priorities?

[Teresa Pitman]

So - here's my situation.

I'm a freelancer, with variable income. (Sometimes very variable.) I'm single. My youngest child has just graduated from university. I have been working hard and have some extra money at the moment.

I have some money in savings, no debt (other than my mortgage). I am trying to decide on the most appropriate use for this money (about $6,000).

Should I:
-use it to do some work on my backyard (new fence and larger deck)?
-use it to do some work in my kitchen (adding some cabinets and counters and possibly replacing the floor)?
-use it to go on a Disney cruise (I was thinking I'd like to take my mother, who has never been on a cruise)?
-use it to travel to England to visit relatives (they have been wanting me to come over for a few years now)?
-add it to my savings, since the economy is still pretty uncertain and I might need it?

Any thoughts?

Teresa

 

[PinkRhombus]

Don't ask us! Do whatever in the heck YOU want.

 

[here757]

utoh!!!
this is gonna get heated!!

 

[Justsyd2]

Can you spread it around? Use some for home repairs, travel to England, and book a cruise for while you're over there?

 

[Disneefun]

Here's the order I'd choose, assuming you won't be trying to sell your house in the near future. (If you're going to sell, I'd choose the new kitchen or the backyard to increase resale value, but if you're staying put and those things aren't in dire need of repair, I'd choose some of the others first.)

1. Cruise w/mom. Parents aren't around forever and it would be a nice thing to do together.

2. Visit relatives in England. See number one, but since number one involves your mom, that would get priority in my book. Plus, you might want to wait on England and hope exchange rates get better so you could stretch that money further. It would be expensive right now.

3. Put in in savings. You can always pull it out later to use as you choose. Meantime, it could gain interest.

4. Either of the home improvements, depending on which one is needed more or you think you would get more enjoyment/use out of.

BTW, congrats on being debt free and saving up the money to do some special things. It's a great way to live.

 

[Teresa Pitman]

No, I'm not planning to move in the foreseeable future, and the home improvements are not urgent - just things I'd like to do.

I know ultimately it's up to me to decide - I'm just having a hard time making a choice so thought I'd get some input!

Your point about parents not being around forever is a very good one. My mother is in her late seventies. Maybe I could take her to England with me and combine those two things - although I thought the cruise would be something really special for her.

Teresa

 

[AmyinKY]

Fly to the UK with your mom, travel, vist with family, then go to the Mediterranean. Take the Magic (Disney cruise) back to the US from the Mediterranean. It may take more than the 6,000. you want to spend, but you have a couple of months before the ship sails. BTW, you will love Castaway Cay.

 

[Shmily1]

Trust me... spending time with your mom is really priceless. I wish I had more of it.

 

[Imzadi]

Which choice juices you the most? That if it worked out exactly as dreamed of, you'd be saying, "This is absolutely THE BEST way I could have spent/saved this money and have no regrets."

Alternately, think about if the situation (theoretically) turned out to be a total disaster. How do you think you'd be answering: "If I had only know it would turn out this way, I would have spent/saved the money on ____ instead, because..."

 

[Jennifer in MI]

TERESA!!!!! This is the first time I've seen you here!! I think the choice is obvious - a CRUISE!!! But, you knew I'd say that - right?

I'll show you my pictures in May. Our cruise was just amazing and we can't wait to go back!

 

[minniemair]

Here's the order I'd choose, assuming you won't be trying to sell your house in the near future. (If you're going to sell, I'd choose the new kitchen or the backyard to increase resale value, but if you're staying put and those things aren't in dire need of repair, I'd choose some of the others first.)

1. Cruise w/mom. Parents aren't around forever and it would be a nice thing to do together.

2. Visit relatives in England. See number one, but since number one involves your mom, that would get priority in my book. Plus, you might want to wait on England and hope exchange rates get better so you could stretch that money further. It would be expensive right now.

3. Put in in savings. You can always pull it out later to use as you choose. Meantime, it could gain interest.

4. Either of the home improvements, depending on which one is needed more or you think you would get more enjoyment/use out of.

BTW, congrats on being debt free and saving up the money to do some special things. It's a great way to live.

Couldn't have said it better!

