If you were gifted money, what would you do with it?

[zoebartlett]

Pay off credit cards?
Pay off school loans?
Put it towards a house down payment?
Plan a vacation?
Buy a car?
Put it directly into savings?
Buy a piece of jewelry you've been eyeing?

Do something else?

 

[diamondringlover]

I would pay off my house!

 

[Dancing Fire]

buy a nice diamond...

 

[Shoopy]

I'm kind of in that situation, though it wasn't a gift :p

I've been debating for some time on what to do with the money: use it all as a down payment towards a house or pay off our debt which would include a credit card and two cars.

I really want the house but after going through this recent situation with my job, something I never thought I would go through, I decided to free up some of our cash flow and plan for a house at the end of 2012.

Although the big diamond option sounds very tempting lol!

 

[NOYFB]

Hmmm...this IS a diamond forum, so I'd buy myself a big 'ole honking stone first! If anything was left, I'd put it toward my student loan debt.

 

[Efe]

I would absolutely use it to pay down my mortgage.

 

[zoebartlett]

Fiery -- I wish I was in that situation! No, it's just a hypothetical.

I'm not actually sure what I'd do with it. It would be tempting to just put it in savings for a house someday, but it might be smarter to pay off debt first.

What I'd really LOVE to do is plan a trip to Hawaii.

ETA: Fiery, maybe I missed something, but I hope everything's okay.

 

[redfaerythinker]

It would depend on how much money we were talking about. If it was millions I would,
1. First put aside enough money that I could live comfortably off of the interest for the rest of my life, then I would buy,
2. Two condos, one for me and one for my mom, I have my eye on a high-rise that has a spectacular Atlanta skyline view.
3. Two cars, one for me and one for my FI
4. I would then donate to my elementary school, high school and the Society of Mary, which is the order that ran both schools
5. Then if I had any extra I'd go hog wild buying jewelry. People would not be able to look at me in direct sunlight.

 

[packrat]

How much is our pretend gift?

 

[Bunny007]

I'd put 2/3 toward student loan debt and put the other 1/3 toward a vacation

 

[zoebartlett]

How much is our pretend gift?

Let's say $20K. Large enough for you to do lots with but not an overwhelmingly huge amount (like in the millions).

 

[packrat]

Then I would let JD and I each have $1000 to play and then put the rest on bills. Hmm..I'm not very much fun!

 

[Missy]

How much is our pretend gift?

Let's say $20K. Large enough for you to do lots with but not an overwhelmingly huge amount (like in the millions).

I would use it to build a new bulkhead on the property we want to buy. It seems as if the present one is not in good shape and it will cost 20-25 K (including the necessary permits) to build a new one.

 

[Shoopy]

It's funny that when we would talk about hypothetical situations, we always planned for a vacay. But now that we are here, a vacation never crossed our minds (at least not a big one). Feel silly saving knowing we have debt so that wasn't an option. Our only options were either the down payment knowing that despite the debt, we are comfortable financially. Or pay off the debt and get into a house later knowing we'll be able to save more.

Zoe-my job went through a corporate takeover. The transaction went public and a month later, the company was under new ownership. A week later, 400 people worldwide lost their jobs (266 from my office). My dept was one of the depts let go. Never thought we would go through that. So my idea of money changed. Plus, there will always be houses :p

 

[Missy]

I'm sorry about what happened fiery. I hope you find a good work situation soon...sending lots of dust your way!

 

[Shoopy]

I'm sorry about what happened fiery. I hope you find a good work situation soon...sending lots of dust your way!

Thanks Missy! This happened before the holidays (nice, huh) and I just signed an offer with a new employer on Monday

 

[rubybeth]

Hmm, I think I'm with packrat, $1K of fun money for DH and I each, then $18K toward our student loan debt.

If it were in a few years (by which time we should be out of debt), down payment on a house/condo.

 

[iugurl]

Ah 20K. That would be very nice . I would pay off DH's car, which would take about $12,000. Then I would put the rest to a new or newer used car for me, since my car stinks!!!

 

[Missy]

I'm sorry about what happened fiery. I hope you find a good work situation soon...sending lots of dust your way!

Thanks Missy! This happened before the holidays (nice, huh) and I just signed an offer with a new employer on Monday

I am so happy for you fiery! I know how that sucks and it always seems to happen right before the holidays! Very scary and I am so glad you have already found something good. Best of luck in your new job!!

 

[Miss Sparkly]

I would pay off my car and have gold crowns and veneers put on all my teeth (they have a lot of little cavities thanks to my stupid teenage years- no ugly teeth here thankfully! - but would do best being fully protected)

 

[yssie]

splurge on an *awesome* massage chair - one of the really cool ones that does everything from shoulders to calves to feet and has all that nifty massage to music stuff


Put the rest in the One Day For Baby Fund. We're lucky not to have any student debt and no other debt either, fortunately, and we rent, so saving is the biggest thing.

 

[Cozystitches]

Ok.....if I were given 20k...take 10k and buy me some nice sparklies ... take the other 10k and tell hubby to do whatever because he's the one who does the bills....so it'd go to paying off debt, some into savings. I'd be blinging really nice That'd get the 3 stone I want, plus the new band, plus maybe a bracelet....or maybe I'd get a HUGE TO ME solitaire to wear w/a new band....ahh.. It's fun to dream

 

[fountainfairfax]

Ahhh, how I love threads like this. If dreaming equaled doing I'd be a happy lady!

Ok, half would go for a little kitchen "spruce-up." New floor (laminate that looks like tile- I hate tile on kitchen floors- spills & grout lines= a bad combo for me,) new counters, appliances & backsplash. Totally do-able if I DYI the floor with my handy FIL, DYI the backsplash on my own, give up my dream of Silestone for the counter & accept high-def laminate and contact a former co-worker since her Dad is the manager of a major appliance store. I'd also DYI a little bit of a cherry glaze to my oak cabinets to warm them up.


Can you tell I've been giving this a little thought already...


The other half would be split equally between debt and savings, although I'd keep thinking Maui is calling for my 45th b-day in two years.

 

[megumic]

If I had all of those expenses you mention, I'd pay off credit cards. They're the worst debt to carry and often have the highest interest rates. Hands down, pay the credit cards off.

 

[monarch64]

If we're working with $20k here...I'd pay off my debt, pay off my car loan, and use the rest towards what we have already saved for a down payment on a house, and save a bit. Just for something fun, we'd likely take a long weekend somewhere warm (this time of year), and maybe host a fun dinner party for our closest friends or just take them out to dinner. Fun thread!

 

[Dreamer_D]

With $20 we would keep $2k for fun and use the rest to pay debt/mortgage.

 

[jaysonsmom]

Funny that you should post this, we DID get something in that range (between my husband and myself), and I really wanted to buy my 1.5 tcw studs, and maybe a nice designer purse....but dh talked me out of it, and instead we're re-doing our backyard, and getting some new furniture.

 

[Jennifer W]

Oh, it would be split between savings and bling.

Alternatively, I might use it to do some work to the house. DH is a perfectionist, and no tradesman on earth does it right (whatever it is), so I always have to wait until he's out of town to get anything big done, then pay a premium for builders etc who will work at lightning speed under a cloak of secrecy before he gets back.

However, I already paid my car loan, student loan, mortgage and cc debt. If I had any of that still, I'd pay it first, in order of highest interest rates, keeping just a little fun money for bling.

 

[zoebartlett]

I don't have a lot of time right now so I'll be back later. It's fun to read through everyone's posts though and see what everyone would do. I'm too practical to do anything really fun with the money, but it's fun to dream.

 

[Tanzigrrl]

Stash it away in a long-term CD