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A year-end bonus can add a welcome lift to your holiday season, offering a financial boost in return for all your hard work throughout the year. For many employees, these bonuses aren’t just symbolic pats on the back. They can be meaningful additions to your income.
According to data from Northwestern Mutual, the average bonus came in at about 2.8% of total compensation. That means an employee earning $80,000 might receive roughly $2,240, while someone making $120,000 could see closer to $3,360. Whether your bonus is modest or substantial, that extra cash can make it easier to cover seasonal expenses like travel and holiday shopping.
But a bonus can do much more than help you get through December. Used wisely, it can fast-track your financial goals and still leave room for a little well-earned fun. Before you decide where that money goes, consider…
