lauraw4321 Posted August 5, 2014 Share Posted August 5, 2014 We may be getting an unexpected sum of money - more than $10,000 and less than $40,000. DH and I have more or less decided what we'll do with it, but I'm curious what you would do. It's not like winning the lottery, but it's not insignificant either. Quote Link to comment Share on other sites More sharing options...
SKL Posted August 5, 2014 Share Posted August 5, 2014 If I had bills, I'd pay them off. If there was any left after bills, I'd plan a family vacation and put the rest in savings. Quote Link to comment Share on other sites More sharing options...
Acorn Posted August 5, 2014 Share Posted August 5, 2014 I'd split half for investments and then the other to update some eyesore features of our house. For example, we have some horrible 1970s lighting fixtures in the house, but since they still work, we just ignore them. I'd love to have the wood floor refinished. The kids should have new dressers. And new carpet, ooh should replace the couch before picking carpet. ETA: I can't stop wanting things now. Maybe you will feel the desire to share your windfall with strangers? Quote Link to comment Share on other sites More sharing options...
Ann.without.an.e Posted August 5, 2014 Share Posted August 5, 2014 I would pay off our car loan and put the rest in savings. We have no savings :( Quote Link to comment Share on other sites More sharing options...
Wilma Posted August 5, 2014 Share Posted August 5, 2014 We's do some house renovations. I would push for an overseas holiday, but we'd probably put it into the house. Quote Link to comment Share on other sites More sharing options...
Catwoman Posted August 5, 2014 Share Posted August 5, 2014 Without knowing your financial situation, it's tough to speculate. If you have debts, pay them off. If you don't have debts, but also don't have a lot of money in savings, set aside a few thousand dollars to spend and save the rest of the money. I know. I'm no fun. :D Quote Link to comment Share on other sites More sharing options...
idnib Posted August 5, 2014 Share Posted August 5, 2014 We would put some in DD's college fund and save the rest in an index fund. Quote Link to comment Share on other sites More sharing options...
DawnM Posted August 5, 2014 Share Posted August 5, 2014 We need some home improvements done, so I would do those first. The rest would go into the kids' college funds. Quote Link to comment Share on other sites More sharing options...
trulycrabby Posted August 5, 2014 Share Posted August 5, 2014 Without knowing your financial situation, it's tough to speculate. If you have debts, pay them off. If you don't have debts, but also don't have a lot of money in savings, set aside a few thousand dollars to spend and. save the rest of the money. I know. I'm no fun. :D This is exactly what I was about to say. :) Quote Link to comment Share on other sites More sharing options...
Susan in TN Posted August 5, 2014 Share Posted August 5, 2014 Emergency fund, pay off the rest of our car loan, a little to fix the bathroom plumbing, and the rest set aside to pay for ds's college. We could do all that for about $25K. Quote Link to comment Share on other sites More sharing options...
Mama Geek Posted August 5, 2014 Share Posted August 5, 2014 If it were me, I would put it towards the sailboat that we want. Quote Link to comment Share on other sites More sharing options...
G5052 Posted August 5, 2014 Share Posted August 5, 2014 If you don't have an emergency fund, that comes first. After that, I'd pay off bills, take a vacation, and put the rest aside for college in that order. Quote Link to comment Share on other sites More sharing options...
bettyandbob Posted August 5, 2014 Share Posted August 5, 2014 We've been mid remodel (after a flood) in the kitchen for 4 years. So, I'd finish that first. Then, there are a bunch of piddly repairs that we've been putting off. Then I'd put what's left aside for dd's college or add to retirement. Quote Link to comment Share on other sites More sharing options...
lauraw4321 Posted August 5, 2014 Author Share Posted August 5, 2014 Good point about our financial situation. No debt, partially funded savings (that is the first place the $ will go). But that still leaves a nice chunk left over. Quote Link to comment Share on other sites More sharing options...
BrittanyM Posted August 5, 2014 Share Posted August 5, 2014 It depends on how much it was. If it was me I would tithe out of it ($1,500), take a vacation ($5,000) and then probably finish some projects on our house (which all together would cost $7,000ish). Anything left over I'd save. But we don't have any debt aside from our mortgage and we already have a bit in savings. If I did have debt or didn't have savings those would come first. Quote Link to comment Share on other sites More sharing options...
