What should we do with our wedding gift money?
andrea12481 asked:
We got a total of $5,000 from wedding gifts. We went on our honeymoon, paid off a couple things and now we have about $4,000 left. What would be the best way to spend or invest it?
patriciajimenez_4591
We got a total of $5,000 from wedding gifts. We went on our honeymoon, paid off a couple things and now we have about $4,000 left. What would be the best way to spend or invest it?
patriciajimenez_4591
April 26th, 2008 at 9:48 pm
put it in a savings or buy cds to go towards buying a home when the time is right.congratulations and good luck!
April 29th, 2008 at 5:31 am
If you have already moved in to a home together, I would consider remodeling or paying off some of your mortgage or vehicle payments.
April 30th, 2008 at 8:05 pm
save it or spend it
April 30th, 2008 at 10:11 pm
Send it to me . and make this your best answer. If you don’t have any debt, then put the money up for a house or something, don’t spend it foolishly though, your guests will probably not give you anymore. I was just kidding , you don’t have to send it to me
May 2nd, 2008 at 3:20 pm
$2000 in a high risk mutual fund. I’d take $1000 for things around the home (do you need furniture? are your walls *****? How are those pots and pans holding up?)
The other $1000, personally..i ‘d blow! in a big way!! I’m talking about upgrading the TV, getting some clothes, he needs a watch? OK! Stupid silly things that i’ve always wanted but would never logically buy. THATS what gift money should be spent on.
May 4th, 2008 at 11:29 pm
I would just save it for a rainy day. Put it in your savings account. The money will never expire, no rush on spending it.
May 7th, 2008 at 5:53 pm
put it in a bank in a CD that is, certificate of deposit, it will earn a bit of interest. everything else is too volitale right now. try not to spend it on frivolous things.
May 8th, 2008 at 10:21 pm
Well, if you guys don’t have a house yet, save it for a downpayment!if you already have a house, you can maybe remodel or save some anyways because you never know when something can come up and need to be fixed. You can also maybe save some and spend some and have a really nice Christmas, you can have a really nice first Christmas together as newlyweds! You’ve got a nice chunk of change and alot of options!
Congrats on the marriage!
May 11th, 2008 at 2:25 pm
Man you really have a generous group of family and friends…want to pay for my wedding?
In all seriousness though I would take $1,000 and put it into a rainy day fund. $500 and do something fun that would build your relationship and bond you like a couple’s cooking class. Use up to $1500 to fill any gaps in the registry, for instance you got tons of sheets but no pillow cases. The other $1,000 and anything left from that $1500 and pay off any debts you have starting with the one that has the highest interest first. (credit card bills, car loan, pay down the mortgage to your house…) It will pay off in the long run because your credit rating will go up and then when you want to make a big purchase again like a house or a car you will save bundles on the interest. If you don’t have any debt (which is really unusual so congrats) take that money and put it into your savings account. Wait at least 6 months before you touch it (barring an emergency). The tendency for newly weds is to go on a shopping spree and buy everything they ever wanted which is nice, until later on when you really need to fix your car or find yourself surrounded by impulse buys that you never use and think “man I really wish I could have gotten X instead”. Giving yourself time will squash that impulse and really give you a chance to decide rationally and you’ll make enough interest for a nice date night.
Investing in something like the stock market could pay off but in this economy it’s way too risky for me. I already have plenty of stocks in my portfolio that have to rot because the market is down. If you want to invest I would choose something a little more reliable like a CD.
May 14th, 2008 at 3:45 am
wow!
retirement fund…
wide screen plasma tv…
another car…
baby fund…
May 16th, 2008 at 6:58 am
either buy something you’ll need for your house/apartment or just start saving the money.
May 17th, 2008 at 2:20 am
i would save it…. something will come up …. either when you buy a house…or a car dies…. something .. .that you will wish you didnt throw that money away…. i wish i will have that problem…. my house has taken all my extra money recently
May 20th, 2008 at 1:40 am
pay off ALL your debts,, not just some. consumer debt first (anything with high interest), then move on to student loan debt (which is usually lower interest). After ALL debt is paid, down payment on a house!
Suze Orman has a book called Young, Fabulous, and Broke which is awesome, you should check it out with your hubby and decide together.
May 20th, 2008 at 12:49 pm
You save it to put towards the purchase of your home.