Putting a bonus towards paying off student loan debt is a smart move as well. According to the nonprofit Institute for College Access & Success's Project on Student Debt, seniors graduating with student loans carried an average of $19,000 in student loan debt in 2004, a 58% increase over the past decade, when accounting for inflation. One-fourth of seniors graduating in 2004 carried $25,000 in overall student debt, not including money their parents borrowed.

Levit advises paying off debts early, lest debt spiral out of control throughout your 20s, which is a time when you may try to purchase your first home or become a parent. "The average 20-something is unfortunately in a lot of debt—credit cards and student loan debt." But there's good news, according Guerard: "There’s not penalty for early repayment for either federal or private loans."

Debts all in order? There are other ways to make your bonus work that are not a trip to Sin City. Levit suggests putting part of a bonus into a high-interest savings account. One example is Bank of America's (BOA) High Yield CD. Socking away money for a rainy day, is always a smart move. Or if you think your Abercrombie & Fitch (ANF) duds might not cut it in a Wall Street office, you can use your bonus for a new Ralph Lauren suit (RL).

And actually a small splurge isn’t totally out of the picture, Levit says. Just be sure to celebrate your new job in a reasonable way. “I recommend doing something small for yourself to celebrate [your bonus] – taking your friends out for a drink, getting a massage.”