set it aside in a retirement savings account
NEW YORK (PRWEB) January 24, 2018
Holiday bonus is something a lot of people may have received and National Debt Relief shares ways on how to best use them at the start of the year. The article titled “What Should I Do With My Holiday Bonus” released January 12, 2018, aims to help consumers manage the way they use their bonus in a way that they strengthen their finances for the whole year.
The article starts off by pointing out that companies that did pretty well last year could have given out bonuses to its employees. This has been a business tradition which originally started with Christmas Turkey. However, it eventually transformed into a cash gift. This is one source of windfall money that consumers can use to improve their financial position.
The article shares that one of the things people can do with their holiday bonus is to set a good portion of it towards their emergency fund. This can help them face unforeseen life challenges that can come their way. Consumers would have a backup fund in case they go through sickness or even unemployment. Their emergency fund would keep them afloat until they get back on track.
One other great idea consumers can look into when they get their holiday bonus is to set it aside in a retirement savings account. The article explains that it is always a good idea to plan for retirement because it is an event everyone goes through later in life. Americans can choose from either a 401(k) or even an IRA account to put their extra money into.
The article also shares that consumers can choose to pay down their current debts to help them finish payment much faster. It can be an extra payment on their credit cards, mortgage or even their car loan. This can also help them save interest payment in the long run. To read the full article, click https://www.nationaldebtrelief.com/spending-holiday-bonus/