How Are You Planning to Spend Your Holiday Bonus?

What Nannies Can Do with Their Holiday Bonus

It may not be as fun as buying a flat screen TV, but paying down debt is a great way to celebrate the holidays. If you have outstanding debt, especially high interest credit card debt, every bit you can pay off helps.

Next, you should think of your long-term goals. Do you have savings for retirement? Do you have an emergency fund? If you have children have you started a college fund? Why not pay your taxes early? It’s better to pay what you owe for taxes now, before you are tempted to spend what you owe. Of course, you can always deposit the holiday bonus in an interest bearing account.

We recommend nannies use their holiday bonus to better their financial standing, rather than just spending it on material possessions.

How are you planning to spend your holiday bonus?

Comments

  1. pay off credit cards and rest for xmas gifts and tips

  2. start paying off credit cards

  3. I am using it towards a new computer.

  4. I am happy to say I'll put into my high interest savings account. As a live in I can save a lot of money.

  5. I am happy t say I save most of it but I do give myself $1000 to go Christmas shopping for myself ..

  6. I am not sure what I'm going to get or how much but I usually don't plan what to do with it, usually just added to checking account and pay bills. I should put more thought into it.

  7. Do your employers take taxes out of your bonus? It really bums me out when I don't get a card with cash in it. When they give me the breakdown of how much they gave me before taxes it hurts my feelings and spending power.

  8. Pay off my car so I can finally own it and stop paying high interest. 🙂 Lovebeingananny, all I can say is I'm not sure how to open up the discussion about getting a bonus in cash, not salary to pay taxes on it. I don't think it's rude to ask necessarily, just don't know proper wording. I kind of see the bonus as a gift so how do you ask for a different gift??

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