What do I do with $15k

[livingalmostlarge]

We had an unexpected bonus at DH work. We saved the bulk of it, and I earmarked already 5% of it for spending and set it aside in my savings account to be spent. Paid taxes and savings but I have an extra $15k I'm trying to decide what to do with.

Option 1 spend it
Option 2 save it all
Option 3 save $10k and spend $5k

We are comfortable. Have EF. Funded 529 fully. The extra $10k I was thinking dumping $5k into each kids UGMA and $5k extra for me to spend.

Or I can spend it all

I guess I feel bad since I earmarked spending already and I'm adding to it. But saving the rest of it seems responsible enough.

What should I do? I don't know when we are fire not for a couple more years. We are on track for 2030 or sooner if we cut our spending.

But where to draw the line?

 

[Sunset]

What would you do with it if it came from 4 months of work (paycheck) instead of a "bonus" ?

I think we don't really have enough information to make a good answer for you.

Example: are your credit cards all fully paid off ? No loans anywhere to pay off ?

 

[Major Tom]

There's no deadline by which the decision has to be made, is there? Hang onto it. Don't be in a rush to spend. You never know, an emergency issue might come up, or an absolute must-have discretionary expense - or both. If neither happens then you will, by default, have saved it all!

 

[mystang52]

Way back when, DW and I got a few modest found-money windfalls. There was always something better or more practical to use the money for. So we often used a 1/3-1/3-1/3 approach. One went for general house maintenance/expenses, one for the kids, one for "fun." Those 3 allocations were not literally 1/3 each. This didn't happen often, so we didn't dwell too much about it. Don't overthink this.

 

[livingalmostlarge]

No debt except the mortgage. we save and live comfortably. We saved 65% if it already and paid taxes with most of the rest.

Just debating upping the spending portion. The $15k could be put to better use obviously.

Hmmm hanging onto to it. Possible. 6 months then decide?

If it came from a pay check? Spend it. It is from work

 

[FLSUnFIRE]

You talk about "upping spending" but one what? If you are spending it just to spend it I find that silly/wasteful. If there is a need/want you had BEFORE the bonus but it wasn't in the budget and you are on track to meet your financial goals then go ahead and spend on that need/want without regret. No one else can prioritize this for you.

 

[DrRoy]

Option 3. Save most but have some fun too.

 

[Sarah S]

You could pit it into s special “ treat” fund to be used when you really want to buy something or do something and can’t afford it in your regular budget but if you can save it and not feel at all deprived it will grow for you. On the other hand is it in your world view to donate some of it and share with a cause that could use it wisely?

 

[CRLLS]

Option 3. Save most but have some fun too.

^ +1

Life is to be lived not tucked away. I have had this same issue. If my other finances are on-track, and I were to get a surprise gift of $x, I typically would save 50% and BTD on the other. The big question is are your finances on track without this surprise?

To be honest, I often use the 50/50 answer on many of life's choices where there is no clear answer.

 

[MarieIG]

Another vote for Option #3.

 

[Kings over Queens]

take a vacation. spend it, some or most, on a trip with the family.

you won't remember the crap you might by with it, but the memories will last a lifetime.

if not a trip, some other form of experience. dance lessons for the family. golf lessons. horseback riding.

 

[Tadpole]

I would put it in a higher rate savings account labeled - "next new car". But that is just me.

 

[Eucerin]

If you have somewhere to spend it, sure, go for it; but if you can't think of where to spend at the moment, you may save it. The treasury rate 3 month is still decent. After few month, your day to day paycheck would be sufficient for whatever you need to do;
So psychologically its spend, but in the end it is save

 

[finnski1]

We had an unexpected bonus at DH work. We saved the bulk of it, and I earmarked already 5% of it for spending and set it aside in my savings account to be spent. Paid taxes and savings but I have an extra $15k I'm trying to decide what to do with.

Option 1 spend it
Option 2 save it all
Option 3 save $10k and spend $5k

We are comfortable. Have EF. Funded 529 fully. The extra $10k I was thinking dumping $5k into each kids UGMA and $5k extra for me to spend.

