You may want to rethink how to spend your annual bonus.
Financial experts agree that using that year-end windfall toward long-term big-picture expenses will make you happier than if you use those funds for so-called retail therapy.
The average holiday bonus is expected to be $1,797 this year, a 66 percent increase from $1,081 in 2016 and $858 in 2015, according to staffing company Accounting Principals.
At the same time, fewer companies plan to pay bonuses this year. Sixty-three percent of firms intend to give bonuses this year, versus 75 percent in 2016, Accounting Principals found.
If you happen to be lucky enough to see a boost in your paycheck, you want to prioritize how you spend it.
Two goals you should keep in mind as you look at how to use the money are catching up and getting ahead, according to financial advisor Lazetta Rainey Braxton, founder and CEO of Financial Fountains in Baltimore.