 

[FoodLover]

2. Visit relatives in England. See number one, but since number one involves your mom, that would get priority in my book. Plus, you might want to wait on England and hope exchange rates get better so you could stretch that money further. It would be expensive right now.

I agree with Disneefun's priorities but just wanted to point out that actually the exchange rate is GREAT right now for those of us in the US. The UK pound is way down vs. the dollar, so we have amazing buying power. Just last year it cost over $2 to buy £1. Right now it costs about $1.42.

Plus, there are excellent deals to be had on trips to England right now. There are bargain airfares galore. It's a great time to go!

Mary
MouseSavers.com

 

[PinkRhombus]

Don't ask us! Do whatever in the heck YOU want.

I just wanted to add that I know you said you were looking for input. I just tend to think it opens up a can of worms when this stuff is asked of people this kind of a thing when no one knows your non-computer self...we don't know your preferences or quirks.

But....you could go to England...take your mother...AND take a cruise in that area. It might not be Disney (I know, horror of horrors)...but that might be a way of taking care of two of the options.

 

[branv]

IMHO, there really isn't enough info to answer your question. You say you have savings and are debt-free, but admit you're freelance and income is variable. What happens if you get sick? Do you have enough in savings to support you if you cannot work and pay your bills (esp. since self-employed often means no health insurance)? What about your retirement fund? If all of that is taken care of, then I would choose family over house as long as the house issue isn't dire (like your fence is actually falling down or something )

That being said, I don't agree that quality time with family, great memories, necessarily require a big expenditure as some people on here do. Disney/DCL is not the only way to make a wonderful memory or to destress from a bad event, and I know personally Disney/DCL has always been pricier than other trips I've planned despite using discounts. You could plan something amazing with your mom (a spa weekend out of town maybe?) and still have a good chunk to put into savings. Or you could take a 4 night DCL for waaaay less than that full $6000. That being said, I can see the meaning of taking your mom to see family in UK, but if you fly coach at the right time and stay with family, you could still do it for only a portion of that money you have saved and put the rest aside.

I will say this, however. IF I wanted to go to UK, and I wanted to do a cruise, I would take the Queen Mary 2 from NY to UK -- you'd get 6 days with just your mom, then the rest of the time with relatives. Fly home. The DCL europe trip is outrageously overpriced -- and this is from someone who really does love DCL. Though they are in Europe in 2010 so if you wanted to tentatively plan that, you could still have time to cancel and get money back if you find you need it for savings instead.

Good luck to you. I know it's hard to choose between your heart and your head.

 

[hoosiergirl7]

For me it would be cruise with mom and put the rest in savings. If your family in England wants to see you so badly have them send you a plane ticket!

You can easily do yard work slowly. That's the way we always do it because we don't have a chunk of change to drop on it. It also depends on how badly you really need a bigger deck and a new fence. If it can be put off for a few years then do it.

You can also re-do parts of your kitchen slowly too. My parents are notorious for cheap deals. They will hit Lowe's or any other hardware store over and over again until they find what they want on clearance and even haggle to get it for even less. My parents bought a $4000 custom front door that someone returned to Lowe's for either $750 or $1000. Wood floor, carpet, etc. They buy it all that way. I'm still trying to figure out why I can't find deals the way they do.

 

[minimi.4214]

definitely the cruise, great experience

 

[EthansMom]

Take Mom on the cruise and put something away in savings. As much as you love WDW, consider looking into a cruise on another cruiseline.

Personally, our family prefers Royal Caribbean. Royal Caribbean cruises out of far more ports than DCL and tends to be less expensive, but still has really nice service. Also, Royal Caribbean has a really great mix of people of all ages with lots of activities to appeal to those folks. You and your mom are more likely to find plenty of activities geared toward folks with more mature interests. (Hint: Bingo and Trivia are both adult activities on RCCL that DH and I really enjoy.) Also, if you go with RCCL, you may have some money left over for your savings account!

We've cruised in the past out of Miami, but now cruise out of NJ which is far closer. For the same price of flying down to FL to get on a 7-night cruise, we can take a 8-or-9-night cruise (to the Caribbean) out of NJ.

 

[Momto3Girls&Max]

Travelzoo had a cruise recently that sailed from FL to England for a ridiculously low price. Maybe you could do something like that and fly home from England. That way you kill two birds with one stone.