what would you do with 10,000?

[BaaBaa]

lets say you had 10,000$ to spend, what would you do with it?

To put things a bit in context, we are a couple with 1 young child. we hope for another in the next few years, but no rush. we also have a dog. we have a car that works fine but is older. we rent a cheap place in a town we dont really like. DH has a job that pays ok but for various reasons we know is short term. Im a SAHM.

we both are craving friends, adventure, a reconnect as a couple, and change.

Just wanted to add- we dont have any debt. we also dont have any credit (new to this country)

[Honey693]

If I had en extra 10k I would get new flooring and a mirror in our bathrooms, new laptop, tear up the carpet in the dining room and put down tile, then put the rest in savings for when our old crappy car dies. Oh and put $50 on my Starbucks card.

[lyterae]

At this point in our life, we'd use it to fund our emergency fund and pay off debt.

If those things were accomplished we would set aside money for our midwife fund and work on finishing our basement.

For you... if you think this job is short term and you have the ability to relocate I think that would be great. I'd love to move, but with the economy and owning a house we aren't able to.

[Grace and Granola]

Given your situation, the move sounds perfect.

"we rent a cheap place in a town we dont really like. DH has a job that pays ok but for various reasons we know is short term. Im a SAHM.

we both are craving friends, adventure, a reconnect as a couple, and change."


I think a move would take care of most of those issues mentioned above!


I, however, would use the money to pay off debt and go back to school. But my circumstances are different from yours.

[moondiapers]

We'd pay off debt and put half down on a new car.

[Notyet11]

It sounds to me like moving somewhere different would help you to meet quite a few of your wants and needs at this point. Moving is expensive but if you did most of it yourselves I could see it costing less than the entire 10k. If that were the case I would put the rest away for a car when needed. Good Luck! It at least sounds like a fun predicament! (As a side note my mom would play the lottery once in a blue moon and she said the way she saw it the dollar was license to dream extravagantly for a few days--hopefully you are getting some joy from your upcoming decision!)

[ElliesMomma]

i'm assuming this is a windfall of some sort? gift from someone or huge bonus?
if so, save it. put it in the bank.
especially since you are renting - do you hope to own a house one day? save the dough and accumulate some interest whilest you bide your time until ready for the move into home ownership. even better is to continue to grow the money by adding to it, a little here and there.
adventure travel and the like can and should wait until you can fund it out of your regular earnings.
when you have a child, a rainy day fund is a necessity.

[TiredX2]

Moved to Frugality & Finances

[velochic]

I voted "other". I would save it. Not invest it, but save it back, and then when you figure out where you want to go, perhaps use it to help with a move.

With $10,000 you're not going to be able to travel abroad for a year (anywhere) and a Master's degree is going to cost a lot more than that. A car would take up all of that money and perhaps more. Investing, as opposed to savings, carries risk with it, and I would not invest all the money I have in anything that carries risk (that's just me, and I'm not a risk-adverse person, even). I can't remember the other options.

I would just hang onto it until you figure out where/when your next move is going to be. Then after you figure out your move, perhaps you can use some of it to start a Master's program for your dh, but go into it knowing that it will probably cost you many more tens of thousands. Good luck!

ETA: looked at your post again... I would consider some of it to start schooling for EITHER of you at some point in the future, going into it knowing that it will cost much more than what you have and that having a cash reserve (usually called an emergency fund) is very, very important for long-term financial health.

[iowaorganic]

Remember when 10K sounded like so much money? It isn't. I would put it in savings. Moving kind of spur of the moment is so not a great idea. And it really won't buy anything you listed (other than the car- but if you have one that is running great-why mess with a good thing?). Cash cushion is soooo important.

[Drummer's Wife]

I'm also thinking savings, because really, it won't cover traveling for a year or many of the other options. Maybe part of a new car - or all of a used car, but it sounds like you don't need that just yet, so maybe wait and keep the money in savings.

[ArtsyMomma]

I'd save it until you figure out what you really want to do. I could move for far less than 10,000. I wouldn't spend that much on a car (I buy used). School or year long travel would cost much more than that....so I'd save until I figured it out.

[Denvergirlie]

I would put the $10K in savings and start looking at other locals. What about your DH's job prospects? Do you want to move towards any particular location or weather?
I would consider a town that might have a masters program near by that would work, but $10K isn't going to do anything towards that goal if you have to move for it.

Moving can be very expensive, you'll need the $10K to do that and get settled, but only if you have income lined up in that new location. I would be uber frugal for the next few months while you do some research and really talking this all out.

The master's degree, travel, car, would be out of consideration for me. Unless you knew that you were going to stay put in that immediate area. But moving, you can do that with the $10K or stay put and get a car.

Best of luck in your thought process, sounds like an adventure in and of itself!

[Ianthe]

I think it depends on where you want to move to.. what is the cost of living in that area, and how far away is it?

If you move out of state, you will have to consider out of state tuition costs for either of your schooling.

Is your DH able to find an assistantship for a masters program in any of the areas you want to live? If he starts working on that now (getting the GRE and applying for assistantships and fellowships) he can either start something Fall 2010 or Fall 2011.

If it were me, I would use it for moving and school, which is exactly what we are doing with approx, that amount of money ourselves. (We are moving to a city about 2 hours away where I am finishing my BS degree with a scholarship, and DH is going to start a masters program. Our money will be for the move and to pay for DH's program).

[bellabear]

Save it.

[jennyvangy]

I wouldn't even see the money, because it would go right into the bank to pay back the law school loans we are sitting on.

If I were you I would probably save it and try to send myself, or my husband back to school. With the economy the way it is, it is a perfect time to be in school!

[Maela]

I agree with saving it. We recently got 10K as kind of an inheritance (hard to explain) and we used it to pay off our car. But since you said you have no debt, I'd just save it.

[MissMommyNiceNice]

I voted invest, which for us would mean the emergency fund or retirement. Probably half & half. In your situation, I might put it away while looking for a new place to live.

[mum5]

I voted other, which meant that I would pay off debt, that actually would take care of it for us! But then read your post, and on 2nd thought I would invest it in a cash cushion.

[rhiOrion]

I'd save it. But I'd buy my family something nice that they've been wanting, too. A weekend getaway, a fun activity, a new tv... it just depends on your family.

It's funny you ask, though, because we are getting that very amount, and we're sort of saving it. It's actually going to replenish our savings that we used when we just bought this house. We're in a slightly different situation, in that we just bought a house and are working on buying the things we "need" for it, like a pantry cabinet, towel racks, new bed, etc...