If you were given $6,000 what would you do??

[Grendalynn]

Here is a question for all the Disney Families out there .... If you were given $6,000 free and clear what would you do with it? The stipulation being that we would have to have soemthing to show for it after all is said and done??

My Dear In Laws have given us $6,000 recently. MIL said to do what we want with it, but hopes that we will have something to show for it once it has been spent. We have already put about $2,000 into our house/landscaping, so we have about $4,000 +/- left over. Usually I would dive right in and pay off bills and credit cards, but since we seem to be pretty under control in that area, DH and I are racking our brains as to what to do with the rest....

BIL and SIL bought a camper. We considered a boat.... Thought about another Vacation, but we can do that anyway - anytime. I think that if we stick in in our savings, we will steal it from our selves bit by bit, so we should do something while we have it. But we also have Baby#3 on the way and could plan for that ..... A bigger car? But it would be nice to have something to show for it, free and clear with no payments...

Any ideas?

 

[kkevcamsmom]

Can you MIL adopt me???

If you can't think if anything to do right now... here's a suggestion. Do you have a paypal account? If so you can use it as a savings account. Put your money (all or part) and earn some interests on it while you decide. We do that with ours. We are earning about 3% on it too

Good luck on whatever you decide.

Lori

 

[laceemouse]

What are you driving now? We have never been in the position where we did not have bills to pay off or something that we really needed to buy so I have no idea what I would do if we were in your shoes . Just remember with a camper/boat BUYING it is only the beginning. You still have to pay to keep it somewhere, upkeep, fuel, ect...We thought about a camper for years but I think we have decided, particularly with gas prices, that it would be a money pit! Right now I would like to put a few more hardwood floors into my house.....4,000$ would hardly get us started on that!

 

[nowellsl]

ING is offering a 12 month CD with 5.25% interest.

 

[3DisneyBuggs]

Why do you have to spend it? Save it!!

 

[Grendalynn]

ING is offering a 12 month CD with 5.25% interest.

Good idea!! Will run that one by DH tonight!!

 

[lindakmonty]

I know this doesn't sound real exciting... but do you have 529 plans for your children? I'd personally invest at least part of it. That would help come tax time too Maybe some mutual funds? Like you said, do it now before it's just gone! Good luck and have fun deciding.

I'd invest 1/2 and spend the other 1/2 on a Disney cruise!

 

[spiceycat]

how the college fund?

 

[jeepgirl30]

Would that be enough to put down for DVC??

 

[all4fun]

That's the perfect amount to start two Roth IRA's for you and your dh. You can never save too much for retirement, IMO.

 

[Grendalynn]

Would that be enough to put down for DVC??

Naaa - Well, .... it would be a good down payment. But even then its only something we could use 1 week out of the year. A thought that for sure crossed my mind....

Went on a Disney Cruise last fall - being pregnant and expecting in October, we are planning to wait a year or two before we cruise again. A trip to WDW will be more like it for our next trip

College is taken care of... the kids have a trust fund for that.

Driving a JEEP Grand Cherokee right now... only a few years old. Hope to wait til the Fall or Early Winter to trade that in for something with a 3rd row of some sort. Waiting to get more equity in that so the trade is better... Not a necessity now...

Thanks for the insight - all of it is very much appreciated!! Kep it coming!!

 

[grlpwrd]

How timely as I just came into quite a bit of money just recently, but you know what... I am still making the same choices as before, living below our means, and will just splurge once.

I would go see a certified financial planner..... We don't really know your specifics, but in general, I would say first pay off debt as much as you can, especially credit cards, and then save and invest some (emergency savings, retirement, college, etc.) and splurge just a little, little bit.

My splurge? I am getting an iPod. We could go to WDW, but I just can't do it. lol

Oh, thought of another thing... how about classes to invest in you? That would pay great dividends, especially if you want further education, or just to take classes that you'd enjoy.

GL in your choice!

 

[Angela&Kayla]

I think that I would splurge a little of it (buy a new Coach purse for me, buy some St. Croix fishing poles for my husband, and something fun for my daughter), and save a big bit of it in my ING account online (someone mentioned the CD, but the savings is paying really high interest as well). I guess if I couldn't think of anything, I would probably save it until I could think of something.

 

[minkydog]

If ya'll like to camp, consider getting a pop-up camper. It's easy to tow and tons of fun--and you're off the ground. We got ours 3yrs ago and i wish we had it when the kids were really little. We keep it loaded all the time so all we have to do is throw in the food box and our clothes, and we're off to the mountains for another fun family weekend.

Cathy--Camps with Wolves

 

[nicolemomof4cuties]

Personally I would pay off our car. We just finished paying off our mini-van 3 years early with our tax return and would really like to pay off the car now! Weare putting the van payment towards the car since the van is paid off. We should have our car paid off in 11 months-3 years early. (YIPPEEE!) But paying it off early would be GREAT!

 

[bettyann29]

If I had $4000 to spend on something, Id take half and put in Ing and then Id take the other half and buy a piece of furniture that maybe you have been wanting.. if there is no piece of furniture wanted than Id pay it towards the car..

 

[spiceycat]

you can probably buy 50 OKW points with that amount.... most resellers don't list their 50 and under points contract. that doesn't mean they don't have them....

then your DVC would be paid in full.

Otherwise - go look at Vanguard.

 

[PaulaSue]

OP what kind of car do you drive? I am thinking that a minvan would be the way to go if you don;t have it already. Used is cheaper and trading in our old car might be the best way to get the most of the money.

 

[mommy*RN]

I agree with the pp - will your in-laws adopt me too???

Now - because I am sharing my dream...if my inlaws gave me $6,000 it would all have to go into the house...I really want to get the house in order so we can sell and move!

For you, since you've already done the house, I would look into what is going to benefit your family the most. Savings is always a good, sensible choice. College funds for the kids - another great idea...lordy knows the prices are just going up and up there! A car to transport a family of 5...a great downpayment for sure, but you'll still have car payments after that...but if you need the car - get the car!

If I had any $$$ left after fixing up the house I would put it into savings. That is where my vacation money is sitting right now. Not earning much in interest, but still earning.

My dad gave me some $$$ awhile back - not as much as you received - but still a nice gesture. We bought a new couch and loveseat (which we sorely needed) and a new washer and dryer (which was also sorely needed). Both were excellent investments for us because we needed them desperately.

Good luck with your decisions!

 

[brat5063]

Wow, college is all ready paid for!!! I'd use a college calculator to make sure it is enough. If it isn't, I'd open a 529 plan. If it is, I would almost consider buying a pop up trailer/tent for camping. Or a piece of furniture for the house. Or fix up part of your house. It isn't enough to finish a basement, but may for a deck. Don't know what you need.

Such a hard decision.