Need advice on how to spend money

[snowball22]

I just inherited $3000. I am going to pay of ds's braces which will leave $1200. I have a credit card that I could pay off in full or I was thinking of stocking up on some major food. My ds is a teen and is eating me out of house and home. He eats all day long and does not gain an once but I am really having a difficult time keeping the pantry full to feed his cravings. I try to only go to the grocery 3 times a month. It just seems like that food I try to have last a week now is gone in a day or two. I really should pay off the credit card as it will free up $70 a month. I am just so torn. What are everyone's thoughts? Thanks!!

 

[labdogs42]

I'd pay off the cc and then have an extra $70 a month for food!

 

[labst60]

I'd pay the CC and then put the extra $70/month towards food- its not a whole lot, but if you go to somewhere like Costco/Sams you can get a good amount for that. If you pay the CC off, you are no longer paying the interest which is what makes it the wise financial decision. In the long-run, you will end up having MORE than the $1200 to put towards food b/c you would pay MORE than $1200 to pay off the card in monthly installments (even if they are greater than your minimun monthly payment.)

 

[blanq]

I'd pay off the cc and then have an extra $70 a month for food!

Me too!

 

[eliza61]

My ds is a teen and is eating me out of house and home. He eats all day long and does not gain an once but I am really having a difficult time keeping the pantry full to feed his cravings. I try to only go to the grocery 3 times a month. It just seems like that food I try to have last a week now is gone in a day or two. I really should pay off the credit card as it will free up $70 a month. I am just so torn. What are everyone's thoughts? Thanks!!

I feel your pain, I have 2 teenage sons. I think I spend a small fortune in drinks alone and I just finished paying for my youngest braces (that freed up $210 a month) Pay off the cc and if you have enough left over treat your family to a pizza dinner.

 

[snowball22]

Thanks everyone!!

 

[ThreeMusketeers]

I too would pay off the credit card!

 

[Nanu57v]

Definitely pay off the credit card...you are paying interest on that.

 

[Plantlady]

I vote credit card too!

My DH eats me out of house and home! He will clear out the cabinets in a day!

 

[clh2]

If you pay off the orthodontist - will they give you a discount for making a lump sum payment? DD's orthodontist did this, and while it has been a couple of years, I think the amount was about a 10% discount.

 

[dvc at last !]

Definitely pay off the credit card...you are paying interest on that.

agreed !

 

[Tine731]

I agree. Pay off the CC and I sugest checking out www.thegrocerygame.com.
It works and has changed the way I grocery shop and cut my budget in half.

 

[mickeyfan2]

Pay off the braces and the credit card. That will free up the payments for both so that the funds can be diverted to your son's stomach.

 

[Golf4food]

Don't forget to consult a financial professional regarding potential taxes on that money - I'm not exactly sure how inheritances work for tax purposes, but I'm sure Uncle Sam likes to take part of it if he can. Just be prepared. Better safe than paying next April...

 

[Misty89]

I agree also!


PAY OFF that CC.....i am in the process of paying off credit cards and I FEEL awesome .....it's like a large weight coming off my shoulders......i have paid of 2 acts already, and i am paying a 3rd off next week. Yes, i will still have 2 more, but it's better than 5 bills each month!


i am learning.........LOL 33 years old and FINALLY get a hold on my bad spending habits

 

[Disnefan]

I agree with everyone... Pay off the CC!