If this is your first time here, Molly’s Money is a regular series I write on this blog that includes ALL things personal finance – debt management, budgeting, home buying, savings, investment, etc. I am NOT a financial advisor, but I am married to one! These are just things that I have learned over the years as I struggled with my own personal finances and ultimately, became debt free in 2012. Got a question about money that you want answered? Leave it in the comments below or email me!
Before I became debt free, and really before I began the whole “journey” working to become debt free, I was horrible with money. I’ve said it before, I’ll say it again… I was awful with money. I just didn’t know how to manage it. I didn’t know how to take care of it. I didn’t know how to spend it and SAVE it wisely. That’s something I really had to learn and a skill I had to completely figure out… pretty much all on my own.
Since no one knew my financial situation and one I got on my debt management plan, I was working my butt off to try and figure out how I was going to do it all and keep my head above water. It was so unbelievably overwhelming.
However, one of the things that was MOST difficult was learning how to spend the extra income that would sometimes come my way. I was so used to working with such bare bones in my bank account… any little bonus or boost in my income felt like I’d won the lottery.
BUT, the thing is, is that it’s those boosts in your income and those bonuses that can actually make or break your entire financial status. It’s know what to do with those extra chunks of money that can change the course of your financial future. It sounds like I’m overly dramatizing it, but I’m not.
When you’re struggling to figure out how you’re going to make it all work one month, every little bit of income helps.
So, since we’re preparing for tax season (YUCK) and it’s that time of year where you might get a holiday or new year bonus at work, I wanted to share with you guys some ideas of what you can DO with those extra chunks of money to really make them go a longer way and make them work FOR you.
I wouldn’t share these things if I hadn’t already done them myself… and trust me, these are things that can REALLY, really help your situation… and honestly, even if you AREN’T worried about how you’re going to pay for groceries this month, being wise now can make a difference in the long run.
Six Ways to Use Your Bonus or Tax Return
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