Last Call for Submissions
The Alpha Consumer Challenge will remain open to submissions until 9 a.m. Monday. To participate, just post your answer below to this question: If you suddenly had $1,000, what would you do with it? After we've narrowed the entries down to three, you can vote to pick the best one. The winner will get his or her name and photo posted on this blog and also receive a copy of Curtis Arnold's How You Can Profit From Credit Cards.
Here is what the blogger at Boston Gal's Open Wallet would do:
If $1,000 was suddenly to fall into my lap, my first instinct is to save it. I'm a saver, and saving money is generally what I do. However, I do have expenses and many needs and wants which require spending money to satisfy. Found or unexpected money mostly gets divided. Some goes into savings, some goes toward purchasing a need, and the rest goes toward obtaining a want.
Figuring out how much to save and how much to spend is primarily dictated by my needs. If I need to put some new brake pads on my car and that will cost $400, then I know that $400 will be earmarked for that need and the rest can be split between saving and fulfilling a want. So $300 goes to saving and $300 is left to spend on a want.
The want can be something as simple as prettier and sturdier garden planters, a couple of dinners at a nice restaurant, or a splurge day at my favorite clothing store. The savings are all for future needs and wants. I try to find the right balance between treating myself now and ensuring my future self is provided for.
Tags: money | personal finance
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Reader Comments
$1000
If $1000 suddenly fell into my lap, I would look up and make sure it wasn't a cruel joke !! Actually I would probably spend it - I should save it - but what the heck ! I would take my husband and kids shopping and then get something fun for myself and anything left over would go to our favorite charity.
I would consider paying off a bill or two but hey this unencumbered money - wonderfully fun , found money or as my grandmother would say - pin money !!
Enjoy it - will never happen again !!!
If I sundenly had $1000 bucks...
If I suddenly had a thousand bucks, I would take it to Krogers. They are having this deal until the end of the month where if you buy $300, $600 or $1,200 dollars in Kroger gift cards you can get an extra $30, $60 or $120 back in Kroger gift cards. That's like FREE groceries! With raising food cost who couldn't use some free grocery money or free groceries?
So I would purchase $600 & $300 ($900 total) and get an extra $90 back. That's $90 in free food! I would then take the left over $100 dollars and fill up my gas tank - that sounds about right.
A grand falls from the sky! (I duck.)
Well, it's "free" money, not attached to any recurring expenses, and I'm at a point in my life (post-student, pre-comfortable-salary) where a thousand dollars is seriously a lot, so a good chunk of it would go into the emergency fund. And, what the heck, I could open a Roth IRA to supplement my work's retirement account like I've been meaning to.
So let's say $400 to the emergency savings account, $400 to my buddy Roth, and $200 left over, which would be a great down-payment on a bed. :)
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