£500.. .What do I do with it?

K9cuddles

Okay.. just been landed £500 I wasn't expecting! But what do I do with it?

a) All towards Debt
b) £100 "treat", £200 Debt and £200 Savings
c) £250 Debt, £250 for spending money for my holiday in Feb 07

:mad: I dunno what to do with it without feeling gulity!!! :rolleyes:

TallGirl

As Martin always says if you are in debt there is no point in having savings but as for having a treat I guess that depends on your concience really.

louby_lou

OMG me too! and the exact same amount! I just found out yesterday and am trying to be virtuous and thinking about putting it all on the CC. It wont come into my bank til Tuesday so I have some time to think. I am also partial to overspend at xmas so I know i have to decide soon or it will go on ribbon, wrap and stuff to fill it! (or my belly lol one or the other!) what shall we do?? XxXxX

Batfink

Well, if it helps, I'm expecting just over £500 in tax refund in the next couple of weeks and I'll be using it to pay off my Egg Money card so I can close it and celebrate with a cup of tea and a digestive. Not the most exciting use for £500 but I think it'll give me more pleasure than spending.

Batfink x

oops_a_daisy

Hi k9 cuddles - if your debt is costing you more interest than it would earn in savings then it would be better going off your higher rate debts

edit - sorry just noticed the bit about holiday savings but only you can decide that one

louby_lou

yeh i think the satisfaction of seeing the CC go down to £1200 from £1700 would be enough for me. Otherwise I know I will fritter it away on magazines or cheesecake or both! I'm saving with my brother to pay for a second honeymoon for our parents for their silver wedding anniversairy next August and that would be the only other thing I would split it for. Need to save about £700 for that each (I'm only £300 of the way there ) hmm what to do ... xXx

WelshWoofer

I've had similar things happen to me - I usually put all but 50 quid towards the debt and then treat myself - maybe clothes, a good night out, haircut etc.
I think you need little treats and nice things to keep you going sometimes - it's all about motivation and if you feel hard done by the whole time it's difficult to maintain the DFW thing without lapsing. Think of it as controlled spending and enjoy!

moozie_2

K9cuddles wrote:

Okay.. just been landed £500 I wasn't expecting! But what do I do with it?

a) All towards Debt
b) £100 "treat", £200 Debt and £200 Savings
c) £250 Debt, £250 for spending money for my holiday in Feb 07

:mad: I dunno what to do with it without feeling gulity!!! :rolleyes:

OK, when this happens to me, like this week I had £290 arrive unexpectadly, I have similar decisions to make. So far, I've always paid it off the debt as that's my main priority at the moment. Of course, I do have treats in my budget every week so don't really feel deprived

If you feela treat will help you keep going, spend some that way and the rest on the debt/savings. Only you know your consience

immoral_angeluk

Well we're expecting £500 any day now and we're using £100 to buy new baby stuff, £100 for xmas presents and putting £300 towards debts..

K9cuddles

N.B the Savings aren't really savings.. more emergancy money! i.e £300 excess for my insurance and so far £1k for my renewal next year. I've budgeted for my road tax but not my service.

Xmas is sorted, but I'm worried I won't have enough spending money for my holiday??! But I've asked everyone to get me dollars for my b'day/xmas but I don't want to bank on that!

Ooooo. .it's a toughie!

rog2

K9cuddles wrote:

N.B the Savings aren't really savings.. more emergancy money! i.e £300 excess for my insurance and so far £1k for my renewal next year. I've budgeted for my road tax but not my service.

Xmas is sorted, but I'm worried I won't have enough spending money for my holiday??! But I've asked everyone to get me dollars for my b'day/xmas but I don't want to bank on that!

Ooooo. .it's a toughie!

Listen K9 - just because you have debt it doesn't mean that you are forbidden the odd treat. If you throw most of the £500 towards your debt and keep some for yourself you aren't hurting anybody:beer: