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What would you do with extra money? - 7/23/2008 10:22:22 AM
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MyGodYourGod
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God has blessed me with a part-time job where I will be able to bring home an additional $2k/month after tithes and taxes. What would you do with it? Would you spend ALL of it on paying off bills. I have a significant amount of debt to get out of...starting with my truck ($18k). I was thinking of spending that money and paying it off over the course of 6 months (including income tax money). So what would you do?
Thanks.
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RE: What would you do with extra money? - 7/23/2008 11:00:18 AM
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sisrev
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Save half, use the other half for debt reduction for the first few months. Once you have several months of income saved, use it all for debt reduction.
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RE: What would you do with extra money? - 7/23/2008 11:50:27 AM
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garsyt
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If I were you I would do just as sisrev said. Use half of it to pay off debt and put the rest in savings. Build up a good savings and then use all of the extra to pay off debt.
Now if you were me and I had the extra income - first of all I would pay off medical bills that are our primary debt other then our house right now. That wouldn't take more then a couple of months or so and then after building up a decent savings, we'd seriously beginning making much larger payments on our mortgage and then we'd put in an alternative form of energy for our house, geo-thermal or solar.
But that's me!
Blessings,
Garsy
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RE: What would you do with extra money? - 7/23/2008 1:30:27 PM
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eaglelady11
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tithe, pay off debts, put into a CD or a high-yielding savings account, or IRA and contribute to worthy organizations.
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RE: What would you do with extra money? - 7/24/2008 7:06:43 AM
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AngieCat
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I would pay off the debt first because the interest rate on the debt is much higher than an interest on the savings. Once the debt is paid off, you can sock away nearly all of it.
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Angela
Blessed Mother of 2- Derek, age 10, and Hannah born November 9th
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RE: What would you do with extra money? - 7/24/2008 10:20:59 AM
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Jenny-Fair
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I would pay off any debt I had (I don't usually carry any, but health problems in the last year and a legal problem two years ago have left me with over four thousand dollars' worth), then save up six months' income, and then we would take a really nice family vacation.
Well, there are probably some charitable things I would do in there, as well.
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RE: What would you do with extra money? - 7/24/2008 10:54:34 AM
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Miss Giggles
Posts: 4280
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From: MI
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I'd do it. never heard of a part time job paying that much. What kind of job is it? If it is an MLM do not pm me about how great the opportunities are.
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RE: What would you do with extra money? - 7/24/2008 2:56:20 PM
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CoachSteve
Posts: 71
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all of the extra money I have it going to pay off Debt. will be Debt free no later than November, God Willing.
Then that money will be going to investments, Roth IRAs, saving for vacations, houses, cars, stuff.
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RE: What would you do with extra money? - 7/24/2008 10:09:30 PM
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sisrev
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One of the reasons to use some of the money for savings is so that when unexpected and unplanned extra expenses occur, (car repairs, appliance repairs, unplanned medical or dental needs, etc. ) you have some money put back in savings to pay for it, instead of having to increase debt. At some point, you can always use the saved money to finish paying off your last debt, etc. The point is not the interest earned, it's learning to plan ahead so unexpected events don't put you right back on the same road down into debt.
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RE: What would you do with extra money? - 7/25/2008 9:31:42 AM
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redeemedsaint
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I work a part time job at Dominos and use the extra money to save or put towards gas.
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Get off the track cause the freight train is coming - Coach Bobby Lee Duke from Facing the Giants
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RE: What would you do with extra money? - 7/25/2008 10:55:59 PM
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peace77
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quote:
What to do with take home pay of $2,000 (after tithe and taxes)?
I suggest: Saving $1,000 from the first month's pay and placing it in a money market account.
(You can compare rates at http://www.Bankrate.com)
This is the start of your emergency fund. Do not touch it, except in case of true emergency such as job loss, or unable to work due to illness or injury.
Then starting with the highest interest rate debt, pay off the debt as fast as you can.
You might even consider trading in the truck for a less expensive model that you can afford.
Begin a habit of making regular deposits to your new money market account. Start small with $50 per month or so and increase the deposits after the debt is paid off.
Have a goal of saving 9 months worth of your usual expenses in your emergency fund. It used to be that 3-6 months was plenty of time to find a replacement job but it often takes more than a year to find equivalent jobs and the situation can be much worse when a double or triple whammy hits such as a car accident that totals your vehicle, causes you to be injured and unable to work.
