The information provided on this website does not, and is not intended to, act as legal, financial or credit advice; instead, it is for general informational purposes only. Information on this website may not be current. This website may contain links to other third-party websites. Such links are only for the convenience of the reader, user or browser; we do not recommend or endorse the contents of any third-party sites. Readers of this website should contact their attorney, accountant or credit counselor to obtain advice with respect to their particular situation. No reader, user, or browser of this site should act or not act on the basis of information on this site. Always seek personal legal, financial or credit advice for your relevant jurisdiction. Only your individual attorney or advisor can provide assurances that the information contained herein – and your interpretation of it – is applicable or appropriate to your particular situation. Use of, and access to, this website or any of the links or resources contained within the site do not create an attorney-client or fiduciary relationship between the reader, user, or browser and website owner, authors, contributors, contributing firms, or their respective employers.
Credit.com receives compensation for the financial products and services advertised on this site if our users apply for and sign up for any of them. Compensation is not a factor in the substantive evaluation of any product.
More than half of employers (54%) said they planned to give holiday bonuses in 2015, up from 47% in 2014, according to a new survey from CareerBuilder. (Sadly, only 14% plan to give more than last year.) If you happen to be one of their lucky employees, perhaps you’re wondering how to put that cash to use. Fortunately, we have some ideas.
Study after study highlights Americans’ poor saving habits. Without emergency savings, you could struggle to afford necessities or wind up in debt due to unexpected expenses. Take advantage of the extra cash by stuffing it in a high-yield savings account or investing account, where the money is sure to work for you.
Millions of Americans carry some sort of debt, be it credit card balances, student loans, a car payment or mortgage. You could save more by accelerating these debt repayments, so consider tackling a debt with a high interest rate. Credit card debt is particularly hefty, and paying off some of your balance could go a long way in building your credit score: the closer your balance to your limits, the lower your score. A big payment could help you become debt-free while boosting your score in the process. You can track your progress every month using your free credit scores on Credit.com.
As you work toward your goals, reward yourself to stay motivated. Depriving yourself can sometimes backfire, leading to a frustrated spending binge. Whether your it’s small or Wall Street-sized, your bonus can improve your finances, even by a little bit. It might be most productive to mix strategies — pad your savings, make an extra loan payment and visit that restaurant you’ve been wanting to try — but everyone’s different. Do what’s best for you and try to start 2016 feeling good about your finances.
Image: iStock
March 11, 2021
Personal Finance
March 1, 2021
Personal Finance
February 18, 2021
Personal Finance