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Extra Money What to do with it

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  • #1

    Extra Money What to do with it

    At the end of September of this year and at the end of June 2010 I will be getting some extra money in the form of a bonus from work. Should be around $400 each time. My question is what should I do with this money? Should I put it in my EF, which is what I am thinking I should do or should I put it on debt?

    My debt situation is explained here

    Saving Advice Forums
    http://www.savingadvice.com/forums/debt/47453-need-advice-my-situation.html#post228580



    I took the advice of the other people and I am now paying $1,000 a month on my private student loan.

    Thanks
    Tags: None
  • #2
    Originally posted by skives View Post
    My question is what should I do with this money?
    I'd be happy to take it off your hands.

    Seriously, I'm busy right now but I'll review your stuff and see what I think later.
    Steve

    * Despite the high cost of living, it remains very popular.
    * Why should I pay for my daughter's education when she already knows everything?
    * There are no shortcuts to anywhere worth going.

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    • #3
      I would do half and half. It's money that you didn't budget for so adding a little cushion to the EF and paying down the SL a bit is a win-win.

      Good luck!

      Comment

      • #4
        Re: Extra Money What to Do With It

        Originally posted by graceful View Post
        I would do half and half. It's money that you didn't budget for so adding a little cushion to the EF and paying down the SL a bit is a win-win.

        Good luck!
        That's some excellent advice graceful.

        Comment

        • #5
          My address is.....
          I'd do half and half.

          Comment

          • #6
            Pay down debt! If there is any left put it in your EF until you have 3-6 months worth of savings.

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            • #7
              I was just wondering if any one sees a problem with the idea of buying something I want. Nothing exspensive just like some clothes? I usually don't buy clothes till I absolutly need to.

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              • #8
                Originally posted by skives View Post
                I was just wondering if any one sees a problem with the idea of buying something I want. Nothing exspensive just like some clothes? I usually don't buy clothes till I absolutly need to.
                I wouldn't go all hog crazy but I see no problem with spending a bit of it on things that may or may not be in your budget that you wouldn't necessarily buy because you are cutting your budget down to the minimum and delaying purchases as much as possible.

                Spend $40 (10%) to $80 (20%) on some clothes or other indulgence and then split the remainder and pay down debt ($160) and put in EF ($160).

                Personally, I would probably send half of the $400 immediately to paying off the debt and spend a little of the other $200 and put the remainder in the EF.

                Comment

                • #9
                  Always good to get rid of debt as fast as you can. Nothing is worse than being trapped by car payments, school loans, credit card and other debt.

                  You will feel much more free with no debt. Pay it off ASAP!

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