You work hard daily, and give your job and career your all. You’re not necessarily just in it for the money, (o.k. you’re in it a lot for the money) but you’re also satisfied with the difference you make on a day-to-day basis. There’s nothing greater than receiving your paycheck and noticing more on the bottom line than you did the paycheck before.
You got a bonus or that long awaited raise and you’re lit? Or are you? You may immediately start to think of all the new shoes or bags you’re going to buy, but what is the right move for this unexpected new windfall?
Don’t Cheat Yourself.
Bonuses and raises are sometimes rare occurrences and should not be taken lightly. It’s important to celebrate and enjoy your financial increases. But how you choose to celebrate may need a little guidance.
You’ve successfully managed to live and not perish, pre-raise or bonus, so don’t view the extra pay as a great need. Take 10% of what you received as a bonus or raise and enjoy yourself. You can put the 10% towards the trip you’re planning or a fancy dinner with cocktails. If you’re feeling real frisky, go ahead and buy those new shoes you’ve been eyeing or that bag. It’s key to remain disciplined with the 10%, nothing more and nothing less.
Out of Sight and out of Mind.
Here’s where smart money management comes in! If you’re not already meeting the maximum contribution of your job’s 401K or retirement plan to receive their company match, add your new bonus to that account. Put it on auto-pay and send it right off, before you get wind of a new sale! It’s important to have that unexpected money work foryou in the best way possible, and putting it away into a high yield savings account, or adding it to an investment account will do just that!
What do you do with your bonuses or raises? If you’re curious as to your options and the best-suited financial products for your financial goals, let’s talk about it. Visit www.GetBlack Wealth.com to set up a consultation today!