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New! Best Binary Options Strategy that works – Beginner Friendly

New! Best Binary Options Strategy that works – Beginner Friendly


Last Updated: Sep 3, 2020 @ 2:02 pm

Binary Options Strategy that works

Binary options have been available to the general public since 2008, but have only gained real momentum over the past few years, with more people recently becoming aware of this unique (and possibly lucrative) trading opportunity.

Still, while many people have heard of binary options and quite a few have even tried it, it remains a mystery to many how it works and how they can take advantage of it to turn a profit. The purpose of this article is to inform those who are interested in making a profit in Binary Options how to go about doing so.

We will touch on the basics of binary options and how Binary Options work, we will then explain the different systems and strategies available and finally we will find out what the best Binary Options strategy is, or which one actually works. By the time you are finished reading this article, you should have a good working knowledge of Binary Options and a good idea of how to turn a profit.

The basics

Binary Options trading is basically speculating whether an asset will go up or down in a certain amount of time. A Binary Options trader will put his or her money on either a “Call option” or a “Put Option”. A “Call option” is a speculation that the current assets value will be higher than the opening price in a set amount of time. If the assets value is higher, then the trader wins. On the other hand, a “Put” option is the opposite, in that it is speculating the assets value will be below the opening price. The underlying asset can be a stock, a forex currency pair, a commodity or an index.

There are also a few different types of binary options. Digital Binary options are your standard up or down options. This is the most common binary option. All you are doing is deciding whether the price of the underlying asset will be higher or lower (up or down, call or put). Another type of Binary Option is Range Options (also known as Boundary Options). Range options

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Another type of Binary Option is Range Options (also known as Boundary Options). Range options allows you to predict if the underlying asset will expire in or out of a set price range. Another variety of Binary Option trading is called “Touch”. Basically, this option provides you with a price and you have to decide whether the underlying asset will hit that price during the time allotted. If it “touches” or goes past that price, then you win the option.

One of the best things about binary options is that the risk is fixed as is the return. It doesn’t matter how well the underlying asset does, if you call it, and it’s in the money, you get it. Whether it has largely surpassed all expectations or just barely made it, as long as it has expired in the positive, you get your return. The expiration time is also fixed, so the trader knows exactly when it is set to expire before he even clicks on the trade. It’s so simple and easy, anybody with a computer and a bank account can start trading and even winning right away.

Of course, even if it is that simple to trade in binary options, it’s not that simple to actually make a profit from trading. You have a 50/50 chance of guessing the results in a binary options, which isn’t really that awful bad, but you can do much better if you have a strategy going into it. Without any sort of strategy, chances are you are not really going to make much in binary options trading and you will usually be lucky just to break even.

**Hot Tip** – If you don’t want to stress yourself combining many different strategies, then consider using a trusted signal service like Signals365 which makes use of the trading strategy we explained on this page as well as other top binary options trading strategies. They really made everything interesting, simple and easy to follow!

Binary Options strategies and systems

There are many binary options strategies out there, but not all of them are successful. In order to maximize you potential return, it’s necessary to understand the different strategies, finding the best strategy, and then continuing to change and tweak your strategy as the market changes. You may have also seen some systems online that promise high yields just for signing up on their website (often free) and using their program to make money. While this might sounds pretty good on the surface, most of the time these programs and systems are nothing more than scams. The catch to most (if not all) of these systems is that they require you to use their broker, which ends up giving you less of a return and often no return at all on your investment.

Your best bet would be to steer clear of any types of programs or systems that claim to make you rich in binary options, as these are more than likely just out to get your money, not to make you money. You should, instead, concentrate on learning and developing a strategy to track and gauge trends in order to make a more educated guess on how the underlying asset is going to do. While there are many, many binary options strategies out there, most of them require you to use a price chart to gauge the activity of assets.

An important thing to remember about binary options is that there are constant fluctuations in the price of any given asset. This is especially true over short periods of time, like 15 minutes or 30 minutes. Of course the longer the period of time is, the easier it is to predict certain trends in the fluctuations, but the longer you will have to wait for your return.

Most binary options trading is done in the short term, even though it’s much harder to predict. This is because short term binary options offer an almost immediate payout, so your money is not tied up for a long period of time. Most binary broker’s payouts are not sufficient to tie up your money for a long period, and immediate payout can increase your funds much quicker. This is where a good price chart becomes an invaluable strategic tool in gauging the actions of any given asset. A good price chart can give you an accurate representation of how quickly prices might change and allow you to see how quickly future trades will materialize.

