7 Great Ways to Spend Your Holiday Bonus 7 Great Ways to Spend Your Holiday Bonus

7 Great Ways to Spend Your Holiday Bonus

It’s the most 3766238889_05070df675_zwonderful time of the year — the brisk weather, the bright lights… and the bonuses. Many American workers receive some type of bonus each year (whether it be for the holidays or the year’s end) and several are tempted to spend it in a number of different ways. However, before you go and blow your money on a new TV or down payment on a car, consider these seven smart options for spending your holiday bonus.

1) Put it towards your debt

This is number one for a reason. Before you think about the other options on this list, you should really consider how much your debt is costing you. Whether you use the money to pay down credit card debt, chip away at your student loans, or even making an extra mortgage payment, getting yourself one step closer to being debt free is a great use of your bonus.

2) Give it to charity

If you truly want to get into the holiday spirit consider donating to a worthy charity. Charity Navigator not only allows you to find non-profits that work in areas you’re passionate about but they also evaluate each group to ensure that your money is being spent the way the organization says it is. Plus if you make your donation by the end of the year, your giving could also benefit you when you go to file your 2015 taxes.

3) Start or grow your emergency fund

The new year has a lot of promise but it also has a lot of unknowns. Prepare for the worst by having an emergency fund ready. Many recommend your fund be able to cover between three to six months of expenses. If you don’t have that much socked away, now is the time.

4) Invest it

Want you money to make you more money? Considering investing your bonus in the stock market via a free trading app like Robinhood, on a peer to peer lending site, or perhaps even funding a friend’s start-up. However, make sure you research your investments carefully and find one that’s right for you.

5) Save it for retirement

Another way to make your money grow is to put it in an IRA or other type of retirement account. Even if your bonus is only a couple of thousand dollars, that could turn into tens of thousands by the time you’re ready to retire.

6) Take a vacation

Easily the most fun idea on this list, vacations aren’t just a luxury — they’re a necessity. With all of the stress you experience at work it’s important to take some time of to relax. Why not set aside your bonus for just that purpose and treat yourself some time in the new year?

7) Use it towards fulfilling your New Year’s resolution

Far and away the most popular New Year’s resolution is to lose weight. Unfortunately exercise equipment, healthy foods, and gym memberships aren’t exactly cheap. Perhaps using your bonus to cover such expenses (or whatever costs are associated with achieving your resolution) would be a great use of your extra money.

No matter which of these seven options you choose, you can’t go wrong with these smart bonus spending ideas. Have a happy and safe holiday season!

The "Email" field is empty, you must enter some text to proceed.The text you entered in the "Email" field appears to be invalid, please edit it and try again
Get the Latest News Delivered to Your Inbox

FedEx Announces Winners of 11th Annual 2023 Small Business Grant Contest

Nearly three months after the entry period ended, FedEx has announced the winners of its 11th annual Small Business Grant Content. This year's event saw more than $300,000 in funds going to a variety of small businesses across the nation. Last month, the company revealed 100 finalists, with that list now being narrowed down to just 10 winners. This year's grand prize winners included KindVR, The Cupcake Collection, Up In...
Summer app

Student Loan Benefit FinTech Summer Raises $6 Million

For years, student debt has been one of the most talked about financial topics. What's more, while the debt itself has become a major part of many Americans' lives, discussion of student loans has become political due to efforts to forgive certain loan repayments. However, while we wait for resolution on that front, a FinTech that brings student debt benefit solutions to employers and consumers has raised a new round...
Melissa Urban holding a Ness card

Health and Wellness Rewards Card Ness Partners with Whole30

In recent years, several unique rewards cards have come to market. These include offerings from FinTech startups as well as brands looking to do something special for their loyal fans. On that note, a recently-announced rewards credit card offering is now working with a popular brand to introduce new benefits for customers. This week, the Ness Card (which is issued by The Bank of Missouri) unveiled a new partnership with...
Choice Privileges Select Card

Choice Hotels, Wells Fargo Debut Choice Privileges Select Card

With spring well underway and the summer travel season now just around the corner, Choice Hotels and Wells Fargo have unveiled their latest co-branded credit card offering. Today, the two companies announced the Choice Privileges Select Mastercard. Carrying an annual fee of $95, this card will serve as the premium option in the hotel brand's new lineup. Looking at the Choice Privileges Select, it offers a mix of rewards categories....
H-E-B and Central Market  credit cards

Imprint Launches Credit Cards from H-E-B and Central Market 

The FinTech Imprint is partnering with the popular Texas-based grocery chain H-E-B for a pair of new rewards credit cards. This week saw the launch of the H-E-B Visa Signature Credit Card as well as the Central Market Visa Signature Credit Card. With these two (nearly identical) options, customers will be able to earn rewards on groceries and beyond. First, both versions of the card earn up to 5% back on select...