Smart Uses for Your Holiday Bonus

American Investment Planners LLC

500 North Broadway, Suite 260, Jericho, NY 11753

(516) 932-5130 / (866) 932-5130

If you're one of the lucky ones whose company hands out holiday bonuses, we know just how tempting it can be to want to use it towards all of your holiday gifts. However, while it can certainly help you cover the cost of the holidays, as your trusted financial planner, we don't want you to spend all of your earnings at once - instead, we suggest you do this:

Build your emergency fund.
If you've ever needed cash on the spot for something unexpected, then you know just how valuable some emergency savings can be. Now, you don't have to dedicate your entire bonus to this, but it's certainly a good idea to donate a portion of your bonus to your emergency savings to help you prepare for the future.

Donate to your favorite charity.
It is the season of giving after all! If you have a charity that's close to your heart, one of the most beautiful gifts you can give this holiday season is a donation - no matter how much, your contribution will be so, so appreciated by the charity and who it helps.

Get ahead with your mortgage.
Wouldn't it be awesome to lessen the amount of time it takes for you to pay back your mortgage? If you can send more than one payment a month (or just more than your minimum payment), you can start to cut back on how long it will take for you to finally pay down your debt - we can't see why any homeowner wouldn't consider doing this!

Learn something new.
Is there a class you've been dying to take or something new you've been wanting to try? If so, consider using part of your holiday bonus towards it! It's always a good day to improve upon your skills, especially if you're looking to learn something for your career - and who knows, maybe next year's holiday bonus will be even bigger as a result!

Save it for retirement.
Whether retirement is three years away or 30 years away, you can never put too much towards your savings account. The more you contribute early on the more chances you have of watching your money grow, so if you have an account all set up that you contribute to, a portion of your holiday bonus belongs in it.

Again, while this isn't to say that you can't use your holiday bonus for recreational purposes or holiday shopping, we just hope you'll keep in mind how important it is to act super smart with any additional money you get your hands on!

American Investment Planners LLC offers tax planning, estate planning, retirement planning and more to generations of families throughout the United States. More information about the services offered is available at www.americaninvestmentplanners.com.