By using a price chart, you can see minute to minute movements of different assets in order to more clearly predict what the asset is likely to do in the near future. It may take a little time to get used to reading a price chart in a way that helps you to predict the outcome, but after a while you will start to learn how to see trends in the market, and by understanding and using these trends, you can accurately gauge the direction an asset is most likely to move.

Using a candlestick chart

The best type of price chart to use for gauging the movement in any given asset is called a “Candlestick Chart”. A candlestick chart will give you the most information on the performance of any given asset over a short period of time. The first thing you will need to know is how to read a candlestick chart before you can actually utilize it for predicting your assets movement. At first glance, candlestick charts might seem complicated, but in reality once you understand the basics, they are very easy to use and quite intuitive.

A candlestick chart will show you the opening, highs and lows and closing value for a set time frame of an asset. The chart is made up of vertical rectangles which are either red or green with lines on the tops and/or bottom of the rectangles. The rectangles are called the bodies and the lines are called the wicks. The wicks (also called the shadows) tell us the highs and lows where the top line define the upper value of the stock and the bottom line defines the lower value. If the asset closes higher than the opening price, then the body is shows as a hollow rectangle (usually green) with the bottom of the body representing the opening price and the top of the body representing the closing price. If, on the other hand, the asset closes at a lower value than it’s opening price, the candlestick is drawn as a filled rectangle (usually read) with the top representing the opening price and the bottom representing the closing price.

Usually, the longer the body of a candlestick the more intense the buying or selling of that asset is at that period of time. Conversely, the shorter a candlestick is, the less movement there is in the price of the asset. A long hollow candlestick shows aggressive buying and a long filled candlestick shows strong selling of any given asset. The longer the hollow candlestick is, the higher the close is above the opening, and conversely the longer the filled candlestick is, the lower the price of the closing is above the opening.

By simply studying the candlesticks over a period of time you can see patterns in the opening and closings and without any further information, you can often accurately determine the next action of the given asset. For instance, you will notice on many price charts that there will be a filled candle, hollow candle, filled candle, hollow candle, etc. If you the last option closed higher than it opened, then the probability will be that in the next period of time it will close lower than opening and you would then place a “put” option on that asset, and vice versa. This is probably one of the simplest, yet successful strategies used by Binary Option traders today.

Another thing to look at when you are reading the candlestick chart is the wicks (lines or shadows) on the candlesticks. The wicks on a candlestick shows you the actual movement during the session of buyers and sellers of any given asset. The longer wick on top and shorter wick on bottom indicates that the buyers dominated the session and bid higher prices, however sellers forced the price lower toward the end of the session and the weak close created a long upper shadow. If, on the other hand, the lower wick is longer and the top wick is shorter it shows that it was dominated by the sellers for that session, with the buyers driving the price up toward the end of the session with the strong close causing a longer lower wick.

Best Strategy for gauging binary options

By understanding candlestick charts you can use the information to accurately predict how any given asset is going to move. Of course, you can never be 100% sure on how it’s going to play out, but by understanding and using the candlestick you will increase your chances of success quite a bit.

The thing you need to remember is to not only look at the candlesticks, but also the wicks (or shadows) as well. If there is quite a wide fluctuation in the wick, it will be much more difficult to gauge than if the wicks are fairly stable. The less volatile a market is, the easier it is to predict high and low trends, so a good strategy is to look for less volatile assets, such as foreign exchanges (Forex) that tend to oscillate in a fairly predictive pattern. Once you have discovered those assets that seem the most stable, all that’s left is following the asset in real time over a certain period of time and then utilizing the trend to predict the next call or put option.

In order to predict the next option, you should look at whether the asset closed higher or lower than it opened in the latest session. Usually, in a stable market, if the asset closed higher than it opened, you would want to use a “put” option and conversely if it closed lower than it opened you want to do a “get” option. This is usually the case, but not always, which is why it’s important to track the asset to see if there are any exceptions, so that you can accurately predict how often the particular asset goes down or up, how high it usually goes before it goes down, and other such relevant information. The longer you track an asset, the more reliable you can gauge the underlying activity and the more accurately you can predict its movements.

You should keep in mind, this strategy works best when dealing with a calm market. If the market is more volatile then it’s much harder to predict what the asset might do, so sticking with the less volatile markets is key to winning, using this strategy. Also, the longer you track the assets highs and lows, the easier it is to predict the pattern and the greater chances you will be successful in your trading.

