How am I spending my bonus?
How am I spending my bonus?
I’ve been very fortunate in my life financially. After graduating I moved to an area that had a great demand for workers and got a much higher paying job than I would have if I stuck around in my home province. I worked hard and got promoted and was fortunate that during company restructuring I kept my job.
Then oil crashed and I managed to stay employed. Over 40,000 people lost their jobs. I was fortunate enough to just get a wage reduction.
Throughout the restructuring and the recession my coworkers and I were able to keep costs low for the company. Luckily throughout all of this cut back I was able to make up for some of my lost wages. Recently I was given my largest bonus I’ve ever received, so I’m going to splurge a little in celebration!
So what are you buying with your bonus?
Now in the past I’ve put my bonuses along with my tax returns into investments or savings. They usually come within a month of each other so I treat them the same. I don’t rely on these for anything, it’s just padding my retirement fund. This year is going to be a little different. I’m spending my bonus on two main things, splurge items and trips.
What’s a splurge item you might be wondering? Well before I knew the after tax value of the bonus I decided that I would take the “hundreds” and spend them on dates and treats for my girlfriend and I. Basically we have a budget of $894 to blow on random things we enjoy together. This isn’t stuff we’d normally buy but things we have thought about but our frugalism(if that’s a word) keeps us from buying.
So far we haven’t spent too much of it yet, but here’s what we indulged in and are planning so far:
1. BOOZE! Not just any booze, if you follow my Instagram you would have seen about a month ago that I bought myself a pretty damn good bottle of rum. Well I saw that it’s good but I actually haven’t even opened it to drink it yet. I feel like it should be saved for a special occasion but I don’t know what.
2. More booze! You may see a dangerous trend about our hobbies…Along with my boozy treat, I bought my girlfriend a case of wine and some nice tequila. The summer is coming up and a margarita to end the week is a great thing! Also she really likes wine.
3. Passes to active dates – I have no idea what to call this, but basically it’s day passes to things like indoor trampoline parks, rock climbing, obstacle course training facilities(think ninja warrior practice grounds) and more! We’ve gone to the trampoline park before and had a ton of fun so we’re going to use this to try out all of the other facilities and see which is the most fun.
4. Concerts/events – None bought yet! But we’re on the lookout for good shows that we’d like to see
What about the trip?
Well as you may remember from the Q1 update that we’ve planned a trip to Europe. We’re heading to Paris, Brussels and Barcelona at the end of May. So expect to see a lot more Instagram pictures from those places and some articles when we return!
Then of course sticking to my old habits, the rest of the bonus gets invested. Once I file my taxes and get the return I’ll deposit both in my GRRSP and that should finish off my outstanding contribution room.
So why are you telling us all this?
Well normally this blog talks about making more money and saving money. This article is just spending it because sometimes you need to and can reward yourself. Always keep your goals in mind but if you’re on track year over year you can definitely reward yourself on occasion. Just be careful not to derail your progress and set yourself back.