Are you expecting a tax return or bonus this year?
You work hard for your money. Make sure it works hard for you, too. If you’re expecting extra income this year – like a bonus or tax return – this one’s for you:
You may assume the best place to maximize surplus income is paying off debt, like student loans, car loans, and credit card debt – and this can be a great place to start. However, it may be beneficial to focus on areas of financial opportunity as well.
Here are some other ways you can consider investing that extra income, or a portion of it, to ensure your money is working hard for you where you need it to:
• Boost your 401K investment contribution(s)
• Create an Emergency Fund or add to an existing Savings Account
•Pay down your mortgage or build your home savings
If you’re saving up for a home, check out BCU’s homebuying resources to learn more about the path to homeownership. Now go put that extra income to work!
Not subscribed to our newsletter?
