steps will help you make the most of the bonus and keep you from regretting your choices later.