plonkee money an english-er's thoughts on personal finance

July 9, 2008

ask the readers: what should I do with my bonus?

Filed under: plonkee — Tags: , — plonkee @ 11:00 am

So, I came back from a business trip to London the other day, to find a letter from work waiting for me. Naturally, I instantly assumed that they’d twigged that I’m an imposter and I would be getting the sack. Not so. I’ve been awarded a discretionary bonus of £500 (approx $1000).Now, get your thinking caps on as I have two questions for you all.

Firstly, should I mention it to my team mates? I don’t think these are commonplace. No one in my team has ever celebrated having one before. We regularly celebrate promotions, birthdays, babies etc etc with cakes. So, should I keep quiet about it, or buy them all cream cakes? If they are more common than I think, then no one celebrates them and I should definitely keep quiet. On the other hand, do people really want me to gloat if they’re quite rare?

Secondly, and perhaps more importantly, what should I do with the money? After tax and NI I reckon it’ll amount to about £300 (approx $600). To help you get some ideas of my financial position:

  • I have no consumer debt (although I do need to rearrange some savings).
  • I have a reasonable sized emergency fund (about 3 months income).
  • I’m currently investing 16% of my gross salary towards the future (retirement and whatnot).
  • I’m saving the money I get from adverts on plonkee money towards buying an oboe

I don’t think I’ll get the money until at least my next pay packet at the end of the July, so there’s some time to think about it. This is good as it helps to mitigate against the possibility that I’ll accidentally fritter it away.

Over to you, give your opinions in the comments.

Image by pasotrapaso

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