I am about to begin receiving a benefit to the tune of an extra $2k per month that I don’t have a need for. I’m fortunate enough that all my needs are met financially and this is truly bonus income. If it didn’t exist, my life wouldn’t change significantly, and it’s not enough to quit my job. Trying to get others thoughts on what would be good uses of this money that would benefit me and my family.
Thoughts:
- ALL_IN_VTSAX - hit FIRE goal earlier than planned
- kiddo’s college fund - hit funding goal earlier than planned
- do fun things - vacation fund, memories with family
- fund hobbies - buy things I don’t need but “lower-guilt” use of spare funds
Probably a combination of all of the above, but interested to hear the thoughts of others.
I’m also reminded of:
When you have more than you need, build a bigger table.
Curious of ways to help influence things in a bubble larger than my family too.
“Some people need a budget to save; others need a budget to spend.”
My suggestion would be pick a % of your income to allocate as “fun money.” 5%, 10%, whatever; the most important part is you budget it. Stick it in its own savings account, then invest the rest. Then, whenever you have the opportunity to do fun things, spend extra on hobbies, help family, donate, etc, you know exactly how much you can spend.
This is good advice. You want to save this for a better retirement, but not to the point where you can’t have fun in your life.