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Home > What would YOU do with $4K in today's economy?

What would YOU do with $4K in today's economy?

September 25th, 2008 at 01:38 am

And should the economy factor into it?

Right now, DH's credit card has $8500 at 6.75% on it and mine has $8600 on it with 0%.

In two weeks he is getting $4K

We need $250 to neuter the dog, around $1500 to do maintenance and repairs on his car, and after that I guess is what we have to work with.

In December, I have to pay my Spring tuition (probably around $2000) and I WAS planning on putting the remaining amount to paying down DH's card and putting the $2000 on my credit card at 0%

But now, with the economy, I'm not sure if I should save $2000 out of his bonus to earmark for tuition or what.

Should I even continue going to school at all?

I'm 4 classes into a 10 class program for my M.S. in Accounting. I should graduate in December 2009 and my husband's orders are up in January 2010. So if I don't go now I run the risk that I may never finish my road to becoming a CPA.

We do save $145/mo for his TSP and $250/mo for our IRAs (which are down 20% but its not like there is much in them $2500-$3000 for my IRA and $17K-$20K for DH's TSP depending on if the market is up down or sideways) but we are dollar cost averaging and we are still in our 20s. I also have about $60/wk going into a savings account but I don't have much in it.

So I don't know. Part of me gets the impression I should hold onto the money but if I put it towards the credit card I'm at least saving the interest on what I would have paid down on it.

Good news is, I am negotiating a raise with my company right now and the Senate approved the 3.9% pay raise for the military so in January, DH will be making $100 more and in October '09 he will get another $200/mo.

Anyhow, I guess this past week will make class tomorrow interesting and I'm interested in seeing the political debates and what the president has to say tonight.

I'm actually rather positive about the whole thing, not because people are losing jobs and we are on the brink of what could be a depression.

I'm positive because I feel like this may become the catalyst to get the average citizen to STOP doing things they shouldn't and getting back to a cash economy and doing things the way we should have been doing it all along.

So although overall it seems pretty crummy, I think anytime we stop doing something wrong and start doing something right - in the end, its a good thing.

3 Responses to “What would YOU do with $4K in today's economy?”

  1. creditcardfree Says:
    1222304908

    If you don't have an EF, it would be bad to start one with some of the money...otherwise, use it to pay down those cards. Just my opinion. Thanks for the the info on military pay raises...gotta love them!!

  2. fruitbowlk Says:
    1222309158

    I agree with Creditcardfree.

  3. baselle Says:
    1222313300

    Stay in school! I suspect that one of the reasons you are up for a raise is that you are in accounting school. Its going to be an asset.

    60$/week * 52weeks/yr = $3120/yr.

    I would try to save the extra $100 from DH's raise, if possible.

    If your IRA is a Roth, what you put in it behaves like an EF, so I'd put it in a credit card.

    If your IRA is traditional, I'd start an EF with the extra.

    I agree with you in principle that sitting around and worrying about a possible depression is a waste of time.

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