Temujin_12
Member
Cash: $ 2.80
Posts: 12
Joined: 04 Feb 2010
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| How to best use generous bonus |
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I work for a great company that is managing double digit growth and their bonuses this year are very generous.
What I'm looking for is advice on how to best use the money from the bonus. Here's what I'm considering:
* Pay a percentage of it to charity (I'm not budging on this one) 
* Pay off credit card and line of credit. I don't have a ton here (just a few K), but it's enough that interest from it isn't negligible, so I'd like to get rid of it.
* Pay off car loans. Here I have maybe several K's worth of principle left between two cars. I'm uncertain about this one since cars are depreciating assets. Does it make sense to pay them off early to avoid interest if they are just going to decrease in value anyways? One alternative I'm considering is consolidating the two loans into one loan and try to get a lower interest rate now that rates are much lower than when I bought them.
* Put the rest in savings.
What's your opinion on how to best spend a generous bonus given my points above?
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