JFSinIL Posted August 5, 2014 Share Posted August 5, 2014 half I'd split with the kids - they are 22, 22, 20 and 18 and have really stepped up to the plate the past two months since our car crash, and the rest would go to replacing our totaled car...with another gently used one, so we could get a spare used car for the youngest to drive. And we really do need to replace the rusty, leaking gutters on the house! Quote Link to comment Share on other sites More sharing options...
JustEm Posted August 5, 2014 Share Posted August 5, 2014 I would use some of it to pay for our upcoming car purchasing rather than financing half of it. Then I give use each 1000 to spend on ourselves or collectively use that for a vacation. The rest would go towards our mortgage, our only debt, so we can reach our goal of being debt free in 10 years. I hate answering questions like this because it really makes me envious I don't have that money to relieve some of our financial burdens. Quote Link to comment Share on other sites More sharing options...
Ethel Mertz Posted August 5, 2014 Share Posted August 5, 2014 I'd put the majority (75%) in our house downpayment fund. The rest would be put in our car expense fund. Quote Link to comment Share on other sites More sharing options...
Gil Posted August 5, 2014 Share Posted August 5, 2014 I want to move us within the next couple of years, when I graduate but for now we're staying put so I'd use the money to make us most comfortable in the here and now while stashing some for future uses. pay advances on all of my bills through to May of next year. ~~Wouldn't have to worry about paying bills until I was graduated and ready to move on put some in savings. ~~Gotta love savings make some home repairs start a travel fund create a savings accounts for each of the boys futures Take us on a vacation Gift some of the money to the folks in my support network splurge a little on the boys Quote Link to comment Share on other sites More sharing options...
AimeeM Posted August 5, 2014 Share Posted August 5, 2014 Emergency fund, pay off my car, and the rest into savings. Quote Link to comment Share on other sites More sharing options...
ocelotmom Posted August 5, 2014 Share Posted August 5, 2014 Some amount towards fun stuff (clothing, classes for the kids, things off our wishlists). Most towards some combination of paying off debt, home improvements (we're trying to do things in the interest of energy efficiency and sustainability that will lower bills in the long run), travel, and investments. Possibly a new (used, but more modern) vehicle, especially if it was on the higher end of that range. Alternatively, use it for down payment and moving expenses to move somewhere more ideal. Quote Link to comment Share on other sites More sharing options...
candicane Posted August 5, 2014 Share Posted August 5, 2014 If I had that money, I'd put it towards us buying a house as we're almost pushed out of the one we're in now and we have nowhere to go. But it certainly wouldn't be enough, sadly. Quote Link to comment Share on other sites More sharing options...
QueenCat Posted August 5, 2014 Share Posted August 5, 2014 If it were an even $40,000: $10,000 for a trip to Europe. $20,000 to kids savings $10,000 to update flooring Quote Link to comment Share on other sites More sharing options...
regentrude Posted August 5, 2014 Share Posted August 5, 2014 Assuming you have enough for necessities and are not behind on any bills (these would come first): Pay off high interest debt if you have any (credit cards etc) Look at long term financial planning and liquidity. It depends on the situation. I might use part to make an extra payment on the mortgage or do a home update, part to put in the college fund, part to spend on a nice trip. Quote Link to comment Share on other sites More sharing options...
LibraryLover Posted August 5, 2014 Share Posted August 5, 2014 No bills, plus retirement funds? I'd take the kids to France and Italy, or perhaps Hong Kong. Maybe lots of hours with language tutors as well. Absolutely on experiences and education. Quote Link to comment Share on other sites More sharing options...
Amira Posted August 5, 2014 Share Posted August 5, 2014 Goodbye student loans. Quote Link to comment Share on other sites More sharing options...
