(Closed) What would you do with extra monthly income?

posted 5 years ago in The Lounge
  • poll: What would you do with extra monthly income?
    Put it in savings (only for emergencies) : (44 votes)
    27 %
    Put it in retirement fund : (20 votes)
    12 %
    Put it towards future children's funds : (7 votes)
    4 %
    Put it towards new cars (we will both need in a couple years) : (2 votes)
    1 %
    Put it towards a nice vacation each year : (20 votes)
    12 %
    Put it towards the house (painting, renovations, furniture, etc) : (17 votes)
    10 %
    Combination of above (please explain) : (48 votes)
    29 %
    Other (please explain) : (7 votes)
    4 %
  • Post # 3
    1332 posts
    Bumble bee
    • Wedding: September 2013

    I would throw as much money towards my private student loans as possible.  I would really like them to go away and since it is the only debt I have that would be amazing to watch it disappear.

    Post # 4
    1901 posts
    Buzzing bee
    • Wedding: June 2012 - Franklin Plaza

    I would probably up the amount I contribute each month to my savings and retirement and then use the rest toward future vacations since Darling Husband and I both love to travel!

    Congrats on the raise!

    Post # 5
    4062 posts
    Honey bee
    • Wedding: August 2013

    If you don’t already have retirement accounts set up, do that first. 

    I’d pull some out ($200-300 a month) that goes into an emergency only savings account (like if you lost your job or something) 

    Then I’d start a general savings fund – honeymoon, vacations, down payments for new cars, improvemnts to the house etc. that way when you need it, it’s there. 

    Post # 6
    259 posts
    Helper bee
    • Wedding: July 2013

    Hire a cleaner! It would make SO much difference for us since we both work 50-60 hours per week. 

    I would save half of the rest, and put the other half of the remainder into a vacation fund. 


    Post # 7
    2394 posts
    Buzzing bee


    Pay off the house sooner rather than later… it will change your financial life and give you such incredible lifestyle flexibility in the years to come.

    Post # 8
    680 posts
    Busy bee
    • Wedding: February 2012

    Put it away in savings for hard times, for sure. We’ve had to deal with unemployment twice and it was really tough getting by on just one salary. I’m finally building up our savings again and I feel so much better.



    Post # 9
    335 posts
    Helper bee
    • Wedding: September 2013

    I’d do a combination of paying down debt, retirement, a general savings (for things like vacations, cars, and general big ticket items that you will need in the future), and some towards emergency only savings. With the rainy day fund, I would determine how much you need (for example 6 months salary), and cap it at that.

    Post # 10
    3569 posts
    Sugar bee
    • Wedding: April 2013

    Combonation: I’d put it into savings, but not for emergencies only.. just for whatever. If we decided to splurge on something I’d use that money, or if I felt the checking account was running a little low I’d put some in.

    Post # 11
    2418 posts
    Buzzing bee
    • Wedding: August 2015

    I would probably use half to pay down debts and half into savings for a wedding/honeymoon/house fund.

    Post # 12
    2981 posts
    Sugar bee
    • Wedding: August 2011

    We’d put it into savings. We’re saving for a downpayment on a forever home.

    Post # 13
    1649 posts
    Bumble bee
    • Wedding: August 2000

    but it in da bank!

    Post # 14
    955 posts
    Busy bee
    • Wedding: December 2012

    Pay off credit cards first.  Pay off other debt second.  Then I would put some towards savings and extra towards the mortgage each month.

    Post # 15
    706 posts
    Busy bee
    • Wedding: October 2011

    We’d do a combo of 1) increasing our retirement contribution, 2) add to our general savings fund (for cars, vacations, etc), 3) put more towards the house, and 4) add to our investments (in that order).  

    We already have 6 months of living expenses and are not pre-paying our loans (due to repayment options we’ve already put in place).

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