Trying to orient myself to how most people think about bonuses/incentives.
Our base puts us at 475+ in HENRY, but my year end bonus is significant and can be 50% of my base comp. I’ve always thought of the bonus as “extra” money. I don’t count on it, except for savings purposes. Is this normal? I’ve never been one to count on something that’s not guaranteed.
For context, we max 401ks and still save each month. We live a good life, have what we need/want, take vacations, etc., all on our base salary.
EDIT: Great responses so far. Looks like most people aren’t budgeting bonuses as regular recurring income. Interested in the responses that say bonuses are being used to pay taxes. For those doing this, what is your strategy for income taxes (dependents for taxes from paycheck)? I pay during tax time, but it’s typically only 20% of my total tax bill.
EDIT2: should point out that the majority of my incentive each year are RSUs that vest. I know how much the RSUs will be 3 years in advance. I just have to make it to the vesting period.
On average we hold enough cash to pay for 12 months of expenses without any income coming in. Throughout the year, a portion of that cash is slowly drawn on to cover portions of our larger expenses (primarily daycare, but also home maintenance and travel)
By the time bonus season comes around, we’re usually down to 9-10 months of expenses in reserve. The bonus is first used to replenish cash reserves back to 12 months, with the remainder either invested or spent on splurge purchase(s)
In the case of a weak bonus (hasn’t happened yet), we would tighten the belt a bit over the next year (via reduced travel as the first backstop, followed by deferred home maintenance if absolutely necessary)
This reads about right to me, although I back the 12 month cash buffer with a bunch of non-retirement investments that wouldn't be too bad to dip into (although obviously I'd prefer to avoid the capital gains). Realistically I probably wouldn't cut spending significantly unless I missed two bonuses in a row. I've had better years and worse years but have never been so low that regular spending was in any danger.
A lot of people are saying not to depend on bonuses at all, but that becomes kind of ridiculous at some point (my bonus is 85-95% of my annual income).
We have an ongoing list of goals specifically for big excess influxes, so a bonus would go towards whatever item(s) come next on the list.
Same, but have a split between spend projects, and fun investments that dont yield optimal amounts.
I don’t count my bonus as part of my income for budgeting as it’s never guaranteed.
For self employed folks it can be a bit different. I pay myself a 66k a year salary to cover basics. I just got back from the bank depositing a check for 372k. I knew it was coming all year and while I wish I could live off 66k a year I can’t anymore.
Bonuses never counted til they are in the bank. Then we use some for “mad money” and the rest for whatever goals we want to juice - added savings, home improvement, extra travel plans, big ticket purchase etc
This is what we do as well. My budget doesn’t take them into account - but when they hit, we just look at what area could use the influx the most. Emergency fund? Retirement? Vacation? Bathroom Reno to fix the terrible plumbing?
What constitutes ‘mad money’?
For us, that is just funds we have for whatever we want / no judgment, we don’t need to discuss with each other in any capacity. Kind of a frivolous spend / outside of our regular budget / financial process. Just a self-treat in some capacity.
Since we both grew up without a lot and entered our marriage with a lot of student debt, we had a hard time at first being ok with this kind of spend. So we started the tradition when we got our first bonus - x% to each of us. Back then the rest of the bonus tended to go to practical stuff (often our student debt then bulking savings).
Now we are more comfortable financially, but we keep the tradition alive bc while we have always merged finances completely and long been on the same team / non judgmental about each other’s expenses, it is still a nice feeling to have something that is 100% individual.
Can you give an example of what you are spending that money on?
Genuinely curious. My wife and I come from similar background and we are still quite stingy with money. Outside of vacation or travel is the "mad money" going to things like her doing her hair? I buy myself like a few video games a year for 40-50 bucks each not sure if you would count that or if you mean things like watches, more expensive items.
Not OP, but experiences. For eg, I watched the band I LOVE twice last year bc fuck it. My husband and I splurged like 2k on a 3 hour concert for a bucket list band (including dinner, drinks and a babysitter) because FUCK IT. I also buy matching "expensive" items for my kids and their half dozen cousins once a year, like nothing crazy, but think like Jordans. Bc why not.
