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How would you spend the money in this situation? Any advice?

My MIL won $5000 at the casino. She is sending us $1000 of it, even though we told her to save it or spend it on something she wants. We're in pretty deep financial trouble. Our heads are, like, a millimeter above water here lol. I, as the houshold financier, have the majority vote on how the money is spent. Do we:

A. Put it all toward our debt (which is at about $14,000 including all the medical debt)
B. Save it and use it a little at a time to help loosen up the budget for a while or for in case a car breaks down, etc
C. Use it to get my husband's 8 cavities filled at the dentist, maybe saving a couple of his teeth in the process

We just had to make some repairs on our rental property, so about $300 is going toward that... what should we do with the rest?

Any other (responsible) options you can think of?

 
Ati_13

Asked by Ati_13 at 6:02 PM on Sep. 27, 2010 in Money & Work

Level 24 (21,184 Credits)
This question is closed.
Answers (11)
  • I would do a or c too but I think it is important to try to get your husband's teeth fixed too. So I would put some of the money towards fixing his teeth maybe just saving the ones you can if you dont want want to do all of them
    mandynjohnsmom

    Answer by mandynjohnsmom at 6:20 PM on Sep. 27, 2010

  • Do you guys have any type of emergency fund or would this be it? Clearly if you guys are just a millimeter above water then this $1000 isn't going to change your life. Something has got to give. If it were me I'd be looking for stuff to sell and ways to make extra money. Then I'd put $700 in an Emergency fund. This is eating and rent/mortgage and car repair fund. Not a cable bill, not an internet bill, not a credit card, and not a medical bill. It's a worst case scenario emergency fund.

    I'd also recommend checking out the book Total Money Makeover, by Dave Ramsey from your local library.

    I hope things turn around for you guys soon. Good luck.
    Erica_Smerica

    Answer by Erica_Smerica at 8:39 PM on Sep. 27, 2010

  • B
    tiger_tatted1

    Answer by tiger_tatted1 at 6:06 PM on Sep. 27, 2010

  • I would save it in case you need something like an auto repair. What would be the worst case scenario if you were broke, and something happened? That would help me decide. I know personally I'd be screwed, but could manage. Not everyone would be in the same boat.
    Ginger0104

    Answer by Ginger0104 at 6:07 PM on Sep. 27, 2010

  • I would choose a or c. Try negotiating with the dentist. A lot of dentists and doctors will negotiate. That way you could do a little of a and c.
    It sounds like you are very responsible in your options.
    tootoobusy

    Answer by tootoobusy at 6:07 PM on Sep. 27, 2010

  • i would save only about two hundred out and put the rest towards the needed to be paid bills. only because of the holidays.
    noel1978

    Answer by noel1978 at 6:11 PM on Sep. 27, 2010

  • B. Save it and use it a little at a time to help loosen up the budget for a while or for in case a car breaks down, etc
    Orionsgirl

    Answer by Orionsgirl at 6:11 PM on Sep. 27, 2010

  • I would choose the dental work. If that goes on, your husband may end up with a lot more serious problems.
    ceallaigh

    Answer by ceallaigh at 10:23 PM on Sep. 27, 2010

  • I would divide it up evenly between A, B and C.
    HotMama330

    Answer by HotMama330 at 12:16 PM on Sep. 28, 2010

  • Erica, we're doing a debt snowball now actually. Dave Ramsay is like a bible in this household right now lol. We just don't have an emergency fund because we don't have any extra money to save up. Yeah, a grand isn't going to be life-changing, but it can help a little. Which is all we need, really.

    I think I'm going to call the dentist and ask to get about $250 worth of fillings scheduled for my husband (hopefully that will be enough to fix the worst of them) and the rest is getting saved for emergencies. I just can't let his teeth rot out until we get the money together for fixing them. They already hurt him :(
    Ati_13

    Comment by Ati_13 (original poster) at 12:38 PM on Sep. 28, 2010