$100 a month. How would you spend it?

31 Jul

Visited 336 times, 2 so far today

Posted by: mark in: Financingyourfamily.com, link-ins, money, Saving, Budgeting, Uncategorized

The title says it all, today I want to see what all you awesome readers would do with an extra $100. To make this interesting, I will do a 500 word review on any blog as a prize for the most creative use of the money (within the scope of Financing Your Family)

The scenario is this: Due to a beaurocratic mistake, you get a $100 check every month for work you did in college that you were never reimbursed for, but you didn’t realize it at the time. The money comes to you after being taxed, so it’s a tax-free income source. Every month from now until you die you will receive this money.

Personally, I’d let it pile up in my high-interest account and then use it for experimental investing.

Oh and thanks to LiveJournal for the inspiration for this post.

What would you do with $100 a month??

9 Responses

Win a 500 word site review! - Blogging & Business Forums
31|Jul|2007 1

[…] will be a great way to get readers from a different niche into your own. You can find the article here! __________________ www.financingyourfamily.com Your place for advice on budgeting, family […]
The Happy Rock
01|Aug|2007 2

Forget saving, forget investing. With this found money I would totally use it for a beautiful date with my wife each month. It should cover a babysitter, flowers, and a nice meal or theater tickets.

You could look at it as investing : investing in our romance, connection, communication, love, and marriage. It think that will pay greater dividends in our finances and for our children than an money market interest.
mark
01|Aug|2007 3

THR rolling a little twist onto the contest, c’mon let’s see what everyone else has got!
Community In Action - Contest Edition | The Happy Rock
03|Aug|2007 4

[…] Mark @ Financing Your Family is offering a 500 word review for the comment with the best use for $100 a month. […]
Maria
06|Aug|2007 5

I would use the money to invest in my blog and some ideas I have for passive income generation. Then, when those started paying off I would spend most of my time slathering on sunscreen while enjoying tropical beaches!
paidtwice
06|Aug|2007 6

Well, I can’t answer both honestly and creatively at the same time. So I’ll answer honestly, and then try to be creative with my honest answer.

I would use the extra $100 to reduce our debt. I ran the numbers with my trusty snowball calculator, and adding $100 to the amount we generally can put towards debt each month would allow us to:

1) Pay off our transfer to a 0% credit card well within the 12 months we have til that offer expires and it reverts to the purchase interest rate

and

2) Get out of non-mortgage debt completely a full 4 months earlier (August 2010) than our current target date of December 2010.

After August 2010, I would use said money to invest in my children and invest in me and invest in the world. I would divide the money into 1/4ths and invest 1/4th each in my retirement fund, my kids college funds (I have 2 kids) and I would give the other 1/4th away to a charity I chose. Maybe a different charity every month.

I just found your blog keep up the great posts
mark
10|Aug|2007 7

I will be making the final decision on Wednesday and will post the review next Friday.
Michael from Pro Blog Design
12|Aug|2007 8

Seeing as how it is unexpected money, then I’d assume that I already have my finances planned out safely with my regular wages, meaning that the extra $100 is expendable.

For that reason, I would give it to my kids/nephews etc. (Any young teenager with an entrepreneurial spirit). Not as a gift, but as an investment for them. Give them the challenge of seeing what they can do with the money.

Perhaps they’re looking at starting their own website? Forums? Blogs? $100 would mean an awful lot to them; they could buy certain scripts, good hosting, adverts etc. It’s a huge difference than trying to start a website with nothing, and it could really make a difference to their entrepreneurial skills.
What would you do with $100? Contest Results! by Financing Your Family
16|Aug|2007 9

[…] a while ago I had a contest called, $100 a Month. How Would You Spend it? There were some great comments, and I’m going to share some before I announce the […]