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Some final things to keep in mind

Now that you understand how to use the candlestick chart to predict an assets movement at any given time you are on your way to making a profit in Binary Options trading, but there are a few things to keep in mind in order to create the most profit. One of these things, and this is a very key thing, is to check out as many brokers as possible, before settling on the best one. You should look at brokers that offer the best payouts, with the most options. There are many different brokers available and this will take some time on your part to do the research necessary in order to best decide. Some brokers will even give you a portion of your money back when you predict wrong, usually around 15%. You’ll want to check out what others are saying about particular brokers and decide for yourself which is right for you. Some other things to keep in mind when deciding on a broker is how much of an initial deposit is required and how much the minimum investment is. As a new trader, you will want to start with small investments until you see a definite trend in profits over losses.

Another thing I highly advise for new traders is to find a good broker that allows you to play the binary options without actually putting your money down first. These “practice accounts” allow you trade binary options using fake money. By using a practice account first, you can get to know and understand the options and practice using the candlestick chart before you plunk down your hard-earned cash.

You will be able to see where the best assets are, how much the best investment to make is and how often you win/lose on your trades. Once you feel comfortable and are making a profit (albeit a fake one), you can then open an account by making an initial deposit with the broker. Hopefully, by the time you actually put your real money down, you’ll be knowledgeable enough to make sound decisions, based not on guesswork or hunches, but on real, proven strategies! Just remember, even using the best strategy there is no guarantee that you will be successful every time, but by using a candlestick chart and understanding and utilizing the trends, you will definitely increase your chances of an accurate prediction by a very large percentage. Good luck and happy trading!

Hopefully, by the time you actually put your real money down, you’ll be knowledgeable enough to make sound decisions, based not on guesswork or hunches, but on real, proven strategies! Just remember, even using the best strategy there is no guarantee that you will be successful every time, but by using a candlestick chart and understanding and utilizing the trends, you will definitely increase your chances of an accurate prediction by a very large percentage. Good luck and happy trading!

Multiline Slots

Slot machines have significantly evolved since they were produced. Back in the day, there were no online gaming machines, and they had fewer features as compared to today. For example, the slots were not colored, and they were not video enabled. Even more, one had to use a latch to spin the wheels, and only three reel slots were available at the time. The situation is not the same at the moment. So many features have been added, and especially in the reel section. Keep reading to find out more.

Multiline slots are gaming machines that have several reels. These can range from 4 reels to 9 reels. The more the reels a machine has, the more winning combinations it can make. These combinations can be achieved vertically, horizontally, or diagonally. Additionally, some of these can be made in V or zigzag forms.

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Classic three reel slots have a single pay line as compared to the multiline slots that are available today. These can have pay lines that exceed 100. A pay line is a line that rewards an individual if a winning combination is achieved. A slot with many of these will make it possible for one to hit several winning combinations in just one spin.

In a majority of the slots, these lines are read from left to right. However, there are others that can be read from right to left or both directions. This significantly increases your winning chances. One aspect that significantly influences the number of win lines a machine has is the winning combinations, which in turn are influenced by the number of reels provided.

Types of Pay Lines

There are four important types of pay lines in slot machines. These are:

  1. Adjustable Pay Lines. These are the type that one can modify to suit their preference. Such slot machines come in handy when you have a restricted bankroll that you need to monitor for you to play as many times as you wish. For instance, if a gaming machine has 50 win lines and you want to adjust them you will only choose the number of lines that you want to engage, select the coin size you want to use then start the game. So if you pick 25 lines and pay 0.1 per line, you will bet $2.5 per spin.
  2. Fixed Pay Lines. Unlike adjustable slot machines, these are unadjustable. If the game has 100 win lines, you will have to bet on all of them for you to spin the reels. However, you have the option of selecting the coin size. Such games are a favorite of people who want to cash in massive amounts of money and have more significant bankrolls. Those who wish to extend their bankroll may have to play the adjustable lines as these give them various gaming options.
  3. 243 Win Possibilities. This is probably the most appreciated games of all the four that are available. The main reason for this is that you do not have to garner specific combinations for you to receive a payout. Any of the essential symbols appearing on the reels adjacent to one another automatically qualifies you for a payout.
  4. Win Both Ways Slots. The difference between this kind of game and others provided is the reading structure. The winning combinations can be read from left to right or vice versa. This offers several opportunities for gamblers to make cash. Sadly, not so many winning chances are given, and if they are you will have them in small quantities.