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When we started it was smaller stuff like experiences (concerts, plays, etc), video games, fresh cut flowers, a subscription of interest or a plus up of something we already liked / needed eg a nicer pair of boots or purse. And bc we have simple tastes it still is.
Nowadays it often is still that kind of range of stuff but can also be bigger - like I paid for help with a household project I wanted that would never make it in house priorities for either of us bc existing was fine/ functional but I wanted to freshen it up. We’ve used it for home gym equipment etc. For him it is often electronics (often upgrades or stuff to play with - he is in tech and also an audiophile).
Hair / hba expenses are part of cost of professionalism for my role so that was a budget item. But I don’t do blowouts, so maybe that would be in there if I liked them. :)
I only budget with money I already have, so I budget for my bonus after I’ve received it.
Pretty normal for people here seems like. I work in a field where bonuses or distributions can be majority of total comp and do the same thing for now. Just depends on your risk tolerance and how conservative you want to be on budget. To me it never seemed good to have such a big lifestyle you need the bonus to pay your bills.
We are in the same boat. Bonus is variable in our case and we don’t include it in our budgeting, even though it’s likely to hit and is usually about a third of W2 comp. Including it as a sure thing could put us in a spot we don’t want to be in if there’s ever a year where it isn’t given.
Bonuses aren’t bonuses if you expect them. I get almost 1/3 my pay in “bonuses” but really they’re just variable comp. If i had to find another job I would consider my total compensation (not just base pay) for my next role and you can bet if they didn’t pay a bonus id be looking right away for a new job.
That said one year in covid we did get a real bonus, never had one in December before and haven’t since. It was welcomed and heartwarming and i would not consider it part of my regular compensation.
I view bonus money as no different than regular salary.
That said, my bonus isn’t truly “variable”. My company does everything on a total comp basis, and after a certain level of compensation there’s a set formula for what percentage of your compensation is salary vs bonus.
Unless there’s a major financial crisis, my bonus isn’t going away. And if there is, my salary likely goes away too.
My bonus is how we pay our taxes.
So you’re effectively budgeting to get your bonus with your monthly spend?
Nope. I get my bonus in March. I use it to pay all the extra taxes that I inevitably have to pay every year. Accountant says I should be paying quarterly but I invest that money instead and so far I'm earning more by just paying the penalty. If the bonus doesn't come then I will sell some equities to cover taxes.
I do the same. A down year in the market is gonna make both of us look dumb. But speaking for myself, its been working so well I can afford that risk.
Absolutely. A down year and I pull from money market and bonds if needed.
We do the same thing.
We do the same. Usually owe about 75k which is about my bonus.
Is that 75k mostly property taxes + state/federal taxes? Or also capital gains taxes
Just extra federal income tax that was not withheld from our w2 jobs.
Yup, this.
Can I ask why you end up owing so much? Is this intentional?
Sort of. We can only withhold rsu vests at 22 percent at my co. And I’m too lazy or busy to file quarterly. So just use bonus in April
That makes sense!
We plan how we will use our bonuses, but we don't rely on them. E.g. we have a child who will start college in the fall. Planning to set aside bonus $ for her tuition etc. If something happens and bonuses don't come through as expected, we can draw from savings or sell investments.
A lot of industry variance but that mostly makes sense to me.
I wouldn't base lifestyle on it unless it is a sure thing.
We budget off base salary. Once bonus is in the bank I consider it part of our gross compensation and base my savings goals off that amount.
Quarterly profit sharing distributions can be fairly variable but are about half of my W-2 income. We budget our fixed expenses around my flat monthly draw and use the quarterly distributions for large purchases like new cars, vacations, or transfer to taxable brokerage if not used.
I use annual bonus to max out Mega Backdoor Roth by March. Sometimes I see a bit of additional cash leftover, but usually not a ton.
If I don't get the bonus, I would just contribute to the MBD each paycheck until hitting the limit.
So the bonus is an accelerator.
This is the way to do it. Live below the means of your salary. Any bonus is truly a bonus.
We budget to salary and put bonuses in savings.
Our bonuses used to pay in mid December. After we got acquired they were moved to mid March.
401k match is applied to our bonuses. The company sends out many communications ahead of time if people want to elect to remove their 401k contribution so they get the full bonus deposited.
The kicker is the way they time the bonus and regular pay you'd lose out on 2 match contributions.
