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.