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#1
08-04-2006, 09:45 PM
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Just received an unanticipated 10k. What should I do with it?
Unfortunately, I need to think responsibly, I'm married, she has some undergrad debt left, and in a year I'll be starting to pay off law school debt. Right now our monthly bills consist of her car payment, rent, utilities, and payments on 3 credit cards with balances totaling around 3k. What would you do? How much would you set aside (if any) for "fun money?" Should I make a big pay down on a specific form of debt, or spread it around? We're not even close to being on the streets, but having a few less monthly payments would really be nice.
I realize asking for responsible advice here in OOT might be a waste of time (  ), but what would people do?
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#2
08-04-2006, 09:48 PM
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Re: Just received an unanticipated 10k. What should I do with it?
Use $1k for fun money, I think, especially if paying of your debts could be rough. If you're entirely financially comfortable you can spend more.
On edit: Just kidding, hookers and blow.
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#3
08-04-2006, 09:48 PM
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Re: Just received an unanticipated 10k. What should I do with it?
definetly pay off all high interest debt
try to pay off some of your loan money. maybe keep a small % for fun money (maybe 1000) but i think it is wise to use this as an opportunity to reduce that monster known as debt kill the CCs first, move to the less painful (rate wise) student loans, etc
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#5
08-04-2006, 09:49 PM
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Re: Just received an unanticipated 10k. What should I do with it?
Well, like I said, it was TOTALLY unanticipated and we would have been able to get by without it. 1k for fun was about what I was thinking.
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#6
08-04-2006, 09:50 PM
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Re: Just received an unanticipated 10k. What should I do with it?
[ QUOTE ]
Well, like I said, it was TOTALLY unanticipated and we would have been able to get by without it. 1k for fun was about what I was thinking. [/ QUOTE ] how could you post this question/background info without telling us how you got it? you gotta know by now this is going to be asked!
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#7
08-04-2006, 09:50 PM
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Re: Just received an unanticipated 10k. What should I do with it?
[ QUOTE ]
Pay off the highest interest stuff first. [/ QUOTE ] We've already killed the high interest cards, everything is right around the same rate.
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#10
08-04-2006, 09:53 PM
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Re: Just received an unanticipated 10k. What should I do with it?
[ QUOTE ]
[ QUOTE ] Well, like I said, it was TOTALLY unanticipated and we would have been able to get by without it. 1k for fun was about what I was thinking. [/ QUOTE ] how could you post this question/background info without telling us how you got it? you gotta know by now this is going to be asked! [/ QUOTE ] I was just too lazy to type it. My Grandpa is rather well off (way more than he needs), is getting along in age, and decided to gift out his yearly tax-free limit to his kids and grandkids (actually, I think it's 11k, but I won't complain).
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