What are you going to do with $348!

Philippines
May 30, 2011 1:21am CST
Let's have this scenario. You woke up one day, go to your usual 8 to 5 work, checked your ATM if your salary has been already given to you (since your company gives your pay through the ATM) and you were shocked to see Fifteen Thousand Pesos (approx. $348) in your ATM card. It includes your pay and mid - year bonus. You are single yet you have to strive hard to keep your family financially afloat since you're the only earning creature in the household. You have tuition fees to settle and bills to pay. But you want to buy something extravagant for yourself, a reward for all your suffering. What are you going to do with the money? Or let's say how much will you save and how much will you spend?
2 people like this
15 responses
@Renhard (3471)
• Jamaica
30 May 11
Let I first say that my mind set is different on other people. I like to see money and I hate to spend it. If I was in your situation, honestly, what I would do is to pay all the bills and then the remaining I save. You see to me a reward will be money already. Buying something else with that money in my eyes seem as if I am giving away my reward to someone else. Like I say, I hate to spend, I ust to love to see that money in my possession. Well that me and I am going towards my goal of becoming a millionaire.
1 person likes this
@Renhard (3471)
• Jamaica
3 Jun 11
I really hope so too. I just did exams and I feel that I might get low on one subject (note my "low" is not like other people low. My low is everything except the best grade). So if it is not the best possible grade, then it is low. Anyway if i get low in a subject, then it is going to be much more difficult to reach into med. Because med is really competitive and so many intelligent people are heading for that career. Well I fell like I might have slack off a bit. I never took the exam that seriously. I feel a way. Right now I feel like some of my dreams are fading away. When the results come out I feel that if I dont get the best results in any one of my subjects them, then I am going to have to do it over, even the second best results is not good enough for me.
• Philippines
31 May 11
I bet you will become a millionaire with that attitude! I can't do the thing you do. I commend you with that.
1 person likes this
@myfb2009 (8296)
• Malaysia
30 May 11
I had gone through this scenario before when i was still a single. I earned, save and even spend the money almost all on myself. But, i do give a portion of my salary to my parents. I was very happy especially during year-end because my company always declared the bonus on that time. Every month, i will save around 20% from my monthly salary but for the bonus, i will save around 50% of it. Because i always trying my best to keep the money for my future needs.
• Philippines
30 May 11
That is nice. Do you think putting the 50% of the money to a time deposit is worth it?
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@myfb2009 (8296)
• Malaysia
30 May 11
For a few years ago, it is worth it because the interest paid is high but not now. I think you need to invest into mutual fund or other better investment package which is suitable to your future needs.
1 person likes this
• United States
30 May 11
That's a good news. I will save and maybe spend some of it for my brother and sister's enrollment this June. Take a part from Mid-year bonus and buy some grocery and important needs inside the house. Also, I will buy a piece of chicken lechon to treat my family and serves as a thanksgiving for early salary payment.
1 person likes this
• Philippines
31 May 11
I did bought some groceries, some stuffs for myself, dated my boyfriend. I still have a portion of the money, and I was thinking if I shall put it in an ordinary savings account or in a time deposit. Thank you for commenting!
1 person likes this
@r3jcorp (1382)
• Philippines
30 May 11
When I was still single, I was very happy to receive my first bonus on my first permanent job. After treating my mother at the nearest duty free shop and brought her the groceries she wanted, I brought a bracelet for myself. The next day when I went to work, I was so proud to wear it to the office. During the day, my boss asked me to do an errand. I rode in a tricycle and after a few minutes that I arrive in our office, I notice that my bracelet is missing. I was miserable the whole week and until now, I could still imagine how my bracelet looks like. It could worth more than thrice it's price today if I did not lost it. Better to think it over before you spend it. A nice jewelry would be a good investment than the latest technology because it's value will become higher in the future.
1 person likes this
• Philippines
30 May 11
Oh my, losing that bracelet sure makes someone feel bad. In that situation I would also feel really bad about it. Is the bracelet made up of gold that's why it's worth thrice its price now? It's too pricey to but jewelries nowadays. Thank you for the tip. I am thinking of putting a part of it in a time deposit. What do you think about it?
1 person likes this
• Philippines
30 May 11
If it was my first salary, i will give to our church as an offering. Just like the Israelites giving the first fruit of their harvest. If it was the succeeding salary, I will save 20% of it and then I will use 80% for our daily needs.
1 person likes this
• Philippines
30 May 11
It was a succeeding salary, and first time bonus. But hey, the tithing thing you told me just hit me.
1 person likes this
@mrgpk63 (444)
• United States
30 May 11
I would Buy some New Clothes or Maybe some Music but not Spend All the Money around $48.00. If the Job will Last and is Current. Maybe some more Stuff I will Buy that I Need like more New Clothes or Shoes.
1 person likes this
• Philippines
30 May 11
Hi! thanks for the reply. Sure I need new clothes. I need it in my work. Good thinking.
1 person likes this
@browneyed (2522)
• United Kingdom
1 Jun 11
If I was in that situation. I'd use it for my family and towards my tuition. Those are more critical than my desired extravagance. However, I'd use a very small fraction of it, like $10 or something to treat myself.
@laydee (12798)
• Philippines
31 May 11
I would probably first check if that is truly my money. It's easier to do this now by the use of online banking. If I could truly prove that money is mine, then I'd probably spend a little for my wardrobe because I have not shopped for myself for several months. Then I'd take 10% to give to charity or church to thank God for the grace. Then a little portion to my investment/mutual funds for my future. Then the rest I'd slowly live-on the daily needs of my family without being boastful. Neither do I need to announce it to the world. At least for a few months, it would be something that would make me feel secure. I don't think I'd do some hard investing on it, it's too small to truly invest on a business or something. I guess it's just a gift for me to enjoy but not hastily. Neither do I think that it's money to be used for drinking and partying, in my experience in life, I usually get surprised on my account to see that I have spare money. Then suddenly I realize it's for something that is some sort of an emergency, and I'm just glad I have that spare money. Have a great MyLot experience!
1 person likes this
• India
30 May 11
i will save that money for some hard times to come coz nobody knows whats going to happen the next second.
1 person likes this
• Philippines
30 May 11
Are you going to save everything?
1 person likes this
@gloryacam (5540)
• Philippines
30 May 11
Well, I say take a deep breath first and resist the urge to withdraw and spend! Make a budget before spending it all. And, like the others have suggested try to save some. I always make the mistake of splurging all my money and in times of need, I regret it.
1 person likes this
31 May 11
Well to be honest it isn't that much but I would save all of it and well I would treat myself to a treadmill or other exercise equipment keeps me healthy too and probably add a few more years to my life to receive another bonus like this one lol
1 person likes this
@RamRes (1723)
• Argentina
4 Jun 11
Not a big amount, but I would always first pay the bills and any day to day requirement I may have, like go to the store for food. That must be before everything else, then the most important bills and then save the rest for my family or myself if I want to buy something.
@yallit (3677)
• Philippines
30 May 11
- 10-20% of the money should go to savings at least. - Pay all bills - Remaining amount is up to you.
• Philippines
30 May 11
That sounds reasonable. Thank you for your insights.
1 person likes this
1 Jun 11
I WILL USE THESE MONY buy beautiful cloth ,oye
@bretay61 (722)
• United States
31 May 11
After I made sure it was truly mine to keep and not a mistake.I would pay put it up for savings and pay bills,of course.Spend a little on something I wanted.Not too much though.Good luck.