One of the more difficult aspects of saving is, well, some people are fixated on immediate gratification.

As it’s now a new year some people have the benefit of working at companies where the position they hold is eligible for a bonus. Given it’s been a tough year so far it’s hard to fathom that companies still have bonuses in an economic downturn however it doesn’t mean that there were no profits. In many public companies it could mean that their sales didn’t meet the expectations of what was expected of them.

Bonuses can be a nice chunk of change. The temptation to spend it on something big is tempting especially for those bogged down with debt or living in austerity perhaps either by choice or not. Nevertheless what is one to do with their bonus? What if you do want to make that money last but are fighting that temptation to spend it one something nice? It doesn’t mean you can’t have both.

For those in debt using that bonus to reduce your debt is probably the most fiscally sound thing to do. With credit card rates above 20% cutting any of that down will certainly help dig you out of a hole. In the past I’ve also been guilty of FOMO: *What about that really sweet stock that could skyrocket and triple my money? *I’ve got so much in student debt that I want really want to chip that down! *