Top hints to use your windfalls
The 2008 federal government's economic stimulus payment program put $152 billion toward increasing Americans' cash flow. Later this year, many consumers may receive commission checks, end-of-year bonuses, inheritances or gifts. Bills.com president Ethan Ewing reminds these fortunate recipients that their decision about how to use extra cash can make a big difference.
7 Tips to Manage Bonuses, Gifts, Other Windfalls in Today’s Economy
1. Eliminate debt.
2. Invest in retirement.
3. Save the money.
4. Invest in a home.
5. Invest in yourself.
6. Give yourself a boost.
7. Split it up.
via expertclick
Holiday Windfalls: 7 Tips on Using Them
1. Put it in your emergency fund
2. Set aside a few dollars for something fun
3. Make an investment
4. Share the wealth
5. Pay down debt
6. Put it towards a bigger goal
7. Mix and match
via lifehack
How to Manage a Windfall Successfully
- Pay any taxes due.
- Take one or two percent to treat yourself and your family.
- Use some or all of the money to pay off debt.
- Deposit the rest of the money in a safe account.
- Do not touch the money for several months.
- Make a wish list.
- Get professional help.
via getrichslowly