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Finally - Extra Money... Now What?

March 23rd, 2018 at 08:01 pm

After getting all of my spending categories positive, living on last month's income, maxing out our IRAs and having sinking funds for pretty much everything, we are not in the wonderful position of having extra money each month. This is weird. And great.

But I am not sure what to do with the extra money.

- Is it time to get a fee-only financial planner?
- Should we put more in F's 529 even though she may not go to college in the US?
- Should D save more in his 401K?
- Do we buy stocks or ETFs or mutual funds or ?

Argh!!!

This is a great problem to have.

In other news:
- We do not have enough girls to play soccer this weekend (injuries, holidays), so we had to forfeit, but the girls we do have will help two other teams be able to play (due to Spring Break they don't have enough girls either)
- We are trying to figure out when F can have allergy shots; it's just once a week, but impossible to mesh the Allergy office's schedule with hers!
- Working hard on learning Irish on duolingo (free app!)...not easy!!

4 Responses to “Finally - Extra Money... Now What?”

  1. FrugalTexan75 Says:

    That is a great problem to have. I would suggest looking at what your goals are and how much you value each goal - then go from there to assign $

  2. ceejay74 Says:

    I actually haven't opened 529s for my kids for that very reason. I could see them going to college in the UK. I have mutual funds in their names, which of course doesn't carry the same tax benefit but gives them more flexibility. So I don't know! How on track is your retirement? If you feel you're behind, it's definitely more important to fund that vs. education.

  3. Amber Says:

    Aw I can't wait to get to where you are, deciding where to throw extra money, sweet

  4. LuckyRobin Says:

    I think I'd max out the 401K if you can or at least get as close to that as possible.

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