I am surprised how many people remove their 401k contribution to take the full amount at bonus time.
I feel that an eligible 30% comp bonus is pretty rare nowadays (one of the reasons I'm still with the company). Usually I land around 25% based on year to date company financials.
I usually take 10% and do something nice for myself, the rest gets deposited into my brokerage account.
They have been historically good over the last 8 years, however I don't think they are going to be good at all this March.
I see it as extra and always invest it. I do not calculate my daily expenses on expecting it.
I increase my 401 k to have it max for the year. My company will true up the match.
I'm on FIRE for 45. I don't want it in my 401k
Nope. Too many years of 0 bonus.
Bonuses for both my spouse and me have always fallen within the published range by rank at our companies. For “budgeting” purposes, we assume we’ll receive the lowest. We use our bonuses to one-pay private school tuition and anything extra goes into a combination of savings/brokerage/529, bigger vacation budget, etc.
My bonus hits in February. I have my Roth 401k and my additional Roth automatic rollover set to completely maxed. After the bonus hits, the rest of my paychecks for the year don't have any deductions for that.
That said, not getting a paycheck for the first two months of the year doesn't impact us. Our baseline expenses, including rent, are <20% of my take home pay.
Lol my "bonus" is like 2%
Bonus is an extra cherry on top. It’s about 50% of my total comp but it’s not part of my budgeting. Helps keep lifestyle creep at bay!
I usually end up owing taxes in April. The bonus helps that not hurt as much. After that nearly all of it goes right into investments - all index funds. Those’ll just accelerate my retirement date.
It’s great to build a monthly budget saving 35%+ of our salary income where we honestly don’t need the bonuses at all for typical lifestyle spend.
Aside from a large lifestyle spend like a house renovation or vehicle purchase, the rest Is covered within a budget or the buffer unless multiple unexpected things come up in a short time frame.
The bonuses are great and tend to follow the same split. Maybe a slight splurge but we already but what we want so a $50k bonus may as well be )150, doesn’t really change any of our wants in the short term.
I recognize this is a privilege as we own our home so I intend to fully enjoy this life situation as long as it lasts
There are target bonuses that you can expect because the company would be in real trouble if it didn't pay them, percentages that you can expect most years but aren't guaranteed, and completely discretionary things on top.
It would be really rare to have a position where 50% of the income is bonus, and yet you have little control over it, and the company doesn't consider at least 80% of the amount untouchable.
In the same fashion, a lot of people have guaranteed compensation that is denominated in company stock. So if you are handed, say, 200 shares a quarter, you can count on them for sure, but whether those shares will be worth $40 each or $400 each, not so much. That's how most people in tech companies get rich.
You can have a band of expectations depending on the kind of bonus, and see how much of it really is quite safe. As you get closer to bonus time, more of it is safe, and depending on where you are, you might have surprises
Still, if you care about the Y in HENRY, the bonus money isn;t going to get spent anyway, or you are aiming for Not Rich Ever.
End of year bonus for me is a not so fun exercise in maximizing 401k contribution. It comes in the 2nd to last paycheck. If I just blow through 401k max early, I don't get the employer match on the paychecks that contribute 0%. So I have to calculate how much to contribute, assuming the bonus will land with the same percent I got the previous year, and then adjust the final paycheck contribution percentage to a potentially much higher number if the bonus was lower than expected.
Did you ever check if they do a true up so you don’t have to do this?
Yeah, the CFO told me specifically that I should do it when he noticed me not doing it the first year that I maxed out.
Bonuses factor into my long term planning but not monthly budgeting.
Things like an unnecessary new car purchase or home remodel will wait for a certain bonus. Also our savings rate needed to fire in X years requires substantial savings from our bonuses.
Shouldn’t matter. Plan for yourself and stick to it. As long as you account for needs and are prepared for the range.
For example, are you fairly certain it will land above 25%? Or could it reasonably be 0-50%. I’d treat those cases differently for planning purposes if you depend on it.
In your case of everything being covered without the bonus I’d come up with an allocation (e.g pay excess taxes first, then 70% investments, 30% discretionary…or whatever suits you & allows meeting long term goals). Or you could do long term purchases, maintenance, vacations, whatever. In the end hopefully the total spend somewhat matches your overall planning/goals.