Or I can spend it all



I guess I feel bad since I earmarked spending already and I'm adding to it. But saving the rest of it seems responsible enough.

What should I do? I don't know when we are fire not for a couple more years. We are on track for 2030 or sooner if we cut our spending.

But where to draw the line?

You didn't mention what your husband wants to do?

 

[Eucerin]

But if it was me, I would save

 

[38Chevy454]

Since you don't have any debt beside the mortgage, I would save it for a future "blow the dough" expense. Such as a nice vacation, or toward a new car. Some thing to treat yourselves that you might not do otherwise.

Being in a saving mindset seems to always be tough to just spend the money. If keeping it to blow the dough is going to bother you, an alternative is you could just put towards your mortgage. That depends on your mortgage rate, and many other factors. But for many paying down and eventually paying off the mortgage is a great feeeling.

 

[Slater]

Sounds like someone wants to play "blow that dough"....
I say invest ALL OF IT, & make it grow.......
Dont blow any of it!

 

[Gumby]

It hasn't happened often, but anytime a little extra money has landed in my lap (like the Covid tax refunds), I have just saved it. I don't like having to think about new ways to spend money; my life is just fine as it is.

 

[Toast]

I would use some of it to buy an iBond in 2024. The fixed rate is pretty attractive right now.

 

[Sunset]

No debt except the mortgage. we save and live comfortably. We saved 65% if it already and paid taxes with most of the rest.

Just debating upping the spending portion. The $15k could be put to better use obviously.

Hmmm hanging onto to it. Possible. 6 months then decide?

If it came from a pay check? Spend it. It is from work

What rate is the mortgage ?

If it's low it's good to keep it, if high get rid of it.

 

[bloom2708]

A pair of Tannoy Arden speakers from Upscale audio.

 

[livingalmostlarge]

I slept on it and thought about it more. DH doesn't care what I do. He lets me do everything.

$5k would go to upgrading our travel this summer. $5k to a second short weekend family trip I've been thinking about and wanting to do (there are 4 of us to buy tickets, hotel, food). And $5k for another weekend trip with my BFF. I want to pay for her and i hope she can go this summer. We'll be 45 and she's sick. I don't know if she can do it. But I want to do something with her.

So there I BTD. I slept on it and I know what I would do with it. I just don't know if I should.

I saved 65% and taxes like ~30% only need 23.9%. This is a tiny bit of the extra.

 

[marko]

BTD. Yolo.

 

[CardsFan]

I slept on it and thought about it more. DH doesn't care what I do. He lets me do everything.

$5k would go to upgrading our travel this summer. $5k to a second short weekend family trip I've been thinking about and wanting to do (there are 4 of us to buy tickets, hotel, food). And $5k for another weekend trip with my BFF. I want to pay for her and i hope she can go this summer. We'll be 45 and she's sick. I don't know if she can do it. But I want to do something with her.

So there I BTD. I slept on it and I know what I would do with it. I just don't know if I should.

I saved 65% and taxes like ~30% only need 23.9%. This is a tiny bit of the extra.

There you go. Sounds like a plan. Part of LBYM includes enjoying life while you do it.

You didn't BTD, you bought 2 new experiences and upgraded a third.

Have Fun.

 

[jollystomper]

I slept on it and thought about it more. DH doesn't care what I do. He lets me do everything.

$5k would go to upgrading our travel this summer. $5k to a second short weekend family trip I've been thinking about and wanting to do (there are 4 of us to buy tickets, hotel, food). And $5k for another weekend trip with my BFF. I want to pay for her and i hope she can go this summer. We'll be 45 and she's sick. I don't know if she can do it. But I want to do something with her.

So there I BTD. I slept on it and I know what I would do with it. I just don't know if I should.

I saved 65% and taxes like ~30% only need 23.9%. This is a tiny bit of the extra.

Sounds good to me. I received surprise bonuses during my working years, and we developed a "rule of thumb" to save/invest 80-90% of it and spend the rest. Sometimes we could not decide what to spend it on. We did not rush it, and invariably something came up that we felt good spending it on. Enjoy!