Wednesday, January 8, 2014

Use of My Year End Bonus

2013 BonusEvery year my employer pays out a year end bonus based on our office's performance as a whole during the year. It is not paid out until our February 1 paychecks as the bonus cannot be calculated until after the year-end data is finalized in mid-January.

This year I am expecting a bonus of around $1,400. I won't know a total for sure until later this month.

I plan to use this bonus money to go toward several things:
  • House repairs: these need done for safety reasons and I am expecting to spend around $1,000 on them.
  • Veterinary care: this is the time of year I pay for the annual vaccinations and medications for my pets. This should cost around $250.
  • Savings and Debt Reduction: I am expecting to have around $150 to put toward savings.
While some might disagree with the plans I have laid out, thinking instead that the entire amount should go toward savings and/or debt reduction, the items I have decided to use it on are very necessary. Since these items will be covered with my bonus in February, I plan on putting 100% of my tax refund toward savings and debt. I don't have an estimated figure for this refund yet, however I do expect a refund rather than having to pay in to taxes this year.


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