partner's bonus

MEM62

tard said:

hi all,
My wife has been given a 25K bonus what is the best thing to do with it?
Both 59
we have no mortgage
15k credit card debt
2k savings
any help apricated
Tard

 

Being debt-free is obvious choice.  However, interesting that you have not mentioned pensions.  If the £25k is net then a contribution to a pension would be a good way of using some of the money.    

Wonka_2

MEM62 said:

tard said:

hi all,
My wife has been given a 25K bonus what is the best thing to do with it?
Both 59
we have no mortgage
15k credit card debt
2k savings
any help apricated
Tard

 

Being debt-free is obvious choice.  However, interesting that you have not mentioned pensions.  If the £25k is net then a contribution to a pension would be a good way of using some of the money.    

I mentioned this earlier and was beginning to think I was mad in my thought process.

Given she's over 55 then presumably anything put into private pension (and therefore benefitting from tax saving) could be extracted again fairly quickly to clear/reduce debt

Andyjflet

100% no question clear the credit card debt, then divide up the remainder between, saving and home improvement or holiday. 
Pay some debt
spend some
save some.