this post was submitted on 10 Jan 2025

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What would you do with extra income beyond requirements? (lemmy.world)

submitted 9 hours ago* (last edited 8 hours ago) by avguser@lemmy.world to c/asklemmy@lemmy.world

23 comments fedilink hide all child comments

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.

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[–] empireOfLove2@lemmy.dbzer0.com 7 points 8 hours ago* (last edited 8 hours ago) (1 children)

Budget 1500 of it to investments and savings. 300 of it to charities of your choice ideally locally focused ones like food banks, shelters, housing programs, etc. Use the last 200 as hobby or fun money to take your family out to a couple extra events or eating out.

[–] kingblaaak@lemmy.world 1 points 8 hours ago (1 children)

hard to argue with that. honestly i may just follow that advice myself

[–] empireOfLove2@lemmy.dbzer0.com 2 points 8 hours ago

Yeah. 75/15/5 is a rule I use for my own budget for all the money left over after my standard bills are paid. As long as the majority goes to accounts that earn good interest (CD's or index fund investments) it'll be fine.