A $50 bonus may not seem like much at the end of the year, but these days every extra dollar can help you maintain your financial stability. Here are some ways you can make good use of that $50:
- Cut your credit card debt. If you put $50 toward a $2,000 credit card balance, you’ll cut your payback time by four months if you usually pay a minimum of $40 month. Using the $50 toward the debt can save you $103 in interest (at 16 percent).
- Buy financial management software. Use the $50 to help you manage your money better by putting it toward some financial management software like Quicken. It’ll help you keep better control of your checking account and help you identify other areas where you can save money.
- Pump up your relationships. Buy something nice for your spouse, partner, friends, family, or co-workers. Remember, there’s more to life than money.