10-15K I would pay off my student loans and use the rest so I could pay mostly cash for a new(er) car since mine is 16 years old. If I didn't have the car, I'd put some towards vacation and the rest in savings.
Well, the size of my bonus was unexpected this year so we're putting that towards efund and paying off our car. Basically, any unexpected gift or large sum of money we receive for the forseeable future will be put toward travel (a little) and car/student loan pay off. We have no kids and can't even pretend to start saving for a house in our current COL.
We had this happen last year and we put it toward our home down payment. We also received a rather large windfall from DH's grandmother when she passed away and this is funding his doctoral degree. At this point, anything like that would go toward a 529 for the baby and/or retirement savings (roth IRA).
Post by aprilsails on Dec 21, 2014 20:32:13 GMT -5
We received 10k last year from DH's grandfather as an early inheritance (wanted to see up enjoy it). We put it towards our first floor and kitchen reno. It probably covered 1/3 the cost and enabled us to do a lot more with the space than anticipated.
If we received the same gift again this year, it would go to paying off the last of our car loan. Maybe some towards a vacation if we got more money than remains on the loan.
Post by Velar Fricative on Dec 21, 2014 21:12:57 GMT -5
With $15k, I'd 1) pay off the car loan, then 2) pay off the smallest student loan we have just for my sanity, then 3) put the rest in DD's college savings.
With $15K, we would take the boys someplace that required flying, to see an NHL game, and with the rest we would install an outside wood boiler. That is next on the big purchase list, so that's on the top of my mind.
H and I were gifted money from his grandparents last year. We put most towards H's SLs and used a little as extra fun money. It was a lot for us but certainly not ML standards.
If we were gifted money again it would go towards SLs again. We're within 2 years of paying them off so anything that makes it go faster is much appreciated.
I want to buy another vacation property, but we also need to buy a new SUV, so one of those options. My end of year comp is presently earmarked for the car, but I am already experiencing resentment over that (the SUV is for DH and my bonuses are traditionally MY money; this isn't exactly a bonus, it's my comp, but it still FEELS like a bonus).
We're planning a kitchen remodel this winter, so probably towards that. Otherwise, my car is 13 years old and H's is 12, so I imagine they'll only last another 3-4 years or so. We'd save it and use it towards replacing one of them.