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Let's think positive here! :) I'm curious what you guys do when you and/or your spouse get a pay raise. Do you put the extra away in a savings account, or spend it on something you've been wanting or not do anything different?
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For me personally, any extra amount - I set a percentage and it always goes to my savings account. The rest I might spend on various items we wanted for a long time or use for the household budget.
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For me personally, any extra amount - I set a percentage and it always goes to my savings account. The rest I might spend on various items we wanted for a long time or use for the household budget.
That's a good method. Welcome, annette. Nice to meet you. Please don't be shy. Drop by the intro folder and tell us all about yourself! :)
I read advice that you should view lump sums like a big pay raise realistically and work out how much a month the extra money breaks down to. After you think about all the deductions like tax, it's not nearly as big an amount as you first thought. When you dash out and buy that fancier car you've been wanting, it's too late to think about how much your insurance is going to go up. We need to think about any extra expenses that would go along with the spending too.
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Good answer, frazzledmom and hi to you annette. :).
Purplerain, if I ever get one I'll let you know. My boss makes Scrooge look generous LOL.
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Right now I'm frightened to even buy cereal that's not generic LOL. I wouldn't spend it nor add it to a savings account that didn't give instant access. I'd want the money to be sitting in my bank account in case of an emergency.
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Right now I'm frightened to even buy cereal that's not generic LOL. I wouldn't spend it nor add it to a savings account that didn't give instant access. I'd want the money to be sitting in my bank account in case of an emergency.
I know the feeling. A pay raise would be a dream come true and a small one would be just fine. I have so many things I need for the house and family I could spend it on! I would have it ready for when a bargain showed up.
©2009
It depends on how much it is. For a fairly small amount I'd leave it in the bank account and not do anything special. Larger ones like a few thousand I'd probably spend some and save more.
When you have only two pennies left in the world, buy a loaf of bread with one, and a rose with the other.