The Smart Way to Handle That Bonus Paycheck.mp4

PennyGem’s Elizabeth Keatinge tells us how to budget for three paycheck months.

Transcript

00:00w-2 employees have some months where they get not two paychecks but three they're exciting and you

00:09can really use them to your advantage credit.org suggests using the extra check to grow your

00:15emergency fund if the pandemic taught us anything it's that we should expect the unexpected you

00:21should have nine months of income saved in an emergency fund grow by acorns suggests scheduling

00:26an extra mortgage payment this can help you pay off the debt faster and pay less overall interest

00:32credit.org suggests you could also make an additional car payment invest for your future

00:37by putting the extra check towards a roth ira mutual fund or 401k retirement account

00:43self-care is also a valid form of spending extra funds if you've budgeted for it

00:49maybe you need a weekend away to clear your head and come back even stronger