Catwoman Posted August 5, 2014 Share Posted August 5, 2014 Good point about our financial situation. No debt, partially funded savings (that is the first place the $ will go). But that still leaves a nice chunk left over. If your savings are only "partially funded," I don't think you should plan on having a "nice chunk left over." I'm getting the impression that you want us to tell you to go hog-wild with most of the money, but in all honesty, even if you're in no debt now, do you have enough money saved for retirement? Do you have money put aside for your children's education? Can you afford to live off the interest on your savings if your dh was suddenly unable to work for the long term? When you need new cars, can you afford to pay for them in cash? Is your house paid off, and are you sure you will never want a more expensive home? It's very easy to say that you're in good financial shape -- and I'm not saying you aren't -- but if you're looking at less than $40,000 as being a relatively significant amount of money, you should probably be saving most of it. Putting money aside for the future is neither fun nor exciting, but as someone who has been there and done that, I can tell you that long term security is a whole lot better than short-term fun. (But do have SOME fun with a small amount, so you don't feel deprived.) Again, I'm sorry to be such a wet blanket, but I'd hate to see you spend the money frivolously and then find out later that you should have saved more of it. I would feel differently if you'd said you'd already saved plenty of money for the future. Also, if you don't mind answering, how old are you and your dh? Do you have children? How old are they? All of these factors are important. Quote Link to comment Share on other sites More sharing options...
Tap Posted August 5, 2014 Share Posted August 5, 2014 $15,000-20,000 Buy a used Westfalia. closer to $40,000-buy the Westfalia AND add some savings to it and buy a bit of land that I know of, to park my Westfalia on and make my own little campground. (property has utilities). Quote Link to comment Share on other sites More sharing options...
Annie G Posted August 5, 2014 Share Posted August 5, 2014 I'm boring...I would put all of it into a fund for retirement. Dh will retire in a few years and we're stockpiling money to use for the first few years so we can keep the retirement funds untouched until he's at least 62. I know the number we want to reach in that fund and reaching it early would be SO much fun. Quote Link to comment Share on other sites More sharing options...
T'smom Posted August 5, 2014 Share Posted August 5, 2014 What I would do: pay off medical bills, buy a new camper (new to us.... Not new new), put the rest in savings. Quote Link to comment Share on other sites More sharing options...
PinkyandtheBrains. Posted August 5, 2014 Share Posted August 5, 2014 I'd keep a small portion for something fun then put the rest towards debt, savings, retirement. Quote Link to comment Share on other sites More sharing options...
littlebug42 Posted August 5, 2014 Share Posted August 5, 2014 It would go to pay off debt, student loans, etc. Maybe take a little bit out of it for each family member to just have fun with off the top. Quote Link to comment Share on other sites More sharing options...
Lanny Posted August 5, 2014 Share Posted August 5, 2014 Depending upon the source of the money, you may or may not need to pay Income Tax (Federal and State if you live in a state that has a state income tax) on the money. Check into that, before you spend or invest the money. Pay the taxes due, if any, and then you will know how much of the money remains. GL Quote Link to comment Share on other sites More sharing options...
Lolly Posted August 5, 2014 Share Posted August 5, 2014 Honestly, it would all go into savings/investments. Quote Link to comment Share on other sites More sharing options...
Hikin' Mama Posted August 5, 2014 Share Posted August 5, 2014 I ditto savings and investments. Quote Link to comment Share on other sites More sharing options...
speedmom4 Posted August 5, 2014 Share Posted August 5, 2014 I would pay off our van loan first. Then I would finish our emergency fund. But the irresponsible part of me would want to do some cosmetic home renovations! Congrats on the windfall! Elise in NC Quote Link to comment Share on other sites More sharing options...
elegantlion Posted August 5, 2014 Share Posted August 5, 2014 Pay off some debt, buy a Jeep (used), plan a week long vacation to Colorado next spring, and pay a significant portion of the mortgage. More than likely, I'd skip the Jeep and just pay off the house. I'd also give ds enough money to build one of the computers he's been wanting to do. Quote Link to comment Share on other sites More sharing options...
Catwoman Posted August 5, 2014 Share Posted August 5, 2014 Here's what I'm thinking. She should send me the money and I promise to spend it wisely. :D Quote Link to comment Share on other sites More sharing options...