Peace,
Anne
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RE: What would you do with extra money? - 7/26/2008 10:42:56 AM
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pbaribeault
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Really? None of you would use any portion of extra income to increase the comfort level of your standard of living?
What I would do:
Spend 10% (2.5% for me, 2.5% for my spouse & 5% for general things)
Donate 20% (or put it in it's own bank account for later use as donations as things come up)
Save 30% (until a moderate amount was reached)
Debt 40% (until it was all paid off)
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RE: What would you do with extra money? - 7/28/2008 2:02:34 PM
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Bridgitt
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I would pay off my debts, then build up my savings and help those in need.
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RE: What would you do with extra money? - 7/28/2008 5:19:50 PM
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peaches3
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I would go in this order: tithe, sow, save, spend. The spend part would be to pay off my auto loan and a downpayment/closing costs on a condo.
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RE: What would you do with extra money? - 7/31/2008 12:11:14 PM
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peace77
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[/quote]I would go in this order: tithe, sow, save, spend. The spend part would be to pay off my auto loan and a downpayment/closing costs on a condo.[/quote]
Tithing was already mentioned.
If you are paying off a loan, that is paying off debt -- Not Spending.
Spending is buying something new such as the condo you mentioned.
Be cautious about giving money to TV evangelists before you have paid your own debt.
Better to take care of your own obligations before "sowing"
Peace,
Anne
edited for spelling
< Message edited by peace77 -- 7/31/2008 5:03:57 PM >
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RE: What would you do with extra money? - 7/31/2008 3:28:52 PM
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CoachSteve
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quote:
ORIGINAL: pbaribeault
Really? None of you would use any portion of extra income to increase the comfort level of your standard of living?
What I would do:
Spend 10% (2.5% for me, 2.5% for my spouse & 5% for general things)
Donate 20% (or put it in it's own bank account for later use as donations as things come up)
Save 30% (until a moderate amount was reached)
Debt 40% (until it was all paid off)
just that having a plan allows you to increase your living. I think that it is very important to get out of dept first and quickly. just thing about November makes me giddy. I will have not dept except normal bills. from tthere in my first post, yes, some of my extra money will go to stuff, which is stuff I want to get, and not just need, but if you will take care of the necessities, then some saving/giving, and then yourself, it will make it that much more meaningful. at least it is too me.
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RE: What would you do with extra money? - 8/1/2008 4:22:56 AM
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sudden
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Give more away to various charities and sock more away in retirement savings plan.
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RE: What would you do with extra money? - 8/1/2008 4:59:34 PM
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buckifn
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I would sponsor more kids for church camp. After that the rest would go in our money market acct.
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RE: What would you do with extra money? - 8/2/2008 8:02:18 AM
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conrack50
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I tithe, pay on debt and order new supplies for my business!
I praise God for that in Jesus Name, Amen
Connie Lou
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RE: What would you do with extra money? - 8/3/2008 2:22:40 PM
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BJinWA
Posts: 90
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ANY time i get extra $$$ i spend it the same way.
10% tithe
45% extra principal payment on the house
45% i get to blow any way i want. course, usually it's an additional payment on my car.
by using that discipline, i've managed to pay down about $9k on my house. some might say that's a bad use of funds, but my house is at 6% and my car is at 4%. besides the car is almost paid off and i have enough in savings to pay it off if i want to. i just more comfortable with the $$ in savings.
i use that formula for EVERY extra penny that comes my way, even if it is a $10 rebate.
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RE: What would you do with extra money? - 8/8/2008 12:32:25 PM
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twoboys
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that's awesome for you!
Debt is scary to me so that is definitely where I would start. Having a higher interest savings account would be where I'd put the rest.
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Courtney
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RE: What would you do with extra money? - 8/9/2008 12:01:34 PM
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MC4JC
Posts: 201
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From: Minnesota
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I would apply the extra money to pay off the bills - starting with the smallest one, and working to the biggest one. When you do this, its a better feeling of accomplishing something.
Many people think "tackle the big one first" but that sometimes is overwhelming and seems you'll never pay it off. This is Dave Ramsey's ideas and we have been trying to follow them. We just paid off our 2nd credit card and are working on the "big one". We plan to celebrate with a nice dinner when we make the final payment. Our goal is to have that paid off in 2-3 yrs at the most.