Good advice.
I factor my bonus into my income, but not at full target.
In my 12 years across a few companies, I’ve always been paid an annual bonus, typically landing between 80% and 140% of target.
I project at 90%. It’s typically over 100% but I like to be conservative. I also use bonus to fund savings goals and not for day to day spending, so accuracy is less important
Bonus is 3x base - so, yeah, def need to include most of it. A decent portion effectively is comp but there is always a risk it could be 0
BB bank I’m guessing?
well it's less exciting when you see half it evaporate due to taxes
It’s a privilege to pay lots of taxes… now, I strongly disagree with how much of it is spent but that’s a whole different conversation. Our current tax burden is one of the lowest ever and not sustainable
That’s silly. The pointless spending is what is not sustainable. There are nicer countries with lower tax rates.
Yes, and all those spend multiples less on military and policing. CH is the perfect example
Or just assume it’s half right away.
It’s all perception.
I can tell you I’ll give you a million bucks, but you shouldn’t count that. You should count what’s in your locket
well tell that to people like OP. you didn't get a 50% bonus. you got like $100k and change.
We include our bonuses (which are paid out in Feb) in our annual budget for that year.
Yes, that’s the good way to do it. Mine is 30-40% of total comp and now with kids and a big mortgage it will inevitably go towards some general expenses but it is best to earmark your bonus for specific things like taxes, big ticket items, savings, etc.
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In sales-bonus is 10% of all comp, it’s my Job to hit plan but don’t count on it-use for big ticket home repairs-add extra to the money market and backdoor Roth IRA.
They’re fun but not part of the plan.
My bonus gets spread across savings buckets, then thrown over the fence to investments.
Typical buckets: - quarterly tax payments (fed/state/local) - house fund (big planned projects or just “somebody else is cleaning the gutters every time”) … ie slush fund - vacations (trying to throw more in this every year) - any other foreseen expenses coming? - most everything left gets sent to investment
No kids, no debt other than mortgage. Don’t need a new car for a few more years.
ETA: it’s not real until it’s in the bank. Nothing but the taxes bucket would require more than adjusting fantasies if it doesn’t happen. I don’t count it as guaranteed income.
I don't count anything that doesn't reliably happen.
Same. I do not include my bonuses in my budgeting. I usually use my bonus to augment my own savings, 529s or vacation travel.
It depends on your salary. Our salary income is 30k per month, and quarterly bonuses are like 300k, so we shovel the bonuses into student loans and index funds.
Fund the 401k and IRA. Check ‘em off the list.
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It’s 95% of my comp so I think very highly of them
Assuming you’re in sales?
yup
Bonus goes to 100%ing 401k and mega Backdoor. Then the rest is treated like anything else. It’s not as bad as treating tax returns as “extra money” but I don’t treat anything like “extra money”. If it wasn’t good enough to purchase the standard way, it isn’t good enough to purchase ever.
I take 10% of bonus as extra fun spend and 90% goes to invest. It can be 50-200% of base.
We use bonus for vacation and other savings goals (eg money towards house projects)
Live off the base for essentials and the bonus is for savings / holidays
No bonus one year? You’ll survive but not have luxuries
Like you I think of them as extra. I usually save or invest most of it.
We budget our money to pay for annual recurring bills via our normal monthly paychecks. We don’t specifically budget our bonus in our recurring annual spend but instead use it to fund items that occur less frequently than once per year.
Have kids? Pay for college via your bonuses today by saving in a 529.
Want to redo your kitchen/bathroom/etc.? It can be paid for via cash once you have enough accumulated from your saved bonuses.
Want a new car? Pay with cash once you’ve accumulated enough via your bonus.
extra is never how we think about it. we sock it away like it never happened and continue living the same…
For me it’s tricky. Bonuses make up nearly 3/4 of my income. I still try love off my base though!
I use base salary to cover operating expenses and core expenses (basically what keeps the house running). Depending on the year, I’ll earmark up to 25% of a bonus into operating expenses.
The remainder of bonus is earmarked for non core expenses, house improvements, car paydown accelerations, excess savings (extra 529), luxury gifts.
RSUs are gravy I try to hold onto or use to smooth out class flow cycles.
