I recently got a raise at work. I literally just asked the boss if I could get a raise and he said yes. Now the dilemma I have is what to do with the extra money! Not that it’s a bad situation to be in. Talking it over with my husband we believe that the most financially sound decision is to continue to act like I don’t have the raise and put all that money towards the emergency fund until it has been funded for at least the 3 months we currently have.
All our current bills and other expenses are taken care of so why feel the need to create more just because more money is coming in? The other idea we had was to use my entire raise towards retirement funding. If I take my whole raise and sock it away for our golden years it’s not like it’s money we will be missing now, we didn’t have it before!
Either way, it’s a good conundrum to have. We also found out my husband should be getting a nice bonus this year….hmmm what to do with that money? Investments? Retirement? Heck even a cash-paid vacation? Ahh, the decision of the financially responsible.
Any ideas on how you would handle a raise or bonus money?
