Budgets, Debt Management and Financial Planning for Women

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April 2014
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Previous Posts

  • Buying a New Home – What Can I Afford?
  • Reduce Your Debt!
  • Spring Clean Your Debt!
  • Spring Clean Your Finances – Match the Budget to the Plan!
  • Spring Clean Your Finances!
  • Why Doesn’t My Budget Work? Is it Broken?
  • Retirement Planning in 1, 2, 3 and 4!
  • Do I Really Need a Retirement Plan?
  • RSP’s – What they can do for you!
  • Take Control of Your Money in 2014! Part 6 – Staying on Track
  • Salary Bonus

    Do you receive a bonus at this time of year? Many organizations reward their employees with salary bonuses and while it’s true that the money is welcome over the holiday season, you may not be maximizing its potential.

    You may feel that bonuses are extra money in your pocket and that you deserve to spend it how you like. This may be an opportunity to reward yourself and put the money towards your financial plan. Proportion the funds to your plan depending on the size of the bonus and your priorities. For example, 20% to yourself, 30% to debt, 30% to RSP’s and 20% to savings/holiday expenses.

    If you have an idea what you want to achieve, it’s simple to put into action. The same tip holds for raises. They may not seem like much after taxes and deductions, but small amounts add up quickly.

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