How to Play Multiline Slots

Whether you are playing on a fixed or adjustable machine, the principle is the same. First, you need to select the number of reels you will bet on. If the machine is a fixed one, this step won’t be available. The next thing you will do is to pick the coin size. This will determine how much money you spend per spin.

For instance, if your machine has 100 lines and you choose to play with a coin size of 0.5, the total bet per spin will be 50 dollars. You can reduce or increase your coin size to fit your budget. Finally, hit the start or spin button depending on what is provided, and wait for the results.

Alternatively, you can select the autoplay option. This, however, will require you to pay for a series of spins before you can play. At the end of the game, you have to cash out for you to receive the money you have won.

Multi-Line Winning Chances

Winning in these slots is not as complicated as most people would think. There are thousands of combinations that are produced once you spin the reels. These are the ones that make someone eligible for the wins. Vertical, horizontal, or diagonal lines run across the reels.

At times even V-shaped and zigzag ones take form on the screen. Any of the significant symbols falling in place on these lines will bring with them cash prizes. The best thing about multiline games is that it is difficult for one to make a spin and not attain something.

Comparing these to progressive slots, you may find yourself preferring the former to the latter. This is because you can barely walk home without having won something when you play multiline slots. Additionally, you do not have to play max bet on them, and you can adjust the number of pay lines you would wish to engage.

Progressive slots, on the other hand, may have a lucrative amount of money to be won, but the chances of winning this money are slim. Additionally, you have to play max bet for you to participate in these competitions, and you may lose all your money at the end of the game. Only one person can be the winner.

Multiline Slot Bonuses

Bonuses received when playing these games can be in the form of so many things. One can win cash, coins, extra spins, bonus rounds, re-spins as well as multipliers. All these have to be triggered by a series of events taking place on the screen. The significant symbols in the game are used to make the triggers happen. Some of the symbols you will find in such games include:

  1. Wilds – They can take different forms, but wilds are used for the same function. When playing, they can substitute all other symbols aside from the scatter for a winning combination to be complete.
  2. Scatters – Depending on the game regulations, two or more scatter symbols can trigger specific gaming incentives like free spins, re-spins, bonus rounds, and multipliers.
  3. Stacked Wilds – These are just the regular wild icons placed on top of each other. These can appear on particular reels or on all of them depending on how the game is programmed. They provide massive wins when they appear.
  4. Expanding Wilds – When this figure makes a show, it extends on the reel from top to bottom. This will create a winning combination that can garner huge wins for the lucky person.

Multiline Slots Stake Sizes

These machines can have a vast amount of stake sizes, especially if the machine has an adjustable feature. Gamblers can engage in bets that can suit their pocket’s ability. However, one is allowed to use a minimum of 10 pay lines. Each person can select their preferred coin size from those that are availed.

Nevertheless, if you intend on playing for the jackpot in the progressive slots, it is a must for you to bet the maximum wager set. This means that you will engage all the paylines and the highest coin size will be used. So if there are 50 lines and the topmost coin is sized at 5, each of your spins will be valued at 250 dollars each.

The most important aspect of selecting a progressive slot is the maximum wager. If you make calculations and you find out that the spins are costly, select a less expensive game. This is because in jackpot games you have to bet max all through. If your bankroll cannot support a high-end progressive slot, pick one that resonates with what you have. In essence, the stake sizes are usually determined by the gambler. This rule does not hold water when it comes to jackpot gaming though.

Multislots have gained popularity among online players because a person has the potential of winning something before the end of the game. This is unlike the single reel slots and progressive machines. However, these beloved sets are not as volatile as the other two, but they provide a fun experience for those who dare to play them. One thing that all betting fanatics should be wary of when playing online is the rogue betting sites. You may play a game that is genuine but fail to receive the cash you win. Also, you will discover that games in such places are rigged to work in favor of the casino, so you end up losing constantly.

Stake only in the web casinos that are licensed by recognized institutions. In addition to that, ensure that the site you play in has been verified by eCOGRA to be a safe and fair place to bet in.

Information About the Binary Options No Deposit Bonus

Information About the Binary options No Deposit Bonus. When potential traders are searching for the greatest binary options broker to meet their needs, one among these elements that are often taken into account is the characteristic of promotions and bonuses that they may be available. The investments market is becoming increasingly more crowded, and every year increasing numbers of brokers are emerging in to the binary-options field.