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RE: What would you do with extra money? - 8/23/2008 2:22:08 AM
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Florida_Mom_27
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Pray about it.
I'm in almost the exact same situation and I have a HUGE pile of bills staring at me. You know what I did? Prayed about it. I also read the Bible to see where God would lead me or speak to me. He said "give it away". Anything I buy is just STUFF, useless, temporary. Giving it away and helping others is building up treasure in heaven, eternal, forever.
I was angry because I wanted to spend this money MY way, pay off bills, get my dog to the vet (which I've been putting off), get a haircut (which I haven't done in about 1 year), save for my daughter's college education, buy some GOOD groceries, steak and seafood, instead of hamburger helper. But I really felt God told me to give it away. So through a series of events I came upon a couple of families who couldn't afford school supplies for their kids. Believe me, shopping for someone else is much more fulfilling than shopping for yourself. Giving is a great way to spend extra money. I also suggest the book "It All Goes Back in the Box" by John Ortberg, which I just got from the library. It puts it all into perspective.
Whenever I have a problem, I can never go wrong by asking God what I should do. Here are some of the verses God led me to:
Proverbs 21:17
He who loves pleasure will become poor; whoever loves wine and oil will never be rich.
Proverbs 11:24
One man gives freely, yet gains even more; another withholds unduly, but comes to poverty.
Phil 4:19
And my God will meet all your needs according to his glorious riches in Christ Jesus.
Jeremiah 29:11
For I know the plans I have for you," declares the LORD, "plans to prosper you and not to harm you, plans to give you hope and a future.
I Peter 5:7
Cast all your anxiety on him because He cares for you.
Matthew 6:31-33
Therefore take no thought, saying, What shall we eat? or, What shall we drink? or, Wherewithal shall we be clothed?; for your heavenly Father knoweth that ye have need of all these things. But seek ye first the kingdom of God, and his righteousness; and all these things shall be added unto you.
I Samuel 2:7,8
The LORD sends poverty and wealth; he humbles and he exalts. He raises the poor from the dust and lifts the needy from the ash heap; he seats them with princes and has them inherit a throne of honor.
Eccl 5:19,20
Moreover, when God gives any man wealth and possessions, and enables him to enjoy them, to accept his lot and be happy in his work-this is a gift of God. He seldom reflects on the days of his life, because God keeps him occupied with gladness of heart.
Psalm 22:26
The poor will eat and be satisfied;they who seek the LORD will praise him- may your hearts live forever!
Proverbs 13:22
A good man leaves an inheritance for his children's children, but a sinner's wealth is stored up for the righteous.
Ephesians 5:5
For of this you can be sure: No immoral, impure or greedy person—such a man is an idolater—has any inheritance in the kingdom of Christ and of God.
James 2:5
Listen, my dear brothers: Has not God chosen those who are poor in the eyes of the world to be rich in faith and to inherit the kingdom he promised those who love him?
Proverbs 3:27
Do not withhold good from those to whom it is due, when it is in your power to do it. Do not say to your neighbor, “Go, and come back, and tomorrow I will give it,” when you have it with you.
Luke 6:38
Give, and it will be given to you. They will pour into your lap a good measure–pressed down, shaken together, and running over. For by your standard of measure it will be measured to you in return.
Luke 12:15-17a, 19b-21, 33
Then he said to them, ‘Watch out! Be on your guard against all kinds of greed; a man’s life does not consist in the abundance of his possessions.’ And he told them this parable: ‘The ground of a certain rich man produced a good crop. He thought to himself, ... “[I] have plenty of good things laid up for many years. Take life easy; eat, drink and be merry.” But God said to him, “You fool! This very night your life will be demanded from you.” This is how it will be with anyone who stores up things for himself but is not rich toward God. ... Sell your possessions and give to the poor. Provide purses for yourselves that will not wear out, a treasure in heaven that will not be exhausted, where no thief comes near and no moth destroys. ...’
2 Corinthians 8:7, 13-14 — “But just as you excel in everything—in faith, in speech, in knowledge, in complete earnestness and in your love for us—see that you also excel in this grace of giving. ... Our desire is not that others might be relieved while you are hard pressed, but that there might be equality. At the present time your plenty will supply what they need, so that in turn their plenty will supply what you need. Then there will be equality ...”
Deuteronomy 8:18
Remember the Lord your God, for it is he who gives you the ability to produce wealth.
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