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I typically split my up bonuses into 1/3 to student loans, 1/3 to any other credit card debt or bills, and then 1/3 to splurge items. That way I felt responsible and that I had also treated myself to something special
Totally forgot about tax returns too. Good point!
My current employer doesn’t give bonuses but I have worked for companies in the past that have. If I had a payment due I might. Use my bonus for that but I never wasted a bonus trying to pay down my loan because the interest would wipe out the progress in a few months
Yeah that's fair. Getting the balance down always feels nice, but I see your point about interest..
My employer doesn't give bonuses either. I'm so jealous of the people who do receive them; if I got a good chunk of change at the end of the year, the first thing I'd probably do would be to put at least part of it toward my student loans.
I usually apply about 80% of my bonus to school loans with the last 20% for something fun. Hate paying these loans. I really feel like it will take 900 years to finish paying.
Yep! Same boat. I like the 80/20 idea though. I feel like I don't spend any of my hard earned money on myself!
I usually get around $5-7k pretax every March and historically have put 50% in my 401k, saved 25% and spent the other 25%. This year I’m doing 80% to my car loan and save/spend the rest. Student loans are my lowest priority until there’s definitive news on forgiveness.
Yeah that's fair. I think if I was closer to $10k I'd be more in that boat but sadly I'm faaar from it.
I have a list of my priority spending and I make sure that I stick to it. My student loan comes second of the list that needs to be prioritized then the rest goes to the other loans that I have acquired.