What to do with 100k bonus

[Anonymous]

Anonymous wrote:$5000 - vacation
$5000 - savings
$10000 - used car
$30000 - student loans

I think that sounds good minus vacation. We use miles and points usually so don’t need that much.

[Anonymous]

Debt. So much debt.

[Anonymous]

Anonymous wrote:Debt. So much debt.

And? Many people have a lot of debt.

[Anonymous]

If you put it all towards the student loans, how long would it take you to pay off the rest? Presumably once that's done you could get your wife a car with the payments gone.

But I'd sit down and talk to your wife about this. She gets a say too here. At least that's how my DH and I would figure this out.

[Anonymous]

Anonymous wrote:If you put it all towards the student loans, how long would it take you to pay off the rest? Presumably once that's done you could get your wife a car with the payments gone.

But I'd sit down and talk to your wife about this. She gets a say too here. At least that's how my DH and I would figure this out.

If I put all towards loans I would say in a couple years maybe earlier. I get big bonus every 3 years, first year 15%, second 33% , third year 50%. My base went up in the last month from 150 to 200 so I think we can pay it rather quickly if everything is ok.

[Anonymous]

Anonymous wrote:If you put it all towards the student loans, how long would it take you to pay off the rest? Presumably once that's done you could get your wife a car with the payments gone.

But I'd sit down and talk to your wife about this. She gets a say too here. At least that's how my DH and I would figure this out.

Wife said she is ok without a car. But once in a while there are comments from her. My 16 y.o. niece got a car recently( my parents gave them 7k to help) and wife was kind of upset I think but then she got over it quickly.

[Anonymous]

Get rid of those student loans - you're going to be SO HAPPY when they're gone.

[Anonymous]

Anonymous wrote:Get rid of those student loans - you're going to be SO HAPPY when they're gone.

Of course he'll be happy. But there are 2 of them in the marriage and it doesn't seem like they're sharing the sacrifice of paying off the loans equally. Put $5k toward a down payment for a reasonable used car for your wife, OP. She shouldn't be shackled to the house for 3 more years and it won't delay your payoff by much.

[Anonymous]

Anonymous wrote:

Anonymous wrote:Get rid of those student loans - you're going to be SO HAPPY when they're gone.

Of course he'll be happy. But there are 2 of them in the marriage and it doesn't seem like they're sharing the sacrifice of paying off the loans equally. Put $5k toward a down payment for a reasonable used car for your wife, OP. She shouldn't be shackled to the house for 3 more years and it won't delay your payoff by much.

OK, just saw where she has no car at all. Agreed - get her a car.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:$1k for fun
$20k for a car
$30+k for the loans.

With that much debt, I’d say only forgoe the $1k for fun. But agree with the rest. A used low mileage car for no more than $22k. The rest directly to the loan.

No, people need petit indulgences to get through. $1 isn't going to end the student debt and will add quite a bit to the morale of the household.

I like you pp

[Anonymous]

Thanks everyone! We decided to buy wife new fully loaded Mazda cx 3 for 20k and rest to student loans.

[Anonymous]

Anonymous wrote:Thanks everyone! We decided to buy wife new fully loaded Mazda cx 3 for 20k and rest to student loans.

Bravo!

I got a fully loaded CRV with 20k miles on it for about $22k so I could save more for my down payment. The new to me leather seats struck a good compromise between wants v needs.

[Anonymous]

Anonymous wrote:Thanks everyone! We decided to buy wife new fully loaded Mazda cx 3 for 20k and rest to student loans.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:If she would rather put the money on the loans instead of getting her a car then it must not be that bad for her. Put it on the loans.

1K for blow and hookers

I agree but at the same time I am really tired about her complaining that she has been without a car for such long time.

Once you pay that student loan down, you can work on saving a decent sized down payment for a car - don't eat out for month and cut other little expenses, it all adds up. As pointed out, you can get a practically new Corolla for less than 15K.

Nobody posting about making $200K+ is trying to scoot around in a Corolla. Cmon now!

I make $500K. I don't have a Corolla, but I do have a Honda Civic, which I like a lot. Cars are a waste of money. Just buy something that doesn't cost a lot, but that is reliable.

[Anonymous]

Anonymous wrote:Thanks everyone! We decided to buy wife new fully loaded Mazda cx 3 for 20k and rest to student loans.

That sounds very reasonable to me. You will both benefit from your wife being able to drive to appointments, errands, etc. as desired during the day.