Everyone loves a great birthday gift, right? What if friends and family throw you some cash for your special day? What do you do? The debate could last several hours on this topic; in the realm of personal finance where any cash influx is an opportunity to reduce debt, what to do with the cash on Birthdays?
April is my birthday month – yippee another year young! If only, right? 😉 Oh joy and happiness, I’m one year closer to forty. Age aside, I was grateful to receive some extra cash from family and friends this year. Immediately my brain was confounded; what to do with this new found cash?
If you’re someone who is on a no spend year like myself, what do you do with the cash influx? The irony is, my family knows I may put it towards debt and they specifically say to me, please buy yourself something.
Irony of ironies, I actually find it challenging to buy myself something. I know, eh? How odd. Spenderella the fashionista doesn’t want to buy herself something, what is going on?
“You are traveling through another dimension, a dimension not only of sight and sound but of mind. A journey into a wondrous land whose boundaries are that of imagination. Your next stop, the Twilight Zone!”
The gods must be crazy. The earth is off its axis.
After much debate, and I mean much debate over what to do, my end result was to buy myself a few things I wanted but inevitably foresaw a need for.
What did I buy?
Of course, these were a few items that Spenderella herself had been eyeing up, but nothing too lavish. In the end, I pooled the money and purchased a bra ($60), low cost gold earrings ($30), two makeup brushes ($90) and a pair of quality black dress pants ($250) for work. Nothing overtly extreme. It’s not as if Spenderella went out and purchased a pair of Manolos. Although I would love a pair, $800-$1000 for a pair of shoes is utterly ridiculous at this stage in my life and debt journey. Forget the gods, I must be crazy if I venture into purchasing a pair of those in my current financial situation.
The End Result
I made the decision to buy myself a gift with the money given to me. I believe it’s insulting to the giver of the gift to pay your debt with it. I have had the gift giver ask me what I bought myself and if I even hint at saving it or paying debt, I receive a rather disappointed look.
Your turn to Debate!
I turn it to you dear reader, what would you do with cash birthday gifts? Pay off debt, or purchase something you’ve wanted for a long time? A gift should be something that you need and brings you some happiness. It could be argued that debt repayment makes you happy, so why not use the gift for debt?
So, what’s the verdict? Cash birthday gift for debt or buying something nice?
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