The balance is not using ALL of your bonus for operating expenses: personally I’ve had years where bonus gets funded 50%, 0%, sometimes 150%. Same with RSUs, only budget what’s vesting in year.
Tax wise, I file exempt and pay quarterly estimated payments on a credit card. This nets me a non-taxable .92% on my taxes, plus interest income each quarter on the money the government would have taken.
Bonuses go toward big goals, like buying the dream house, beach house, fully funding kid’s college etc
My bonus gets split - 30% invest, 10% day to day fun (tickets, date night, etc), 30% travel sinking fund, 30% household sinking (projects/renovations, pet emergency/sitting, family planning)
2/3 of my salary is Variable. So I don’t use it purely as “extra”. But when I use it for basic expenses it’s to prepay them. Proactive car maintenance or purchase, prepaying a year’s insurance, remodeling the house or upgrading yard etc.
We spend our base salary and also max out retirement accounts and ESPP. Bonus and RSUs are extra, either for large expenses like new cars or home renos, but most years it goes into brokerage.
I always forget about bonuses so it’s always a nice surprise when they hit the account. As soon as they hit, they go to savings to be deployed later for investments.
If you didn't get a bonus, would you find a new job? I would. That means you expect it, so it's part of your compensation. It's just a part of your pay that can be throttled by your employer.
I prefer straight cash at a known amount over bonus schemes. Just pay me X and I'll do Y.
I spend most of it on travel for the whole year. In January I spend some time doing a trip/summer camp budget. I would earmark the dates and amounts
Feb - ski week 5k April - spring break - 3k June - NY trip - 6K June - 2 weeks summer camp / 3k July - 2 weeks camp - 3k July - 10 days France - $12k
I budget out and start buying refundable flights and hotels and the camps if I can
Bonus is Biggest part of compensation by 5 times. Incentivizes performance over a partner coasting into retirement
It’s a bad look to fire a partner so we just give them like a 50k bonus as a gentle get your $h!t together
Bonus is ~6-9% of household total comp, we just plow it into investments
My wife and I live on our salaries but do factor the bonuses in upcoming optional expenses.
Like dropping it as an extra payment in the mortgage.
Or extra payments into our kids 529s.
But we do definitely kinda expect them at this point. Just not to pay anything we must pay.
I mean, taken to the extreme you shouldn’t expect salary for the rest of the year, either.
So I do count on bonus to an extent. I usually “expect” the low end and hope for the higher end. I save a LOT though. So most of our expenses are covered through salary, and most of our planned saving is 401k / stock purchase plan, with most of the bonus saved. But if I got no bonus things would be tighter than I’d be comfortable with.
Bonuses and RSU vests go straight to additional principal on my mortgage.
Kind of a middle zone in our household. I’m the sole earner, approximately $650k total but only $300k base. If bonus went to zero we’d have to cut back on things, but it wouldn’t be ‘we can’t afford our house’ kind of emergency. In finance, the bonus is such an integral part of comp that it’s unrealistic to treat it as purely nice to have. So we’d certainly feel the impact but it wouldn’t be catastrophic.
For me its hard to count on bonuses while simultaneously viewing them as "extra" rather than expected.
Bonus's are extras because I don't know what it will be at the end of the year. It all depends on the company performance and my own performance. It's a nice windfall to have at the end of the year.
Bonuses aren’t all the same, different employers have very different ways they use bonuses. As an example, in finance bonuses are discretionary, and in cases where they want to encourage you to leave they can zero out your bonus. That is a completely different situation compared to a bonus based on company performance where there is a firm wide written policy and calculation. I think for planning assumptions you should only count on what a reasonable worst case estimate of the bonus would be. And for budgeting try to use as little of it as possible for expenses.
I count it as extra. Most of it goes straight to investments but the past couple years I've set aside $10k to spend on whatever I want
Who the fuck budgets their bonus lol
People whose total comp is mainly bonus?
I don’t consider my varcomp as budget-able income. It’s purely nice to have. This last quarter I used some to purchase a new patio door, put money away for daycare, and buy a new watch.
We live off salary and bonus is exactly that — bonus money.
