Blended Families

NBFR: what to do with my bonus?

I found out this morning that I got the bonus that my boss recommended me for - YAY!!!! And ambrvan's post about saving got me really thinging about how to put that money to best use. I have a few options that I'm considering. What would BF do?

Option 1: Send it all to my credit card. It would pay off about a quarter of my balance.

Option 2: Put it in our joint house bills account as a savings/cushion

Option 3: things I can't afford to do on our normal budget such as: convert my cloth diapers to snaps, detail my car, etc

A combination of the above? Something completely different?

Thoughts? (note: DH has told me to do whatever I want with it since it is MY bonus, he doesn't expect to have any input as to how to spend it)

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Re: NBFR: what to do with my bonus?

  • Option 4:  Write it out to "Jo..."  :)

    Kidding (kinda).  Depending on how much it is I say do a combo of all 3 options.  

    A couple years ago I got a rather large bonus from a case we settled at my law firm.  We used a chunk to buy Disneyland passes for the 5 of us, a big chunk went towards our highest interest credit card, and the rest was used for moving expenses because we desperately needed a bigger house for all of us.

    If the bonus isn't enough to do a little of each, ask yourself where the biggest financial stress comes from and use it towards that area. If paying down the credit card will alleviate stress, pay it down.  If you're not all that stressed about the financial situation, use the bonus towards the extras you normally wouldn't be able to do.

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  • Pay off credit. 

    Honestly, while having an efund is a necessity, the interest your efund is earning is NOTHING compared to the interest your credit card balance is earning.  

     

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  • image jobalchak:

    Option 4:  Write it out to "Jo..."  :)

    Kidding (kinda).  Depending on how much it is I say do a combo of all 3 options.  

    A couple years ago I got a rather large bonus from a case we settled at my law firm.  We used a chunk to buy Disneyland passes for the 5 of us, a big chunk went towards our highest interest credit card, and the rest was used for moving expenses because we desperately needed a bigger house for all of us.

    If the bonus isn't enough to do a little of each, ask yourself where the biggest financial stress comes from and use it towards that area. If paying down the credit card will alleviate stress, pay it down.  If you're not all that stressed about the financial situation, use the bonus towards the extras you normally wouldn't be able to do.

     

    This made me LOL!! Nice to know you still have your sense of humor and can crack jokes Jo!! I am thinking of you and hope you are doing better..... 

  • if it were me, I'd apply it to the debt.  Getting in a better financial situation will benefit you more than detailing your car!

     

  • Pay off debt; no question.

    Your debt is costing you, let's say, 6% interest whereas in savings it's only going to make, let's say, 1% interest. 

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  • Yep, debt it is. Although I think I will still spend the $60 to have my CD's converted since I will need them in the near future and that is NOT a task I want to take on myself.

    and Jo - nice try! LOL

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  • Agree with all PP that said pay off debt.
  • I used my bonus and my rare extra "3rd" check in a month to fund our Disney trip. I love that trip and it was great. Sometimes I think that money could have been better spent financially (put in savings) but I wouldn't trade it for anything because all 5 of our kids got to experience Disney for the first time together and who knows if that would have happened if we saved that and did the trip in a few years instead.

    So practical side of me says save it, the other side says blow it!

    DD(14),SD(13),SS(11),SS(9),DS(3)

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