Extra Paycheck - Spend or Save

singleguymoney · 07-05-2009, 08:48 AM

What do you think?

http://www.singleguymoney.com/2009/0...-or-spend.html

SouthShoreGirl · 07-05-2009, 09:00 AM

I try to put it into savings. Same when I get the extra amount for the health insurance they didn't take out that extra week.

flipchick1127 · 07-05-2009, 05:03 PM

Right now, an extra payment for me would go to tuition and the debt payment my husband makes for his partnership in his farm. However, after next year when we are out of school, I would definitely put it to savings/investments. I might treat myself with a small portion of it, but I would be thrilled with the opportunity to save.

J. Neal Urbanski · 07-06-2009, 06:05 AM

I feel that if you're asking this question, you can afford to spend it. If this is the case, spend half and then save the other half. If you can't afford to spend it, have debt: spend 70% paying down credit card debt and save 25%. Go see a movie or get a shoulder rub with 5%!

livinn59801 · 07-06-2009, 04:35 PM

I say save 80%, spend 20%.

urvi88 · 07-07-2009, 02:47 AM

Quote:

Originally Posted by J. Neal Urbanski

I feel that if you're asking this question, you can afford to spend it. If this is the case, spend half and then save the other half. If you can't afford to spend it, have debt: spend 70% paying down credit card debt and save 25%. Go see a movie or get a shoulder rub with 5%!

Thanks for sharing such great info. It will surely help me.

Philip Brewer · 07-07-2009, 05:31 AM

I've never understood the idea of an "extra" paycheck. Once I get the money it's my money. I treat it just the same as I treat all the rest of my money--i.e., I spend according to my budget and I save or invest the rest.

I talked about this here:

http://www.wisebread.com/its-all-your-money

starshard0 · 07-07-2009, 02:57 PM

Save/invest it all.

walletwise · 07-07-2009, 05:57 PM

Save it all, or only spend like 10 percent. This will make it easier if you lose the second income.

BGMeyer · 07-10-2009, 01:34 PM

Julia Cameron in her money book Money Drunk, Money Sober suggested some for the past (pay off some debt if you have any) some for the present (a treat) and some for the future (savings) so 33% in each.

I myself? would put it in savings because I am trying to beef that up. But if you have it all in balance (And no debt!) this is what I would recommend. If you have Debt, I say: all to pay that off.
Barb

07-05-2009, 08:48 AM	#1
singleguymoney Member Join Date: Jul 2008 Location: Georgia Posts: 91 Thanks: 0 Thanked 2 Times in 2 Posts Reputation: (12)	Extra Paycheck - Spend or Save What do you think? http://www.singleguymoney.com/2009/0...-or-spend.html __________________ I'm a single guy trying to get out of debt. Visit my personal finance blog @ http://www.singleguymoney.com

07-05-2009, 09:00 AM	#2
SouthShoreGirl Senior Member Join Date: Jul 2008 Location: Long Island, NY Posts: 110 Thanks: 0 Thanked 1 Time in 1 Post Reputation: (13)	I try to put it into savings. Same when I get the extra amount for the health insurance they didn't take out that extra week. __________________ http://longbeachbabe.blogspot.com/

07-05-2009, 05:03 PM	#3
flipchick1127 Member Join Date: Feb 2009 Location: Provo, UT Posts: 78 Thanks: 0 Thanked 1 Time in 1 Post Reputation: (11)	Right now, an extra payment for me would go to tuition and the debt payment my husband makes for his partnership in his farm. However, after next year when we are out of school, I would definitely put it to savings/investments. I might treat myself with a small portion of it, but I would be thrilled with the opportunity to save. __________________ Independent Beginnings--personal finance, frugality, and independent living!

07-06-2009, 06:05 AM	#4
J. Neal Urbanski Junior Member Join Date: Jun 2009 Location: New York Posts: 6 Thanks: 0 Thanked 0 Times in 0 Posts Reputation: (10)	Save half-spend the other I feel that if you're asking this question, you can afford to spend it. If this is the case, spend half and then save the other half. If you can't afford to spend it, have debt: spend 70% paying down credit card debt and save 25%. Go see a movie or get a shoulder rub with 5%!

07-06-2009, 04:35 PM	#5
livinn59801 Junior Member Join Date: Jul 2009 Location: Missoula, MT Posts: 11 Thanks: 0 Thanked 0 Times in 0 Posts Reputation: (10)	I say save 80%, spend 20%. __________________ Like to save money? Interesting in earning a little income on the side? Visit my blog: www.milkingthedollar.com

07-07-2009, 05:31 AM	#7
Philip Brewer Wise Bread Blogger Join Date: Jul 2007 Location: Champaign, IL Posts: 195 Thanks: 1 Thanked 7 Times in 4 Posts Reputation: (28)	I've never understood the idea of an "extra" paycheck. Once I get the money it's my money. I treat it just the same as I treat all the rest of my money--i.e., I spend according to my budget and I save or invest the rest. I talked about this here: http://www.wisebread.com/its-all-your-money

07-07-2009, 02:57 PM	#8
starshard0 Senior Member Join Date: Apr 2008 Location: Monterey, CA Posts: 612 Thanks: 0 Thanked 2 Times in 2 Posts Reputation: (13)	Save/invest it all. __________________ Why should you read my blog? Because I'm awesome, that's why. من جون جالت؟

07-07-2009, 05:57 PM	#9
walletwise Junior Member Join Date: Jul 2009 Posts: 18 Thanks: 0 Thanked 0 Times in 0 Posts Reputation: (10)	Save it all, or only spend like 10 percent. This will make it easier if you lose the second income. __________________ Visit Wallet Wise for hot deals, budget tips, coupon match-ups and frugal living.

07-10-2009, 01:34 PM	#10
BGMeyer Junior Member Join Date: Jun 2009 Location: Chicago Posts: 28 Thanks: 0 Thanked 0 Times in 0 Posts Reputation: (10)	Julia Cameron in her money book Money Drunk, Money Sober suggested some for the past (pay off some debt if you have any) some for the present (a treat) and some for the future (savings) so 33% in each. I myself? would put it in savings because I am trying to beef that up. But if you have it all in balance (And no debt!) this is what I would recommend. If you have Debt, I say: all to pay that off. Barb __________________ website: www.bgmeyer.com blog: bgmeyer.wordpress.com

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