Thursday, May 10, 2012

Gifted Money

G-man was on a business trip this week, and was able to see his mom and brother.  This past Monday was the 3rd anniversary of his father's death, and they were able to go pay respects at the cemetery and have dinner together.  I am glad it worked out that way.

My Mother-in-law gave G-man two checks while they were together.  One was for my birthday.  The other was just "because."  Periodically, MIL feels guilty that she never comes to see us, and that the kids tend to get the short end of the stick.  And it usually materializes (no pun intended) as a random check.  This time it was $500.

So now we have to figure out what to do with it. 

I know G-man is going to want to spend it.  But he will defer to me if I say save it.  Right now, I am thinking:

10% - G-man's boat (after all, it is money from HIS mom)
20% - House stuff (probably landscaping stuff or pool chemicals...nothing "fun")
20% - Car fund (since we drained it getting the new alternator)
50% - EF fund (which will advance our goal for the year by over 2 months).

I think that seems like a fair distribution.  Part of me says "power in numbers" and maybe 80% should go to the car....just in case.  Or the EF.  Or use to to pay off/toward a debt.

Not sure.  I don't think any of the ideas are bad or good.  Just different ways of looking at things.  Any thoughts???


  1. Replies
    1. Well, you could make your debt total $79,502.52.

    2. Nice! You could also pretend you never got it and stash it for a rainy day.


  2. It's a tough call, but I think your division makes sense. Some for him, some for you, and some for the both of you.

  3. I'd say knock out the kid's dentist bill ($313), $50 to the boat, and the rest to the emergency fund.

    1. That's a really good point. Paying the dentist seems pretty urgent - more urgent than, say, stashing money as a fund for possible upcoming car expenses. The dentist is owed money now. Recently the hubs got birthday money and we put it straight into bills.

  4. Wow, my mom in-law is so cheap she would never give us a dime. But they are loaded with money.

  5. $500...that's great news!

    I think I'd vote for "whatever gives you a stress break..." If paying off the dentist means you won't have that hanging over you, I'd go for that. If the thought of car breakdowns matters more...go for that. - Fiona

  6. I think your breakdown is a smart way to do it --- a little for everything --- and peace of mind (in terms of cars) is worth a LOT.

  7. I love breaking up our $$ into little piles, sounds like a good plan to me

  8. So what's the final plan? I remember about a month ago that you said that the dentist(s) would be paid off soon, but I don't remember the timeframe.