OMG!! Over $900 unexpected BONUS!!!
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OMG!! Over $900 unexpected BONUS!!!
| Fri, 02-24-2006 - 3:00pm |
I did my taxes yesterday and discovered that I am getting back over $500!!! As if that wasn't fantastic enough news in itself, my company paid out it's yearly incentive bonus today - last year I got a paltry $50 - this year I got $400!!!!
I don't even know what to do with this money!!! Should I:
- put it towards debt?
- put it in my savings account?
- spend some of it on something FUN??
- some combination of the above??
I'm just so ecstatic about this!!!



cindylee
I sat down a couple of weekends ago and made excel spreadsheet of my debt and payment to $0 bal. If I stay on that schedule I'll be debt free 12/31/07. The plan was to use tax money to pay down the debt a little earlier but I currently have $0 money from fiance in the vacation fund and tapped the emergency fund this week to get us through, so tax money will have to replenish my meager emergency fund, maybe even get it up to $500 (where I'd be more comfortable) before I work to speed up the debt reduction any more. I already pay twice a month more than the minimums each payment, actually I have been paying the same amount for about 6 months 2x a month which at the time was the minimums ie: payment/minimums are currently: 45/27, 50/24, 105/85, 125/100. I'm paying them off in this order and the first number was the old minimum payment and I keep paying that amount twice a month and will pay first card off in September and snow flake that to the next. Since we had a rough 2 weeks, we'll replenish efund before additional payments to the credit cards and if the e-fund get big enough we'll try and work on the vacation fund as the money flow gets a little better next month (**knocking on wood**). Pam
Proud sister of a Marine:
Hello,
What a great unexpected bonus! If your emergency fund is under $1000, I would put some of the money (80%?) to getting it to $1000. If you have money left over at that point (or your efund is already there) I'd suggest putting 80% of it into debt payment (send to your target debt for a quicker payoff.. yippee!), keeping 10% for future taxes, and 10% for something fun.
Sincerely,
Lindsey Schocke
Sincerely,
Lindsey Schocke
Geeks on Tap: Mission Accomplished
I'm always a fan of a "combo" - some to debt, some to savings, some to fun, and maybe some earmarked for "known" expenses...like Christmas.
Congrats!
Danni
cl-phocid, Debt Support Group
All my best,
Danni