What would you do with the extra $$

BoyMom21

A poster on ML announced yesterday that for a baby gift, her father paid off her mortgage. 

I think I would die if this happened to me--I would love it, especially over the years thinking about how much money was saved because we didn't make any interest payments!

What would you do if your parent(s) did this for you?  Where would your payment go since there's no more mortgage?

I personally would chunk half into retirement and half into savings/investments for a few years, perhaps go on vacations more often, and completely fund B's college in a much shorter amount of time than expected.

kayleeb

Wow, I don't think I'd be able to let my parents do that. My mom offered to buy us a new fence for our backyard. I couldn't even let her pay for that and that was <$1000!

Now, if one of them won the lottery and our mortgage would be a small fraction of their winnings, and the insisted, then I think we'd let them do it. I don't know what we would do with the extra money. Probably get a pretty good savings account going, work part time instead of full time so I could finish school faster and have more time to study, go on more vacations.

amidavey06

I would be able to quit my job! That would also take daycare out of our budget. We would first get another car and then any extra money would go into savings. I would probably even start a college fund for M and maybe think about having another one. Oh to dream!

tbvenable

If someone was to pay off our mortgage I would use that money to pay off debt and once it is paid off we would probably start saving that money.

bluekid

I couldn't let my parents do that either. They've worked too hard to pay off their own house early. In pretending that they won the lottery, however, I'd put a lot of it into IRAs and things like that, play with some of it, and donate the rest to a particular hospital as well as to some environmental agencies. 

JanelleLovesKieffer

I would NOT feel good about my parents doing something like that for me because they have strings attached to everything.

However, let's say they weren't like that...the money would go into savings.

Temp856430000003146

We would probably invest 80% of it. BORING.

With the other 20% we'd probably beef up our "car replacement" and "vacation" funds every month. I want to go to Disney World! (kind of for DS, mostly for me)

Steven&Jamie

I couldn't let my parents do this either, but if they did....we would start by paying off the rest of our debt. Then we would take half and put it in savings and put the other half in a "home improvement" fund. Then, once we had upgraded our master bathroom, kitchen, guest bath, and built DH's shop/garage, we would put that $$ toward LO's college fund. Aaahh, it's fun to dream

amanjay

DH would drop down to part time at work and we'd probably go ahead and have a child. We'd be able to put more in our savings and travel funds as well, which would be awesome!

OUKap

Travel with the LO.

SunnyDaze31

We would out a little more each month into retirement savings, more into our short and medium term investment account, probably buy new(er) vehicles sooner, and possibly go on vacation...though this depends more on vacation time than on money.

llizzyb

Considering we rent, this would mean my parents bought us a house!

We would pay off DH's grad school debt in two years and then have a hefty savings/retirement fund. I would probably look for part time work.