What would you do with an unexpected bonus?

[catherine]

I just got a letter of recognition from one of my clients and a check for $2500.

I'm totally surprised. DH says I should buy something because it's a windfall. My thought was paying down debt--buying off a few links of the chain that holds me back from freedom. But at the same time, it would be nice to get something tangible with part of it.

Any suggestions?

[herbgeek]

Can you do both? Put the majority towards debt and reserve a small portion for a splurge?

[Yppej]

Save towards retirement. Use if needed due to a recession/job loss.

[bae]

Kill debt, emergency fund, stock up on staples to fight inflation.

[iris lilies]

Spend up to $50 For something you’ve been wanting. Throw the rest at the debt. If $50 will not fund something you’ve been wanting, then chuck it all at the debt.

You need some tough love babe: at our age, debt is evil. It is the enemy. We do not get to spend $2500 on stuff we don’t need. I’m not a bit surprised your happy go lucky husband said this.

[frugal-one]

Agree with others... you should buy or do something special but not over the top. Put most into debt reduction ... as you said, buying your freedom.

[Tybee]

I would take 10-20% and splurge. I would put 50% towards debt reduction, and the remaining in savings.

[Tybee]

https://www.cnbc.com/select/how-to-spend-and-save-windfalls/

[Alan]

I think I'd use the entire amount on debt reduction and consider that a gift to myself.

[JaneV2.0]

I might contribute $500 to the home improvement fund, and pay down debt with the rest. Bae's idea of investing in foodstuffs with some of it is good, too.

[pinkytoe]

I guess it would depend on how large my debt is but definitely a portion to paying that off. Do you have a healthy emergency fund? I would also spend a little portion on something that makes me happy or if you prefer...makes someone else happy.

[jp1]

Personally I’d put it all towards debt, but then I’m debt averse. In my case I would use it to buy the new furnace I’m planning on replacing since I have no debt but the mortgage.

But in your case I’d do as others have suggested. Splurge on something for yourself that’s $50-$100 and use the rest for debt. Maybe make it a big celebration like an expensive meal you normally wouldn’t splurge on (home cooked or restaurant, whichever is your preference).

[ApatheticNoMore]

In my case, truthfully there is very little I want so I would probably save it, maybe help my mom a little, maybe spend $200 max on something for me, but again there isn't much I want.


Maybe make it a big celebration like an expensive meal you normally wouldn’t splurge on (home cooked or restaurant, whichever is your preference).

I like this idea.

[KayLR]

Found money---pay down the debt some, but do splash out a bit on yourself. I'm sure the giver would wish that for you.

[lmerullo]

I read the article posted, and like the 80 - 20 rule. That's a lot of money to play with for funsies.

However, if the $2000 is enough to eliminate a level of debt, I would then Dave Ramsey / snowball the financial allocation that paid that debt and really use the power of your windfall money.

[happystuff]

I agree with taking *a little* for a personal splurge, but then putting the rest towards debt and/or savings. BTW, congrats!!! That must have been a nice surprise!

[catherine]

Thank you everyone... I think I'm going to do a combination of what you all have suggested: Put 1500 towards debt, put 500 in savings, and set aside 500 for something: I'm wavering between an arbor for the path to my garden, or a dinner at a nice restaurant when my brother/SIL come. Since they told me they are visiting in September, I've known that entertaining them will blow my monthly budget, so I would be able to cover that and not worry about the overage.

But I'm dreaming of the cedar arbor, covered in clematis. :)


ETA here's the one I'm thinking of: https://www.gardeners.com/buy/westwood-cedar-arbor/8593963.html?utm_campaign=PLA&utm_medium=googleshopping&utm_source=google&SC=GGLPLA&gclid=Cj0KCQjwtvqVBhCVARIsAFUxcRtUcFyBs1COX4K6U_Hy xmjIA8kGZlxEvu47juNeKiiWeWHDffgbzz8aAtgNEALw_wcB

$360, so I could still put $140 towards the meal. And if I find a cheaper arbor, I can put even more towards the meal.

[Tybee]

I vote arbor for 500. And use all of it because clematis are so expensive!! Look at this beauty:

https://www.springhillnursery.com/product/clematis-midori?p=0439751&pid=66631&gclid=Cj0KCQjwtvqVBhCVARIsAFUxcRtCYe4aE66YqJuKwRmb aDcQAgaJR-V46cWHlAkFFXhR6D56AawSKhYaAkLtEALw_wcB

[iris lilies]

Well, the arbor with Clematis would be nice that’s for sure.


Oh my, I have a lot to say about Clematis!


https://www.brushwoodnursery.com/


I have been buying my clematis plants from this specialty grower for years. I recommend buying ones that bloom at different times. I also recommend buying something besides the big giant 6 inch flowered ones Tho you need a couple of those and they are stunning.


Many years ago I went to a garden where the owner had a few small flowered clematis. From that day forward I fell in love with the tiny ones. I will tell you “princess Diana” is absolutely stunning! And man is it tough! I just moved mine this spring from St. Louis to Hermann and it took the move like a champ.


I also have a small blue one that’s just getting established, moved from St. Louis to Herman so I hope it makes it.


I have had a yellow one, small flowered, that was charming. Unfortunately I killed it with Roundup, I’m an idiot.


And then, I tried one of the bush type ones and while it grew very well, it just irritated me because all it did was flop around. So imagine a 20 inch tall thing spreading and flopping. Did not like that at all and it had to go.

Then, there is the lovely wild white clematis that here blooms in late August. It seeds itself and comes up all over my garden. I pull out 90% of those volunteer plants but I keep a few around because they are ethereal, light,frothy, and not too annoying.

Thank you for coming to my Ted talk about Clematis.

[rosarugosa]

Catherine: Congratulations! I am also a fan of the splurge at least a little bit strategy.
We had a cedar arbor, but it needed to be stained frequently and it deteriorated, and we finally took it down. We replaced it with this, and we liked it enough that we've bought a second one. Same company, much cheaper, and when it's covered with clematis, you can hardly see it anyway.

https://www.gardeners.com/buy/jardin-rose-trellis-arch/38-690.html

They also not infrequently will offer a sitewide % off deal, so if you aren't in a hurry, you can probably get a deal on whichever arbor you choose.

[JaneV2.0]

Excellent choice!

[bae]

The arbor sounds like a great plan!

[nswef]

Iris Lilies, You have gotten me on to too many floral websites!!! I need ONE and that's it....but oh so many choices. thanks for the information and TED talk!

[Tybee]

We just got unexpected tax checks from our state gov and I am using mine to live on for a couple of months. My husband is using his to take a trip to see our son, driving. Should cover gas and motel two nights on the way.

[Simplemind]

The gardener in me is screaming... AAAARRRRRBBBBBBOOOOOORRRRRRRR!!!!

[pinkytoe]

We are going to get some sort of tax refund for about $1500 next month. I guess we'll just stick it in the bank.

[hana]

Yesterday we received a check for $238 and change from our car insurance since our premiums went down. Decided to put it into the oh $^#% fund for unexpected large expenses since we had to take money from it last month for car and washer repairs.

[iris lilies]

Here is a photo of my clematis with a tiny flower, a very charming little thing. It’s just getting establishment Hermann because I moved it the spring, and part got beat up in the city last year, has had a hard life.

The little bell shaped flower is about the size of my thumb:…..


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