I'd put it towards the principal in my mortgage per month. If you don't already have a home, save it for a nice downpayment when you do buy one...if you don't wanna home, I'd definitely put it towards a vacation budget!

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savings, retirement

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I'm with the previous posters. Something boring like a retirement fund or paying down a debt. A lady I work with always takes the exact amount of her raises and increases the amount witheld from her checks for retirement by that.

Congratulations!!

What I would do with an extra $200 is probably a lot different from what you should do with the money.

We recently re-structured our finances and an extra $200 a month probably would mean I'd stop working completely. Right now I work a part-time at-home job.

What should you do?

You said you are debt-free except for student loans which are covered by an inheritance. My feeling is, if you have an inheritance, I'd rather see you keep that as a lump sum so you can maximize it with compounding interest. I'd like to see you not liquidate it to pay off a student loan. If the extra $200 a month will make the payments, I'd rather see you keep the inheritance as a bulk of cash.

The other financial factors you would want to look at are ... Do you have an emergency fund? Do you own your own home? Are you fully insured (medical, dental, life, disability)? Are you maximizing your retirement savings (401k, IRA's)? If not, you would want to be up to speed in whatever area where you're lacking.

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If all these areas are ok....
I would Put the money into another savings account That earns interest ,
Medical , vacation , Christmas... whatever .... Any thing Coming up that you will need money for.

Right now, I would probably take $50 of it so DH and I could hire a babysitter once a month and go out. I would probably take the rest of it and save it.

Michelle

That's part of our plan. We are getting a raise of a little over 200 a month. So half will go to mortgage and the rest into savings if it doesn't end up going to gas or food.

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Put it in my money market (savings) acct

save save save

For me:

I would use the money to rapidly pay our debt down. After that I would invest it and save for some home improvements we have been putting off. If we don't get some of them done soon it will cause things to get worse and cost much more.

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