Where Would You Put Extra Money: Things, Travel, or Education?
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I am so accustomed to putting any extra money towards savings that I thought it would be fun to think about where I’d spend it if my savings account was all nice and tidy and full. But I wanted to more than just share where I’d spend extra money, I wanted other bloggers to weigh in. So, here are my thoughts and a few of theirs on what they’d spend extra money on first – things, travel or education.
There is definitely a time and place to buy things. Both of my cars are paid for but they are also 8 years old and 13 years old respectively. One of these days I’m going to have to buy another one, but until then I will be sending them all sorts of good mojo and sweet talk so they keep on running.
I will also need things for the babies. They are 7 months old, and I still haven’t bought them high chairs or booster seats mostly because I have to buy two of them or track down two of them on Craigslist. I know I will have to figure something out eventually, so I could put the extra money towards that.
Then, there’s Christmas. I’m imagining this is going to be one of the leanest Christmases we’ve ever had, so extra money could go towards that.
Still, it’s really not in my nature to turn towards buying things when I have extra cash. It is, however, in my nature to dream about travel. My friend Kayla at Shoeaholic No More agrees. She said, “I tend to put ‘extra’ money towards things right now but I’m working really hard to change that habit. Instead, I’d like to try putting it toward travel and making memories with my family and friends.” I agree!
I can think of about a million places in the world I’d like to see. I know that traveling is a luxury, but it’s also been one of the things my husband and I miss the most since having kids. After all, he and I backpacked all over Europe when we were still dating, and we lived in the Caribbean for three years. It’s a huge passion of ours. Our kids aren’t really stopping us from traveling. We’re definitely up for bringing them with us. We just can’t really find the time or the money to make it happen, so I think this is where I’d put my extra money if some fell in my lap today.
Maybe I’d go small like heading over into New York city just 40 minutes away for a nice holiday weekend or maybe I’d take a direct flight to London as a good jumping off spot since my husband and I are familiar with it after going there a few times.
It’s really sad for us to be living so close to one of the biggest airports in the world, filled with wanderlust as always, but not really being able to pull the trigger. We could really use a moment together and a break, so although things or education might be a wiser use of these extra funds, I think we’d use it right here in this category.
My friends, of course, are more level headed than I am and would spend extra money on education. Although I believe in the importance of education, and I’d love to go back to school just for the joy of learning some day, I don’t even want to think about paying for another credit hour at this point. My husband is almost to his 5th and final year of a joint MPH/MD program, and it’s been a very long road. I’d rather use this imaginary extra cash for something fun.
When I asked Holly Johnson of Club Thrifty where she’d put extra money she said, ” I would put money toward education at this point because I have two kids that will go to college. We are in the process of saving for them.” If you look at her monthly budgets each month, she consistently contributes towards her two adorable daughters’ college funds. Smart move, my friend, smart move.
Kassandra at More than Just Money agrees. She said, “We place a high premium on our child’s education and extra-curricular activities that make him happy and encourage positive development. His education will trump travel any day when it comes to allocating extra funds.” What a lucky kid to have such great parents!
So, now it’s your turn. If you had extra money fall from the sky where would it go: Things, Travel, or Education? You’re not allowed to say debt or savings because that would ruin the fun of this post. 😉