You already know how much you’re going to earn each month. Even before your pay arrives, you have already allocated the amount to bills and other expenses. Therefore, it’s surprising when there’s an unexpected bonus. You can do whatever you want with it since there’s no allocation for it. Before you splurge, you need to think about how to make the most of it. You can follow these tips.
Save the money
Do you already have a retirement or emergency fund? If no, you can use that amount for those funds. It depends on the unexpected bonus, though. Whether it’s big or small, it’s still an amount that you can keep for rainy days.
Pay off existing loans
There are times when you have to keep paying the interest on your loans, but the principal amount remains the same. It’s unfortunate, but you have no choice. You had delayed payments in the past, so you needed to pay fines and other charges. If you have extra cash, you can immediately pay for these loans, and prevent things from getting worse.
Since you already have allocations for other expenses, perhaps this extra money should go to yourself. You don’t have to spend the entire amount, but you could buy something special for yourself. You worked hard for it, and you deserve to have it. You always provide for your family, and it’s nice of you. This time, you have to think about yourself and what could make you happy. It also motivates you to work harder so you can be more productive.
Buy something for your home
If you feel envious of your friends who have shower pods at home, it might be time to consider buying one. You deserve it, and you will feel more relaxed when you have one. It’s going to last long, and everyone in the family will make the most of it. Therefore, if you think about buying one, now is the time to do so.
Go on a trip
You keep suspending your plans to have a family trip. Apart from time, money is always a problem. You think about other expenses to pay, so you can’t afford to spend a lot on one trip. Since you have a bonus, you can use it to travel with your family. After several postponements, you can finally make it happen. Your kids will be very happy about it. Besides, it’s been a while since you last had an extravagant bonding time with them. This trip will strengthen your family’s bond and is something you need to keep doing.
There are several ways to use an unexpected bonus. Pause for a while and think about what you will do with it. Once you have spent the entire amount, you need to feel that you used it on something that makes you smile. You also have to work hard so you will receive another bonus in the future.