After all that time waiting (I was supposed to receive it by May 16th), we finally got our $1200 Economic Stimulus Money. Now, the only dilemma: What to do with it? Here are some of the things I’ve been thinking about doing with it, and I’d like your help, lovely readers!
- Put it into our emergency fund. We’ve got a pretty good emergency fund going right now, but I like having a lot of money in savings just in case. I feel more secure the more I have in there.
- Start a separate ING account for a car. We’re going to need to get a new one in probably a year or so, and I want to pay cash without draining our emergency fund.
- Start a baby savings fund. Is this silly? I am trying to save because kids are so expensive and we’d like to start trying to have a baby in 3-6 months, so I’d like to get a head start on saving for the baby. I guess we could always use some money out of our regular savings.
- Pay on the student loan. I’m hesitant to do this because we are paying around 1% interest, and I’d rather save and get 3% or pay on something else, like my mortgage.
- Pay on the mortgage, where the interest rate is 6.89%.
- Fund our Retirement accounts (ROTH IRAs).
- Something else! Please explain in the comments. It may be you think we should take a fun vacation, split the money up, or something I’ve never considered. Please help me out here!
Vote in the comments with your choice!