My bonus and RSU comp are generally pretty reliable and a bit over half of my total comp. My wife and I live off of our base salaries, invest the majority of bonus/RSU money and spend a few percent on bigger purchases (car/home improvement). Only exception to this being our purchase of a vacation home last year which drew down some more than usual of the “left over” $.
In my line of work, bonuses are small (10-15% of base), and sometimes they are contractually guaranteed.
Earlier in my career, I really did count on them, especially when I was at a place where there was a contractual guarantee. Right now, for the first time, I'm in a place where there's no guarantee, and my bonus was reduced, even though I met the criteria. This coming year (we get ours after the fiscal year), because of financial difficulties where I work, I doubt I'm getting anything at all. It'll truly be a bonus if it happens.
I primarily think of my finances as money in vs out on a monthly basis. I get quarterly bonuses which are generally very consistent. I take a low-end estimate of those bonuses and average it out to my monthly in vs out. Any extra bonus or 1 time bonus I just consider as extra, and if I dont have any big expenses coming up, it usually just goes to my brokerage account.
In finance and it’s pretty common that bonus is >50% of TC. This has some pros and cons but I always like that it makes saving easy. I live off of my salary (save maybe 10-15% of gross salary) and then if I just save my bonus my total annual savings rate is where I want it to be.
Bonuses go to investments/savings, if it ain’t base salary it ain’t paying my bills.
I put them straight into HYSA, if we buy anything big that needs to dip into savings during the year it’s there. Whatever’s left over at the end of the year goes into Fidelity and gets invested. I get bonuses quarterly but it can vary a lot so I don’t budget it as income.
I use Ramit Sethi's CSP rather than a budget of sorts, but base that off our base salaries. Bonus we usually decide to put some towards investments and spend a portion on ourself / ourselves.
I always think of it as “extra” too. Although many people count on it and depend on it for income. I feel the same about any “extra” (tax return, profit share, supplementary bonus, travel stipend). I don’t spend it.
1) never count on it or work it into the budget
2) use it in lumps to accomplish important goals until there are none left (for us this was front-loading 529s, for some people it's paying off debt or killing their mortgage or something)
3) once there's nowhere to catch up, look at the bonus each year and break it up into what you need for the coming year. Travel, increasing investments, any home repairs - pay next year's out of the bonus cash in hand from last year.
Since your bonuses are so large I would imagine you'd get to #3 very quickly and mostly use it to invest. Congrats!
I usually contribute 100% of my base + bonus income to retirement accounts (401k, HSA, mega backdoor Roth) at the beginning of the year, and live off my emergency fund until I've hit the max contribution amount. My bonus is distributed in March and usually ends up being the final contribution to retirement accounts, with a little left over to start replenishing my emergency fund.
My bonus isn't a very large percentage of my income, and it is fairly predictable so I would feel comfortable including it in my budget. But, all money is fungible so I don't think I treat it as 'extra'.
My day to day spend (mortgage, property taxes, food, utilities, etc, including maxing out my retirement accounts) comes from my salary. My bonus + RSU go towards the “big” planned expenses (tuition for my kids, savings for next vehicle) and taxable savings.
To me, that’s what living within your means means.
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You appear to be on your second Porsche, a BMW, and rolex within a year with your "crypto gains" based on your profile.
I think you know the answer to your question.
Thanks for the deep dive on my post history…like I said, we live a good life on just our base salaries. I wouldn’t have bought the car if I had to use the bonus to buy it.
I don’t have to work a single day at my job and get a 200k salary - I base expenses off of that. Usually work around 120 days a year and it brings my pay up to high 300’s total comp. That’s all gravy.
What role is this? lol
Pilot
They pay you 200k retainer without working?
I guess pilots so sacrifice a lot. Harder to have family life etc, but if you are single you can fool around for decades
It’s not a retainer, it’s a salary. Don’t work for airlines. Airlines have a retainer of a min of 75 or so hours a month whether they fly or not. I fly a firefighting plane. Gone for 2-3 weeks and home for 2-3 weeks depending on the time of year. Home and off for a few months straight outside of fire season. Good money. Kinda rough if you have a family… amazing if you dont.
Ahh, that’s a rare one! Cheers to you and thanks for doing a valuable job. Glad you get paid handsomely for it
making 475000 racks and barely saving is mid, yo
What are you talking about? Who said that I was barely saving anything?