I received my annual bonus late last week, so was able to complete funding my starter emergency fund to the $2000 I was working towards. Yay!
As a very pleasant extra I also receive the Superannuation Guarantee on the bonus payment, so got a nice boost into my retirement savings this month, on top of my regular monthly salary contribution, plus the 3% I'm contributing myself pre-tax.
For the non Aussies, the Superannuation Guarantee is our version of a retirement fund, the big difference to say an American 401K is it’s mandatory for employers to contribute on your behalf. Employers must pay a minimum of 9% of your pretax salary into your superannuation (retirement) account. As my bonus is considered part of my package, it counts toward that 9% total for the year. Sweet!
As for the rest of the bonus, I've:
- set aside $1000 to go into my First Home Savers Account once it starts here in October,
- paid a decent chunk off my focus card,
- paid a double payment on my personal loan,
- boosted my goal account to $1000 (I really need a new bed and mattress),
- bought a new outfit for work (from Target, 30% off),
- put $500 aside to start my 40th birthday 'UK tour' fund for June/July 2009.
July’s Ugly Truth is shaping up to be a very good news story!