TAMPA, Fla. — If a holiday bonus is coming your way, it’s a good time to evaluate your finances and plan accordingly with how you use it.
Tasha Cohen-Glynn at Achieva Credit Union says, if you don’t have 3 to 6 months of money stashed away to cover unexpected expenses, that’s a good place to start.
“Establish a fund for unforeseen fiascos," Cohen-Glynn said. "If you don’t have one, I would take that holiday bonus and immediately start one, because life happens.”
If your savings account is already in good shape, she suggests some debt demolition.
“You ditch those high-interest debts that are keeping you down," she said. "I promise you, it will keep you in a circle that never ends.”
Cohen-Glynn says, “Take that holiday bonus and throw it on one of those high-interest credit cards.”
Another option is to make that money work for you by investing the check.
She suggests getting advice from a financial advisor, “most banks have them for free, I know at Achieva Credit Union you can walk into any branch and they’re free of charge. Acquire somebody who can help you put your money in the right place.”