Friday, May 8, 2015

A Windfall is Coming

As you can tell from the title of this post, clearly I'm a Game of Thrones fan.

So, I received news that I'm getting a bonus this year.  This bonus was unexpected for a couple of reasons.  First, I was on maternity leave for more than three months.  Second, I did not believe I was eligible for this type of bonus.

So money is coming our way and it is a decent size chunk of cash.  Of course, after Uncle Sam takes his bite and after the deduction for my 401k, the number shrinks.  But, I won't complain one bit.

My tentative plan for the money is as follows (final plan depends a bit on the amount).  First, 50% will go to our baby debt (which presently is $5421 at 0%).  Second, 25% will go towards our upcoming summer vacation (so, into our travel savings fund).  Third, 15% will go towards our 2015 IRA savings account.  And, finally, 10% is for me to do what I want with (spa, clothes, dinner out, or some other kind of treat).

How do you spend bonus money?

1 comment:

Anonymous said...

Sounds like a good plan, Sam! In recent years we haven't been very good about spending any of my bonus money. I suppose I've been making up for years of foolish spending prior to that :-) So, for us the past several bonuses have gone towards paying off credit card debt, paying off two sets of student loans, paying off our car, setting up an emergency fund, saving up a down payment for our house, and funding our back door Roth IRAs. Pretty boring stuff but hard to argue with the results! We build enough fun money into our regular spending that it's not an issue to save 100% of our bonuses.