So, at my new job, we are paid bi-weekly. On the off pay check weeks, we are given the tokes (tips) we’ve earned as a collective. There is no guarantee of how much this will be. I’m asking because I really have no idea what would be best. Loans and bills are covered by my paycheck, I just don’t know what to do with the extra…
So my question is: put this money where?
Away as rainy day/savings? I wouldn’t touch this except in an emergency & would be in it’s own account: I have a savings account at a different bank than what I use for paychecks (my parents set it up for me forever ago & it wasn’t near my college, so I set up new checking/savings but left the old one open).
Towards paying off my credit card? I’m already paying as many dollars a week as it is in the year: ie this was the 10th week, I put $10 towards it, next week will be $11, etc. In doing this, it should be paid off by September or November and then I was planning on putting the rest in savings to then pay off loan principle at the end of the year.
Towards paying down principle on my student loans? I’ll be starting to pay these back at the beginning of next month, once I have a nice chunk of savings anyways, but the tokes would be extra.
Pay as much as I can of my cell phone & car insurance each month? This totals roughly $140 a month and tokes would just go to that and then I’d put in however much else I needed.
Use as an allowance. It’d mostly be spent on food for/at work and my soy milk/whenever I’m asked to grab groceries. This would also support my Amtgard and crafting hobbies.
Remember, there’s no amount guarantee. Opinions/suggestions?