Post # 1
We broke up. Reasons unrelated to my last post.
I’m going to try to make this as short and businessy as possible because I’m already emotional enough over this. We weren’t engaged but we had dated for several years, we had a ring picked out, and about six months ago he gave me the green light to start putting money aside for a wedding since it would take awhile to save for it (we agreed I would pay for the wedding and his extra cash would continue to go towards paying off his student loans since they were about equal to what we wanted to spend on a wedding). Well. Obviously that’s not happening now (hashtag cart before the horse…thank god I didn’t actually buy anything).
My question is what do I do with the wedding fund now? I always do better with saving when I have a goal, and now that goal is gone. Do I start thinking of it as the car fund (which I won’t need for a long time, god willing)? The downpayment on a house fund (again, won’t need to buy one for awhile)? The general savings fund? The wedding to someone else in the far distant future fund? I already had a healthy savings before I started saving specifically for a wedding…I don’t know, this post doesn’t have much of a point. I guess I’ll just leave it alone and try not to think about what it was originally for…
Post # 3
I’d use it to treat myself to a kickass vacation with my girlfriends which I would probably need after a breakup! However, the more responsible choice would probably be a house down payment Fund. Why not just hold onto it and give yourself time to think about it?
Post # 4
Well i’m sorry to hear of your recent status change! I think you shouldn’t spend the money unless you are really sure on what you want to spend it on.
Just because it’s now “available” doesn’t mean you have to make a decision right away! Are you ready to buy a house? Did you want to before the breakup anyway? Do you NEED a new car? Maybe until you’re sure, buy a little something nice for yourself, like a new dress or something that makes you feel good…and save the large expenditures for a later date 🙂
Post # 5
Save save save!! You don’t need a reason to do that. Anyways sorry y’all broke up 🙁 hang in there…
Post # 6
I second the PP w/ the kickass girls vacay! Take like $1,000 to blow on a nice vacay or maybe a shopping spree or something. Then, take the rest and save it for the next wedding fund – eventually, you will get married and you will be happy the money is all already saved up!
Post # 7
Thanks guys. Yeah I’m not going to blow it it’ll continue to be saved…I just save better when I have a goal in my mind and right now my future looks kind of goalless…all of our plans are gone. So I’m trying to focus on some positive future goal I can save for, even if it’s not anytime soon
Post # 8
Post # 9
there’s no reason to spend it. just save it and if there is something you find that you want, buy it as a treat to yourself.
Post # 10
@AnonInTheMorning: You could put it in a 5-year CD,make some interest, and use it as the downpayment on a house or a future wedding fund!
Post # 11
Do you have any debt at all? I would immediately pay off any Credit Cards, Student Loans, Car Loans (highest interest rate first).
Then making sure you have a 6 month emergency fund.
Post # 13
Any debt should get first priority, then maybe I’d treat myself to something small and save the rest.
Post # 14
Save most of it as a reserve, but why not treat yourself to a small portion of it for a vacation, new handbag/whatever will give you a quick pickmeup?
Post # 15
Blowing a savings on a vacay isn’t wise in the least. Glad to hear you aren’t taking that under advisement. I vote emergency fund or retirement fund – and keep on funding it!
Post # 16
I agree, use a small, predetermined amount for a little retail therapy and save the rest. It’s never wise to make major financial decisions when you’re emotionally distraught.