How to spend Bonus when DFW

helpme_115

So ive been told im getting a bonus of between £2,000 and £3,000.

I was just going to use it on paying off debts (will pay off about 20-30% in one go) but wife saying i should keep some back for myself.

Im keen to use to pay debts as it means we can start saving for other things we want to do sooner.

Just interested to see what others have done in the past/planning to do in future

Silian

Getting a bonus end of this month and 100% of it will go towards my debt (the interest I will save will make it more than worth it and will save me much more in the long run).

Once debt is paid off I might do 80% mortgage and 20% something nice for myself, but debt is higher priority.

Edit: Other than lazer eye surgery one year I can't remember what the "something nice" was that I did with any of my previous bonuses. I'm actually looking forward to it doing something really useful for a change. Congratulations on the bonus!)

andyfromotley

Take the wife out for a lovely top notch meal (£200?) pay the rest off!
Win-Win!

helpme_115

andyfromotley wrote: »

Take the wife out for a lovely top notch meal (£200?) pay the rest off!
Win-Win!

£200!!!! Forget that!, £50 tops, and she can have a desert if i get desert at home...

helpme_115

Silian wrote: »

Congratulations on the bonus!)

Thanks, its the first one ive had for a while and man did i work hard for it!

Sazzie23

Congrats on the bonus, I go 50% debt, 25% savings as have no access to credit, and 25% essential items fund! for me that is replacements for worn or broken house hold items and some higher end toiletries that suit my skin better. Maybe as bonus is quite large though, I'd go 70%, 20%, 10%.

bilko89

Sazzie23 wrote: »

Congrats on the bonus, I go 50% debt, 25% savings as have no access to credit, and 25% essential items fund! for me that is replacements for worn or broken house hold items and some higher end toiletries that suit my skin better. Maybe as bonus is quite large though, I'd go 70%, 20%, 10%.

I'm afraid I'll be stealing this idea, very clever yet so simple! :cool:

Million_Percent

Just be careful not to mentally spend your bonus several times. In the past I've been guilty of thinking, 'It's OK I've got my bonus this month' and then spending more than I actually had. Sounds like you are thinking very carefully about it though.

I'd say 80% on debt and 20% on a treat.

Brallaqueen

I like sazzies idea. You want to be debt free and that is admirable but you need to have a life too or you are just punishing yourself. Buying something you want and need is practical and treating yourself at the same time x

On_my_way

I would say pay off the debt but give yourselves a little treat.

Money_Muppet

Personally, following my LBM last August, I'd pay it all off debt. I'm due a bonus later in the year and it will all be going off debt (allocated anyway - 0% interest on CC so will leave in TSB earning 5% interest until payments are due).

I'll be treating myself once I'm debt free.