This usually means that they need to offer more impressive deals to encourage more visitors to register to their own services. There are several different bonuses being offered from the finest binary options brokers today, but one of the most popular with both new and current dealers would be the no deposit binary-options bonus. Here we consider exactly what this bonus entails and what are its own advantages. Remember, though, that no matter how good a binary options binary options bonus might look, it should not be the overriding reason for selecting a broker, because there are many more important factors to consider like the overall trading encounter, the user-friendliness of the trading port and the quality of customer service available on offer.

Information About the Binary Options No Deposit Bonus

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What is the Binary Options No Deposit Bonus?

A binary-options bonus is essentially a benefit or promotion aimed at bringing new signups to their site and rewarding loyal existing customers. An advantage is always distributed free to qualified traders, nevertheless will almost always be conditions attached, so it’s very important to learn the tiny print to make sure the significance of this bonus into your individual circumstances.Information About the Binary options No Deposit Bonus

Different bonuses are implemented and used in different approaches, and there are a fantastic many of them to take advantage of, even but the no deposit binary options bonus is just one of the most common and, so, among the most popular among traders. Unlike a number of other types of promotion, where the trader is predicted to place funds into their accounts before using this offer, the no deposit binary options bonus requires no the investor to consider no risk in any way, with no requirement to deposit any money in their trading account prior to creating a start on trading. Any profits that are gained through using this incentive are the investor’s to maintain and draw from their account.

How to Make Use of a Binary Options No Deposit Bonus

When you have spotted a binary options online broker that’s offering newly registered investors a no-deposit binary-options bonus and are determined that you want to take advantage of it, usually the thing you want to do is to enroll for a trading accounts with this broker. Some times, there’s just a promotional code that must be entered in to the website during enrolling in order to benefit from the existing offer. The registering process is generally excessively straightforward, just requiring a few personal and financial details, and after that this has been achieved, the broker themselves will probably place the stated level of funds in to your accounts, ready for you to use to begin doing your first few trades. Information About the Binary options No Deposit Bonus

Which are the Benefits of a Binary-options No Deposit Bonus?

A no deposit binary options Bonus has advantages for both the broker and the investor alike. The broker who’s offering this advertising kind will most likely receive a greater quantity of signups only by offering this bargain, while the investors themselves will be in a position to take pleasure from receiving no cost funds by which to trade put inside their account. This “free money” empowers the dealer to try out their trading style and to get a riskfree investment prospect.

This is especially attractive to new investors, that are in the act of developing their own trading plans and may well not desire to take a risk with their own money at this early stage within their foray into binary options trading. Novice traders may view a no deposit binary options bonus since the perfect chance to get to grips with all the process of implementing trades and create a foothold in the marketplace. There are also advantages for more seasoned traders who would like to use this sort of bonus as it symbolizes the perfect opportunity to try out a new strategy or experiment with another style of trading that they are not familiar with to examine its success.

Information About the Binary Options No Deposit Bonus

Got a Work Windfall? 7 Best Ways to Spend Your Bonus

Thoughtful spending (and saving) is the best way to get the most benefit from your bonus.

A bonus at work is not a sure thing. But landing one can be a great, great thing. Sometimes the only trouble is knowing what to do with your year-end bonus. Fancy new bag? Weekend getaway? Finally getting that emergency fund started? All smart uses for a year-end bonus, depending on your situation.

Employers increasingly rely on variable performance-based pay (additional compensation given for high performance), which accounted for nearly 13 percent of payroll in 2020, up from 7.5 percent in 1996, according to a survey by human resources firm Aon Hewitt. This type of compensation is often in place of salary increases. That means figuring out what to do with your year-end bonus is a question you may well have to answer as you succeed at work. Your best move is to plan in advance for any extra cash that could come your way.

Whether it’s a year-end perk or a recurring reward, here are some important ways to think about and use your bonus:

1. Understand your employer’s bonus structure

A work bonus is extra pay that an employee receives in addition to a salary and is typically awarded for successful individual or team performance. The timing of awarding bonuses and their structure can vary by industry, company and even department.

Before you can decide what to do with your year-end bonus, you’ll need to understand how and when people earn bonuses at your company and whether you are eligible to receive one, says Lance Cothern, founder of the financial blog Money Manifesto. While some employers pay bonuses to all employees when the company reaches its goals, other companies base the rewards on individual performance, or a combination of both. Your employee policy handbook should include this information, Cothern says. If not, consider asking your boss or someone from your human resources department for more information—including when bonuses are determined and paid out.

