What to do with £500!?!

one-non-blonde

Just a wee thought... although it only reduces your DFD by one month, that would mean you'd be debt free by Xmas and starting the New Year afresh. Now wouldn't that be a nice feeling?

Hawksley

If it were me, I would use the money to pay for what your dad gave it you for (since you would presumably pay for the car tax etc anyway) because then you could be honest ifhe asked you what it was spent on. Since you've already got the car money saved, use that for whatever you want without any guilt!! (If I have understood the situation right...)

WorkingHardDFW

I was given £1000 last year of which I used some to buy our dog and the rest I put into our emergency fund. Whilst a bit part of me wanted to pay it straight off the debt it was an inheritance of sorts and its nice knowing we've got an emeergency fund in case something goes wrong.

When my OH got a bonus earlier in the year we also stuffed another £500 into the emergency fund so now its got a fair amount in for just in case times!

The emergency savings gets my vote!!

painted_lady

you have been a good DFW'er so enjoy it,use it for car expenses, as your dad suggested, then put the money you have saved for car into something else. Maybe have fun with a bit of it and then be sensible with the rest. life is too short.

SarahNeedle1872

one-non-blonde wrote: »

Just a wee thought... although it only reduces your DFD by one month, that would mean you'd be debt free by Xmas and starting the New Year afresh. Now wouldn't that be a nice feeling?

Definately! I hope to be DFD by Oct 08 anyway, as thats when the loan finishes..... when I eventually get my eBay head back on!

shell_girl

I'd pay off the card that has £200 on it- big psychological boost there! Then give yourself say £50 for a treat, and stick the £250 into emergency savings/ISA.
It'd be a nice feeling I bet to have removed a debt- and you'd still have a bit for emergencies.

SarahNeedle1872

OMG!! Have just realised that the insurance is due at the end of this month!
I think I have decided..... I will use the money for the car stuff, as intended, and anything left over I will split between debt and to treat myself with....

I worked that out to be roughly £40 for me and £40 for debt, as last years tax cost £180 (older car), insurance was £200 and the MOT costs about £40, leaving about £80 if nothing is wrong with the car.

That way Dad's happy, and I'm happy