Cinder Posted August 5, 2014 Share Posted August 5, 2014 I think for us it would be used for a family vacation but we are fortunate to be in a good financial situation right now. If we weren't then we'd be doing what others have suggested: paying off debt, building an emergency fund, saving. Quote Link to comment Share on other sites More sharing options...
Grover Posted August 5, 2014 Share Posted August 5, 2014 Finish the floors ($2k) Build the deck ($5k) Update the car ($5 - 7k) Savings account for children ($5k each) Rest on the mortgage. (That's in my money... not ur ehow that works in US$... it'd sure take some pressure off though!) Quote Link to comment Share on other sites More sharing options...
Harriet Vane Posted August 5, 2014 Share Posted August 5, 2014 First pay off debts (car or other). Then plan a family vacation. I put a high priority on this while the kids are still here. Since I have two teenagers, I am so aware that they will be gone in a short time. I want to maximize our time together before they launch. Finally pay down the mortgage. Even one extra payment on the principal per year can shave off a lot of interest and save you money. Quote Link to comment Share on other sites More sharing options...
idnib Posted August 5, 2014 Share Posted August 5, 2014 Here's what I'm thinking. She should send me the money and I promise to spend it wisely. :D That's a heck of a lot of catnip, just sayin'. Quote Link to comment Share on other sites More sharing options...
LucyStoner Posted August 5, 2014 Share Posted August 5, 2014 -Donate about a 1/4. -Set aside about 1/2 for any legal costs to keep my niece and nephew safe and with their own advocate in a nasty DV family court case. If I don't need it, great! Extra money for our down payment on a new house down the line but I would really like to have it on hand about now without having to raid longer term assets. -use about $1000 to splurge on stuff we want -rest to savings. Quote Link to comment Share on other sites More sharing options...
Catwoman Posted August 5, 2014 Share Posted August 5, 2014 That's a heck of a lot of catnip, just sayin'. Yes, but I'm not addicted. I can quit any time I want to. :D Quote Link to comment Share on other sites More sharing options...
idnib Posted August 5, 2014 Share Posted August 5, 2014 -Donate about a 1/4. I should add I would also donate a portion but I couldn't say how much exactly. We figure out our net worth each year during Ramadan and donate a portion of that, so it would depend on how the invested portion of the money had performed. :) Quote Link to comment Share on other sites More sharing options...
Alice Posted August 5, 2014 Share Posted August 5, 2014 Take a great trip somewhere, probably Europe. Save the rest. Quote Link to comment Share on other sites More sharing options...
Kathryn Posted August 5, 2014 Share Posted August 5, 2014 If I had bills, I'd pay them off. If there was any left after bills, I'd plan a family vacation and put the rest in savings. This is exactly what I'd do. Quote Link to comment Share on other sites More sharing options...
prairiewindmomma Posted August 5, 2014 Share Posted August 5, 2014 $40,000? 1. tithing 2. occupational and vision therapy for my kiddos that need it 3. allergy shots for the kids + me 4. apple laptop and some apps for my 2E kids to help them with school 5. rest set aside for a vehicle we know that will need replacing soon Our bills are paid. Our emergency fund is in place. Retirement is ok....but there are some wants/needs that have been pushed aside because there is nothing extra. Quote Link to comment Share on other sites More sharing options...
lauraw4321 Posted August 5, 2014 Author Share Posted August 5, 2014 Very interesting replies. I love all of this input. The amount I'm quoting would be post - taxes. We have 3 kids, are in our early-mid 30s. Our kids are 6, 3, and 7 months. Our plan is to put the money aside to save for a vacation in Europe when the kids are old enough to enjoy it. I saw many of you vote for travel. I was surprised at the number of you who said home improvement projects. It's interesting to see different priorities. ETA: 15% of our income goes to retirement and college 529s are doing well. Quote Link to comment Share on other sites More sharing options...
SemiSweet Posted August 5, 2014 Share Posted August 5, 2014 I would go on vacation, I'm currently fantasizing about an over water bungalow in Bora Bora. :) The rest would be added to our savings. Quote Link to comment Share on other sites More sharing options...
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