21 answers

Bonus Yippee!

How does your family do it when you/your husband gets a bonus? Normally we would tuck it away to pay property taxes, but since we refinanced and this is now in our payment we don't have to save for the taxes. If I get the bonus should I get to keep it and spend it however I want? If he gets it should he be able to keep it and do whatever he wants with it?

I was thinking about making a list of 5 wants and then compare them. If we have something that is the same then the money goes towards that item. My other thought is that who ever gets the bonus gets to keep 1/2 to themself and put the other 1/2 towards credit card bills. What do you recommend and why? Right now all of our extra money goes towards paying off our credit cards and I would like to have some fun wth this money if possible.

What can I do next?

So What Happened?™

Lucky: Quarterly there is no way we would make it. I am good with money, but not that good.

Featured Answers

Last time I had mad money I replaced all the windows in my house. I know, not exciting but it was the gift that kept on giving. Saved me around $150 a month on utilities.

3 moms found this helpful

When this happens to me, I use the following order:
look and see what needs fixing (ie. car repairs, house repairs),
then bills - can something be paid off;
food
who needs clothes/shoes
then whatever is left if any belongs to the person that received it.

2 moms found this helpful

More Answers

Did you get a bonus? CONGRATS! You owe me a dollar ;) (teasing!)

If my husband gets a bonus, he gets to do whatever he wants with it... but I 'remind' him that we could 'really use $ in saving, as well as x, y, and z'.

If I get a bonus, it goes towards the family... like bills, savings, and groceries, then I usually take a small amount out to get something for myself, since hey, I earned it!!

Recommend: Save. I'm huge on saving. Even if it's not for bills or debt, save. If you go to sit on your couch and suddenly fall through it, you'll want to spend some money on a new one, you know? Or if you end up with a flat tire... you get the point. You need to have back up, not just relying on credit cards.

I say pay off some debt, save some, spend some! You earned it, have some fun!! :)

5 moms found this helpful

While we dont' get a bonus my husband is only paid quarterly. We make sure that we pay the bills in advance, tithe put money in savings and then budget the rest until next pay day.

3 moms found this helpful

Last time I had mad money I replaced all the windows in my house. I know, not exciting but it was the gift that kept on giving. Saved me around $150 a month on utilities.

3 moms found this helpful

It would be one thing if you were debt free and had your savings up to an amount that would sustain your family for about 9 months for starters.

However, you say you have credit card debt. That is a no brainer for me... Pay off the credit card debt.

It is not "extra money" when you have outstanding debt and no rainy day fund.

Delayed gratification and discipline are hard to do but in the long run, it is much better to have saved and paid off debt than to blow money.

3 moms found this helpful

I just got a bonus. I gave a little to each of our 2 college aged kids. Paid a bill off and used the rest to take us to San Antonio for the weekend. I think I hit all the bases. I was responsible enough to pay what was owed, I took care of our kids 1st, and then we had fun with the remainder. My other thought with the remainder was to buy a new bed frame. But I had put in so much overtime to get the bonus that we really all needed that time together to relax and reconnect. Next bonus, I'm buying a bed for sure.

2 moms found this helpful

If you have credit card debt, in my opinion you have no "extra" money until those are paid off, but opinions differ. We have always put every "extra" amount we have on our debts. But if we had true "extra" money, since we share everything, and we do not make equal salaries, but then again it takes 2 to make a family and I do more kid-related stuff and he does more house-maintenance stuff, I would split it equal.

2 moms found this helpful

When this happens to me, I use the following order:
look and see what needs fixing (ie. car repairs, house repairs),
then bills - can something be paid off;
food
who needs clothes/shoes
then whatever is left if any belongs to the person that received it.

2 moms found this helpful

If you have already built an emergency fund to cover 6-9 months of expenses, and have already paid off all your non-secured debt (including student loans), then go ahead and make a wants list. (Edited to correct grammar)

2 moms found this helpful

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