if someone were to give you $10,000 how would you use it? - Page 3

[serenetabbie]

When my mother gave us a large cash gift, the Gift Tax cut off was 10k. That was 5 years ago. We used it for the downpayment on the house.

If someone were to gift me that amount of money now... after I got up off the floor from passing out, I would pay off most of the debt and set money aside to go visit family. Obviously family is important! I did not note anything in the OP's post that the money was earmarked from grandma to buy a car... but maybe I misread it. If that was the case, then I would buy the car instead of paying off debt.

What a lovely thing for DP's Grandma to gift you, very generous

[shelbean91]

If grandma wants you to use it to get a car- get a car, either by buying outright or paying off your debt (assuming it's higher interest) and financing the car. Right now, all of my cc debt is on 0% interest cards- I move any balances when the intro period ends so I'D use it to buy the car outright (or make a VERY large down payment on an inexpensive car.

[Amys1st]

We are debt free w exception to our mortgage which is real low.

4K in a Roth for DH (max you can do annually)
4K in a Roth for me
1K in dd1s 529
1K in dd2s 529

We are renovating our house too but this is the best bang for your buck is saving.

[reducereuserecycle]

do what Grandma says since she is the giver

[Ducky5306]

i'd hire the best lawyer and get divorced

cant think beyond that right now... i have not even seen my "husband" in over a year

[meg-momto2]

just to clarify, Grandma is very laid back and while she would love for us to treat ourselves to something big, like a car, she understands that it's our choice to use the money as we please. we did not ask her for this money. she made this decision on her own and spontaneously.

i have read everyone's comments and agree with the debt is first priority. we can barely make our monthly payments and the cards are mostly maxed out. i'll be calling all our CC companies and talking to them about lowering our interest rates and limits. while buying a larger car is something we would love to do i can't justify spending the money on it when our car adequate and i think Grandma would understand. i appreciate everyones input. it's good to have some perspective from others in this kind of situation.