How To Wisely Spend Your Bonus!

Congrats on your bonus. Big or small any bonus is a great opportunity. I recently received a $500 bonus so what did I do?

Evaluate Your Financial Situation

Do you have an urgent need?
Do you have an emergency fund?
Do you have high-interest debt?
Do you currently earn less than you spend each month?
Do you behind on any sinking funds for foreseeable expenses?
Are you currently investing for retirement?

Prioritize needs over wants

Even though I want an Apple Watch and I want a Macbook and I want a new camera, I will prioritize the need of having a fully funded emergency fund before looking at those other shiny purchases.

Make A Facts Based Decision

I'll be putting my bonus into savings so that I can grow my emergency fund and get the rest of the areas of my finances on track.

Let me know in the comments below how you plan on spending your bonus and as always thanks for watching!

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My Website: https://nathancollins.com