Use Unexpected Income to Slash Debt
by Brandon Eley ~ November 20th, 2008. Filed under: Tips and Tricks.
A lot of people get Christmas bonuses at work that range from a free turkey to several thousand dollars. Unexpected income usually leads to unexpected purchases! If you know you’re going to get a bonus, plan on using that money before you get the check.
Here are some productive ideas for how to use your Christmas bonus:
- Pay off debts
- Build an emergency fund
- Start a child’s college fund
- Pay down on your mortgage
- Contribute to your Roth IRA (up to the max)
Next time you get a bonus or unexpected income, have a plan for how you will use the money. You’ll avoid the “morning after” regrets and put the money to good use!