Make Your Bonus Work for You
Receiving a bonus, commission, or additional paycheck can be an opportunity to strengthen your finances. How you choose to use that money can make a meaningful difference in your financial future. Here are five simple ways to make your bonus work harder for you.
- Pay Yourself First
Before you spend, set aside a portion, ideally between 20% and 50%, for savings or investments. Prioritizing your future helps your financial goals stay on track. - Boost Your Savings with a High-Yield Savings Account
Consider placing part of your bonus in a high-yield savings account, such as our Enhanced Money Market Account or 13-Month Certificate Account. You’ll earn competitive rates while keeping your money secure and working toward goals like a new home, dream vacation, or stronger emergency fund. - Pay Down High-Interest Debt
If you have credit card balances or other high-interest loans, using part of your bonus to pay them down offers an immediate return by saving on future interest costs. Reducing debt frees up more of your income for future goals. - Invest in Your Future
Contribute to a retirement account, brokerage account, or other long-term investments. Even small contributions can grow significantly over time through the power of compound growth. Financial Advisors can help you develop a personalized investment strategy and ensure your accounts are positioned to support your long-term goals. - Reward Yourself Responsibly
It is perfectly fine to celebrate your hard work. Set aside a small amount for something enjoyable, like a nice weekend getaway, a special dinner, or a new purchase you have been eyeing. Just keep most of your bonus focused on strengthening your financial foundation.
A bonus can do more than fund a short-term splurge. By saving, investing, and spending wisely, you can build momentum toward your financial goals and set yourself up for lasting success.
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