However bonuses work at your job, don’t count on one as part of your annual income. Bonus amounts can change from year to year, and sometimes they don’t happen at all.

“You don’t want to get yourself into a position where if you don’t get a bonus, you are in a financial tough spot,” says David Weliver, publisher of the independent financial site Money Under 30.

2. Remember that it’s not a lottery ticket

When deciding what to do with your year-end bonus, be careful not to treat it as if you won the lottery or got a prize that you weren’t expecting, Weliver says.

Turns out that people are more likely to spend money framed as a windfall (a large amount of money won or received unexpectedly) and to save money framed as a reimbursement, according to a study published in the Journal of Behavioral Decision Making. The bottom line? When money feels like an addition to your bank account, you’re more likely to feel like you can spend it. On the other hand, you’re more apt to hang onto money that feels like compensation.

To figure out what to do with your year-end bonus, “treat it as earned income,” Weliver says, “because it is. You worked for that bonus.”

3. Avoid frugal fatigue

After the Great Recession, the National Foundation for Credit Counseling popularized the phrase “frugal fatigue”—a tiredness over pinching pennies that’s still commonly felt by anyone on a budget. Smart uses for a year-end bonus can help alleviate some of this financial weariness.

People who feel “frugal fatigue” most strongly are the least likely to stick to good spending habits when their financial circumstances improve, Weliver says. Similarly, young people who are dealing with student loans and credit card balances and focused on getting out of debt as fast as possible can actually get burned out if they don’t treat themselves once in a while.

Enter: Your bonus. Smart uses for a year-end bonus may include spending some of it on yourself, some of it on bills and other financial obligations and some of it to save or pay off debt, Weliver says.

To start, “It’s a good idea to take between 10 to 25 percent of it and use that for yourself,” he says. “Positive reinforcement that you can enjoy a little bit of your money makes it possible to keep working hard.”

“You don’t want to get yourself into a position where if you don’t get a bonus, you are in a financial tough spot.”

– David Weliver, publisher of the independent financial site Money Under 30

4. Make a financial plan

After setting aside funds for a small treat, you can use the remainder of a work bonus as an opportunity to meet your larger financial goals.

Financial plans are extremely important when it comes to the best ways to spend your bonus, Cothern says.

“If you don’t have a plan for how you’d use your bonus money,” he says, “it usually ends up getting spent in small amounts here and there with nothing left to show for it.”

Although each person may spend his or her bonus differently, smart uses for a year-end bonus include paying off high-interest debt first, Weliver says. After paying down debt, consider creating an emergency fund with a few months of expenses in the bank, Cothern adds. Next, consider saving money for retirement or other big goals.

5. Spend and save thoughtfully

Even if you’re in good financial shape, one of the best ways to spend your bonus is in a thoughtful way, rather than spending it all at once on an impulse purchase, Weliver says.

“Whether it’s things or experiences, what brings you the greatest amount of happiness for the dollars you spend?” he says. “Make a conscious choice before you go out and spend.”

Smart uses for a year-end bonus may also include contributing to a long-term goal, like owning your own home, starting a business or jump-starting a child’s college education fund. When considering the best ways to spend your bonus, consider a donation to a favorite cause or charity, which can often be tax-deductible.

“If you don’t have a plan for how you’d use your bonus money, it usually ends up getting spent in small amounts here and there with nothing left to show for it.”

– Lance Cothern, founder of the financial blog Money Manifesto

6. Share the wealth

If you’re debating the best ways to spend your bonus, there may be some ideas from published research. At least one study suggests that money can indeed buy happiness—if you spend it on others. Sarah Gervais, an associate professor of psychology at the University of Nebraska-Lincoln, wrote that when researchers evaluate people’s happiness before and after spending a bonus, they find greater joy among those who use the money on others or donate it to charity.

The happiness occurs no matter how big the bonus is. “One reason for this phenomenon is that giving to others makes us feel good about ourselves,” she writes.

The research also shows that when people purchase experiences—such as taking a class or traveling—the resulting happiness increases over time. That’s likely because we tend to share experiences and memories with others, Gervais says. One way to maximize the happiness of spending a work bonus may be to purchase an experience and bring a friend along. You can even use your bonus to plan an experiential gift for your significant other.

7. Stick to your plan

When deciding what to do with your year-end bonus, the best plan is to have a plan. Whether you treat yourself, contribute to long-term financial goals, help others—or all of the above—thoughtful spending (and saving) is the best way to spend your bonus.

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