What would you do?

[TBrad]

OK... It's the end of the fiscal year and my employer gives out an end of the year bonus to all of it's employees. Although this year it will be of a minimal amount because of the economy. Actually, I am surprised we're getting anything at all. So thank God for that.

With this bonus money I can do one of three things...
Buy the cams, headers, and a couple other minor mods I've been wanting. Pay off two credit cards which will save me about $100 a month in payments. Or, just put it in the bank and save it for a rainy day.

So... what would you do?
1. Spend the money on the mods (Cams & Headers) I've been wanting to get.
2. Pay off the two credit cards that will free up about $100 a month.
3. Save the money for a rainy day.

 

[T N T]

Don't thank God, thank your boss.

 

[mustangford289]

ya

Don't thank God, thank your boss.

Let your boss thank God! He made all the money!

 

[TBrad]

Don't thank God, thank your boss.

I did today...

He said he didn't feel right in taking a bonus unless everyone else got one too.

 

[klaw]

I faced the exact same decision today. After having thought about it almost steady for the past three months I picked up the phone and ordered more parts.

 

[GreyDiesel]

you can probably save the monty for the mods faster than you'd think after you pay off the credit cards. Plus, we all love our mustangs on some level because they represent freedom, yet your not truly free until you have no debt.

 

[stangdude2000]

I agree with Grey. Pay off the cards, since it is probably some ungodly high interest rate. Then, save the $100/month and set it aside for your mods.

 

[stanmckinney]

In today's economy, pay off the credit card.

 

[IresGift]

Pay off one of the credit cards and get the headers

 

[o0Dan0o]

He said he didn't feel right in taking a bonus unless everyone else got one too.

LOL, but no question in his mind that he was getting a bonus? Seems like a great guy though.

Pay off the cars, you can always buy the mods later with those cards if you choose to.
Dan

 

[ufnavy06]

Pay off the cars. No question. You'll save money that way plus the parts you want might go down in price.

 

[welchy]

My first inclination is to say pay off the credit cards. It is financially unsound to carry a balance on a c.c. (not to say that I have never done it) That being said it is even more important to have 2-3 months salary in savings just in case. If you are 100% sure that your job is safe for the next year then pay off the credit cards. If you aren't then put the money in savings.

 

[BudgetPlan1]

you can probably save the monty for the mods faster than you'd think after you pay off the credit cards. Plus, we all love our mustangs on some level because they represent freedom, yet your not truly free until you have no debt.

Bingo; get out of debt, not into *more* debt. If only people woulda thought that way for the past few years...*sigh*.

 

[NotQuik]

pay off the cards or save the money....who knows what will happen tomorrow or next week....play it safe man.