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Don't know what to do with all this money!

Posted by on Jun. 9, 2009 at 10:10 AM
  • 38 Replies

I never in a million years thought I would say that LOL but I seriously don't know what we should do with this money I'm about to get.

I'm going back to school and I start next week. Got all my financial aid award notices and I was told by my school that if I accepted them they would only give what was offered to me for the summer quarter (because that's all I'm going for..it's all I need to graduate yea!) so I just went in and accepted them all. Well with the GRANTS that's what they did. I only got one quarter's worth of my grants. But the LOANS they gave me a full years worth all in one quarter! So AFTER school and my books are paid for I'm getting back 6 grand! And I can't change it. I'm also getting about a $1000 commission check from my work next Friday. So I'm going to have $7000 and I don't know what we should do with it! Here's the options:

-I could pay off my car

-We could pay off prolly 2 of my fiance's credit cards

-I could save it to pay for our wedding (which we have no other money for)

-We are in desperate need of a truck...I could easily pay cash for a cheap one

-We desperately need to fix up so many things around this house.

-I could pay off other loans, bills, ect.

-I could pay off my car, sell it, and have cash to put down on a new truck (kill 2 birds with one stone)

-Fiance's sister is getting married in Key West in August and we would really like to be there...this could pay for that

-I've lost 25 lbs and have no summer clothes that fit me so I would LOVE LOVE LOVE to go shopping (but of course I don't need $7000 for that!) and I know fiance needs new clothes too

-It would be a nice family vacation which we've never gotten to do..with ALL 5 of us

 

See? So many options I have no clue what to do. I'm also keeping in mind that this is all money that I have to pay back eventually so I want to use it as wisely as possible and not blow it all ya know?

What would you do with it???

by on Jun. 9, 2009 at 10:10 AM
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Replies (1-10):
BrownEyedGirl86
by Platinum Member on Jun. 9, 2009 at 10:12 AM

If i was you, I would pay off your car and then save your carpayments every month and save that for your wedding, that is my opinion.


ps.iloveyou
by on Jun. 9, 2009 at 10:12 AM

id pay off debt (like put saaay $2000 towards debt) put money aside for your wedding (id put $3000), and then shop with the rest! ahah if it was me =)

Kingstons_Mom
by on Jun. 9, 2009 at 10:12 AM

Congrats on going to school & being engaged!

I would suggest paying off any debt you have (the car loan & credit cards). Some of the other options may be more fun that the one I chose, but I'm a practical person so that's what I'd pick if I were you :)


Momma_B
by on Jun. 9, 2009 at 10:12 AM

Oh, poor you. *rolls eyes*

 

I am Jillian-the formula feedingpro-life, stroller pushing, cio user, spanker, vaccinating, regret circumsizing, disposable diaper, Army vet, Army wife, step mom,Dental assistant, tattooed and piercedexpecting #2, could care less if you agree with the way I raise my children, Noggin loving, fast food eating, coffee addict.  Nice to meet you .....now piss off.

Rhynestonefreak
by on Jun. 9, 2009 at 10:13 AM

Distribute it equally, and put some into savings.

 toddler boyParker (6-1-07) baby boyColten (1-15-09) 

prestonjohn
by on Jun. 9, 2009 at 10:13 AM

if its money you have to pay later its not free money then and i would turn around and pay it back on the principle of the loan

alliran
by on Jun. 9, 2009 at 10:14 AM

Wow I'm not sure. but I do know I wouldn't have told people how much I was getting back. in fear that someone would try to break in and take it.   But good luck.

JustMe0326
by Platinum Member on Jun. 9, 2009 at 10:14 AM


Quoting Kingstons_Mom:

Congrats on going to school & being engaged!

I would suggest paying off any debt you have (the car loan & credit cards). Some of the other options may be more fun that the one I chose, but I'm a practical person so that's what I'd pick if I were you :)

Well if I pay off my car, that's all $7000 and then some. I think I would still need to come up with maybe $300 on my own? Yeah, I think my car is at $7300...so that would be the only thing I could do with it.

But thanks for the congrats by the way!

wiener
by Platinum Member on Jun. 9, 2009 at 10:14 AM

if you need to pay this money back then don't spend it. save it. put it into a saving acct with a nice interest rate and let it build interest on it self

Nicole
DBAngel79
by on Jun. 9, 2009 at 10:15 AM

I would pay off bills/car. 

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