2020 is a Leap Year!
And that means we get one whole extra day to do whatever we want! (aka – probably go to work or do some Saturday cleaning.)
Regardless of what you do with this extra day, have you ever thought about what you do with extra money that comes your way?
Here’s a few ways to make that extra money work for you:
>> Pay Raise
Congratulations! Your hard work paid off and now you’re reaping the benefits. Don’t let that raise go to waste; make it go to work! If you just received a 3% pay increase, increase your retirement contribution by 3%.
It’s always exciting to learn that you’re getting a bonus. Maybe it’s for the holidays. Maybe it’s due to the completion of a project. Whatever the reason, don’t blow it. Add it to your emergency fund. Feel like you deserve a reward for this bonus? That’s normal! Take a small chunk of your bonus to spend on yourself rather than spending the whole amount.
>> Tax Refund
It comes once a year. That time when we wonder if we’ll be paying more money or receiving a refund check. If you’re in the group receiving a refund, use that money to pay down some debt. By paying extra on credit cards, car payments or even your mortgage, you could pay your loan off sooner and pay less interest.
>> Sell Unused Items
When you start to approach your spring cleaning, create a pile of items you no longer want/need. If these items are in decent condition, you can try your hand at selling them. There are several outlets you can try such as eBay, Facebook Marketplace, LetGo, or simply have a garage sale. Open a separate savings account that you don’t have immediate access to and place all this money in there. It can be used as a way to save for a vacation, holiday gifts, or as an emergency fund.