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If you suddenly came into $5,000, WWYD?

post #1 of 51
Thread Starter 

I always hear about contests where people can win millions. But me? I dream about just getting $5,000 b/c it's more than I've ever had! partytime.gif If you suddenly came into $5,000 -- what would you do with it? What's the best way to spend that "small" amount of money? Join my fantasy!


I would invest some and open my first real investment account, maybe buy a simple car with some, and spend a bit of it on all those little things I've wanted to purchase for my son and my home but never seem to quite have the extra cash to...

Edited by youngspiritmom - 4/27/11 at 9:29am
post #2 of 51

I'd pay off one loan that would make our lives much easier to have that payment gone.  Then I'd buy some new furniture with the balance.

post #3 of 51

fix my car and then into the bank acct it would go for savings.

post #4 of 51
I would take 1000$ to Go towards a trip with dd and then rest into savings!
post #5 of 51

Send it all to the mortgage company. 

post #6 of 51

this recently happened to me-- 300 dollars on a sewing maching I'd been coveting, and the rest in the sah fund!

post #7 of 51


Originally Posted by laura163 View Post

Send it all to the mortgage company. 

I think this is probably what I would do.  *Maybe* put it in the emergency fund, but I already and not 100% comfortable with just having all that "cash" (in ING) just sitting there.


post #8 of 51

well the old me would have had a blast shopping and spending it until it was gone in literally 2 weeks! oh the goodies I would buy...bouncy.gif


The new me...sigh, would put it all toward a new car, I'd sell both our cars now and combine that money with the 5g and then buy a really decent used vehicle...Something reliable..


post #9 of 51
Throw it towards debt!
post #10 of 51
Edited by kristandthekids - 1/16/13 at 7:29pm
post #11 of 51

I'd take half of it and build the shed that we want to do this spring, so it could be paid for in full with cash!  Then I'd put the rest towards paying off one of our credit cards.  Which would free up a good amount of money each month since we're sending them a lot more than the minimum payment so we can get it paid off faster.

post #12 of 51

$100 for a dinner out of sushi and send the rest to savings, we are saving to buy land, this would go straight to savings to make the reality all that much closer.

post #13 of 51

I would put it in the money market account that is for emergencies.  I want to have a year worth of funds as emergency funds.  Maybe I would take $200 and split it between dh and I for some fun money.  I know what I would buy tho!

post #14 of 51

I'd have to join the "put it toward transportation" club. Normally, we'd throw the $5,000 at medical bills and credit card debt (i.e. more medical bills). But my 20-year-old minivan blew a head gasket a couple months ago and dh was hit head-on by an 83-year-old nun a couple weeks ago, totaling our one remaining vehicle. DH is also interviewing for jobs this week, and it looks like he may be getting an offer -- from a business about an hour away. So we're *really* going to need a sturdy, small commuter car for him. I'd put most of the $5,000 toward that and the rest toward fixing the totaled vehicle so that I can get around town for errands and get the kids to school.

post #15 of 51

Fun thread :)


We would:


Tithe - $500

Save - $3500 in long-term savings/emergency fund

Save   $750 in short-term savings (things like car repairs, vacations, unexpected expenses etc)

Spend $250 split between us for fun money :)








post #16 of 51

Pay off the LOC and CC that is being used right now as DH is in school for a few weeks. And whatever was left, Dh and I would go on a 4 day vacation as a surprise graduation present to him!


If there was any left over than restart the emergency fund that got used up over the last few months (right before DH headed for his last 10 weeks of school)...


$5000 would be PERFECT right now :) We do well on DH's income and after he's done school it should only go up. But it's been years since he and I had more than a night alone or went away together and we never had a honeymoon. It would be fantastic to be able to go away for just a few days together!

post #17 of 51

Pay off about half our outstanding balance to the midwife, and maybe a few other smallish debts. I'd like to pay off the whole thing, but improving my employability really works out best for everyone in the long run.


About $500-$1000 on classes that will help me get a job (ACLS, PALS) and a really good driving class (as I don't drive now, have a bit of a phobia of it,  and home health may be my best option for finding a job).


$1000-$2000 on food security stuff (stocking up on our basics, gardening stuff, livestock and associated necessities).


Possibly a few hundred on clothing and diapering supplies.


The rest would go towards the house - either the mortgage or making improvements that will hopefully reduce our energy expenses.


And I'm sure that, realistically, a few hundred would end up going towards splurges of some sort or another.

post #18 of 51

Savings account for the SAH fund. Not a penny towards anything.

post #19 of 51

It wouldn't change any of my financial goals, actually, just speed them up a bit.  Some of would go to finish off the car loan.  The rest would go towards the 6 month emergency fund. Pretty boring, but as a single mom, creating financial security for my kids is very important to me!

post #20 of 51

My smallest student loan is $6000, so it'd go towards that.  It'd be nice to have that gone!

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