Put your bonus to work

[BSClay]

A $50 bonus may not seem like much at the end of the year, but these days every extra dollar can help you maintain your financial stability. Here are some ways you can make good use of that $50:

• Cut your credit card debt. If you put $50 toward a $2,000 credit card balance, you’ll cut your payback time by four months if you usually pay a minimum of $40 month. Using the $50 toward the debt can save you $103 in interest (at 16 percent).

• Buy financial management software. Use the $50 to help you manage your money better by putting it toward some financial management software like Quicken. It’ll help you keep better control of your checking account and help you identify other areas where you can save money.

• Pump up your relationships. Buy something nice for your spouse, partner, friends, family, or co-workers. Remember, there’s more to life than money.

[moneysense]

These are excellent tips. Every extra dollar does help.

In fact, I had saved all my loose change or the last 5 weeks and cashed it in at the bank on Friday and was able to buy my husband a Dremel Multi Max tool for Fathers Day.

This was a gift that would have otherwise been difficult to afford but as you see, even saving loose change can really add up in a very short amount of time.

[pennypinch]

Excellent tip. Thanks!

I don't get a bonus at work but I do get a raise once per year. Every year I always say that I am going to take the raise amount from each paycheck and begin saving it or whatever but it never happens. Something always seems to come up and I have to use it.

I'm not financially irresponsible though. I'm really not. I have learned to make money go a lot further than most people make it go. I guess you could call me frugal but it's out of necessity. But even being frugal I just cannot seem to save that little bit of money.

The kids always need something or the car breaks down... it's always something!

just when I think I will get ahead, something happens.

I love the tip though. Hopefully one day I will be able to put it to use!