Navigating a No-Bonus Terrain

Six tips to keep your finances on track when the bonus you usually look forward to won’t be coming this year.

A board game with a toy car reaching the "Pay Day" spot.
(Image credit: Getty Images)

Many people in the workforce are experiencing pay cuts during the current downturn. I’ve heard from some clients who aren’t expecting a bonus check this year and possibly no salary increase or bonus next year. Normally, when possible, I try to encourage them to live on their salary and to keep the bonus as the gravy in their plan to help save for their financial future. However, for people in sales positions who generate the bulk of their pay from commissions, that’s not a possibility.

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Patricia Sklar, CPA, CFP®, CFA®
Wealth Adviser, CI Brigthworth

Patricia Sklar is a wealth adviser at CI Brightworth, an Atlanta wealth management firm. She is a Certified Public Accountant, a CERTIFIED FINANCIAL PLANNER™ practitioner and holds the Chartered Financial Analyst® designation.  Sklar uses her CPA and investment background to help develop and implement financial planning strategies for high-net-worth and high-income earning individuals.