Holiday Bonus: Savings or Debt?
Update: 2026-01-03
Description
Should you save or pay off debt with your holiday bonus? The answer depends on interest rates and your emergency fund. If your loan rate is higher than what you can earn in savings, prioritize debt repayment. However, ensure you have a solid emergency fund first. High-yield savings accounts currently offer around 5% APY, while student loan rates range from 2.75% to 6.8%. Paying off high-interest debt can save more on interest, but always clear high-interest credit card debt first. Building flexibility now sets you up strong for the new year. Checkout Solipillow.com
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