What to do with a windfall?

So in theory, say you had 24K, taxes already paid, no strings attached, that you hadn’t expected to have? What would you do with it?

House downpayment? Pay down the mortgage? New car? Stick it in the emergency fund and leave it alone? Redo your kitchen or lawn?

We’ve got some extra money we saved for an expenditure that ended up being less expensive than we thought. Right now we’re thinking mortgage lump sum payment. Thoughts?

ETA:  funny!  This number is very close to the one in today’s Get Rich Slowly.   So here’s another question.  What would you do with $24K now, and what would you have done with it at age 22?

At age 22 I DEFINITELY would have bought meat with it.  And subway tokens.  :)  It might also have paid insurance and parking on my car so that I didn’t have to lend it to my sister until she went to college (and it wouldn’t have gotten the right front corner smashed in).  And, of course, DH’s high interest private student loans, which were the whole reason we weren’t able to afford meat in the first place.

6 Responses to “What to do with a windfall?”

  1. Carnival of Personal Finance #270, the Elvis is Dead Edition | Live Real, Now Says:

    […] from Nicole and Maggie: Grumpy Rumblings presents What to do with a windfall?, and says, “Nicole of Grumpy Rumblings needs help figuring out what to do with $24K in the […]

  2. nicoleandmaggie Says:

    Nobody? It’s still sitting there in savings making 0.35% from the credit union… waiting for me to figure something out…

  3. Katie Says:

    I’d probably put a couple thousand in a Roth IRA, put a couple thousand towards my mortgage, take a nice trip, buy myself a some new clothes, and then put any money left over in my checking account.

  4. nicoleandmaggie Says:

    Thanks for the comment! I should update sometime… the money is getting eaten away…

  5. July Mortgage Payment and what to do with ~40K, give or take | Grumpy Rumblings (of the formerly untenured) Says:

    […] time we had ~25K extra, we threw it into the mortgage.  Before that when we had large chunks of extra untargeted money, […]

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