Leftover Savings

I created several savings sub-accounts at the beginning of this year, for gifts, for the wedding, for the honeymoon, etc. Lots of these are cyclic – the honeymoon fund will just become a travel fund, I’ll still need to buy gifts next year. So that’s easy.

Now, my question is about the $700 left over in my wedding fund. Near the end, we just started cashflowing a lot of it, and once I wrote the $7,000 check to our venue, my half of the wedding costs was basically covered.

So what should I do with the extra money that’s left over? I’ve been making a list in my head.

  1. Put in back into savings. After all, that’s where the wedding fund came from, and it’s not exactly like we stayed under budget for the wedding.
  2. Blow most of it on one expensive item. Like a high-end winter coat, a pair of boots, a real leather purse (I have never owned one!), or some sexy Louboutins. I have trouble spending more than like $80 on any one item, so by saying that I have to spend most of it in one lump sum, that could let me get something I wouldn’t otherwise get.
  3. Shopping spree! Spend it all as I wish – probably on a bunch of mid-range retail items. (Or at Anthropologie, although their sales have been getting picked clean lately. It’s almost like the Banana Republic sales where nothing is left except size 00 and size 16.) It could also be used to pad my personal spending budget for next year.
  4. Donate it to charity. I haven’t donated since January, which was really when I donated an extra $1,000 for the tax deduction in 2008 and counted it against January’s budget.
  5. Use it as a “wardrobe rebuild” savings account. Every month I’d transfer the leftovers from my clothing allowance into this account, and eventually use it to replace everything in my closet. This doesn’t appeal to me very much as an option since about 60% of my closet is stuff I wear and like, and I could probably get by with just those items for a while. I don’t need a What Not To Wear cleanout.
  6. Use it to pay off debt. Even though I’m not really worried about that right now, it can’t be a bad thing to pay down the balance a little bit extra here and there.

And of course, combinations of any of these would be OK as well.

What do you think?

5 Responses

  1. I’ve noticed that when I have a lump sum of money and I start making grand plans with them, (a) Murphy’s Law strikes and I end up using it for something else or (b) my money didn’t stretch as far as I’d liked. But this is a fun exercise. Let us know what you decide!

  2. I’m boring and would probably put it into savings. Maybe use a small chunk for savings. Let us know what you decide!

  3. I’ve been putting my extra found cash into debt or my savings. It isn’t glamorous, but like shtinkykat, I always seem to find that “something” happens right when I get a windfall that requires just about the same amount of money that I have extra.

  4. I’m boring, I’d probably roll it on over to savings. That way when Murphy does strike, you’ll still have the money to handle the emergency. I’m hoping we’ll have some leftover wedding funds too, which I have already decided will become the “baby” fund. We’re mid 30’s so time is against us now, if we want to have kids it will have to be in the next few years.

  5. I think you should treat it as mad money and buy stock with it.

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