According to this article over at Yahoo 80% of employers are offering bonus incentives this year as opposed to only 51% in 1991. This means a majority of employees will be receiving some sort of additional incentives this year. So are you receiving any sort of bonus this year? If so, what do you plan on spending it on?
The article suggests three areas to target for this windfall:
- Emergency fund
- High interest-debt
This will be my first year receiving a bonus, which couldn’t come at a better time. Even before seeing the list above our plans were to sock a little bit back into savings which recently took a big hit thanks to emergency car repairs. The rest is most certainly going towards debt. That isn’t to say every penny will be used this way as some will be spent on ourselves. I have no idea what it may be yet, but 2006 was a very frugal year for us with very little in the way of “fun” expenses. We deserve to enjoy a little bit of it.
So, I just wanted to ask the readers if they are receiving a bonus and what the plans for that money are. Anyone planning on blowing it all on a new home theater setup? New car? Or is everyone being fairly conservative and paying bills with it?
Filed Under: Reader Questions
About the Author: Jeremy Vohwinkle is a Chartered Retirement Planning Counselor® and spent a few years working as a financial planner. Today, he helps people make the most of their money by writing about personal finance here and elsewhere on the web. Jeremy is also Coach at Adaptu and a regular contributor for other publications such as Intuit, and American Express. Be sure to follow Jeremy on Twitter or Google+.