Set it aside for a DP on a bigger house in another few years. We want to take advantage of our 15-year loan for a little bit longer. That kind of cash would also allow us to get a fixer if we found one. Anything extra would be 529 money.
Love of my life baby boy born 11/11. One and done not by choice; 3 years of TTC yielded 4 MMC and 2 CPs, through 4 IUIs and 2 IVFs. Focusing on making the world a better place instead...and running.
Pay off our private student loans (my govt ones will be forgiven in a few years), add to kid's college savings, add to our general savings and retirement.
Pay back into our pensions for our parenting leaves (~10k)
Pay off DHs student loan (~5k)
Improvements to our house (~20k) - built ins in our living room, built ins in our entryway, widening our driveway, updates/renos to two bathrooms, bigger window in basement bedroom, new deck.
Put 25k down on a new crew cab truck so that the remaining payments were minimal.
Put 5k into a savings account for a family vacation next year once #2 is here.
Post by mandapanda18 on Dec 22, 2014 11:29:48 GMT -5
#1 Pay off remaining student loan debt (less than $10k to go) #2 Pay off all debt unrelated to car/house (approx $20k) #3 Put $10k into emergency fund #4 Put balance towards house (car is at 0%)
Housing is expensive around here, we simply can't come up with a down payment. A cookie-cutter 3 bedroom 2 bath track house starts at $700k, it just goes up from there if you want any type of back yard.
I'd put $50k into savings for future children since we'll likely need to do IVF again. If for some reason we didn't use it, I'd take a fabulous family vacation when our kid(s) is/are old enough to remember it, then put the rest into his/their college funds.
I'd put the other $25k into our e-fund, or maybe use it for a down payment on our next cars.
I know, very MM, but having that much money in our savings would give me so much peace of mind.
This makes me kinda sad this will never happen to us lol
In my job, it is. SO COMMON for clients to gift to their kids/grand kids bc they have too much money, literally. So a grandchild will get 28k a year just because, every year. Even more if they are married and/or have kids
I love my job but sometimes I'm just like "sigh"
my h's grandparents do this with his mom and her siblings. it hasn't reached the grandkids yet. lol
Pay off mortgage (about $50k and then use mortgage payment to save for new car and some minor house updates. $15k for retirement savings. $5k for domestic vacation... Utah Zion or Utah skiing... Maybe mt. Rushmore. Paying off mortgage is emotionally important for spouse.