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Sometimes I answer money questions from Couple Money readers or respond to some comments left on one of the posts, but today I’m doing something different.

In case you haven’t heard, Ramit from I Will Teach You to Be Rich is running a social experiment. He’s giving away $1,001 (enter before he picks a winner April 23) and he wants to know how you spent it.

How I Would Spend $1,001

As you remember, earlier this year we set up 3 financial goals for 2012.

  • Get our finances prepare should something happen to us so our daughter is taken care of.
  • Purchase a family car without a car loan.
  • Pay down the student loan.

Here’s our current progress with all of these goals:

We’re moving forward on the first one – I added more coverage for my life insurance. We still have much to do with the rest of our preparations, but inch by inch it’s getting done.

We’ve saved up money for our car replacement fund and now we’re looking at cars and doing test drives this week. It’s been fun so far, checking out different models and trying to find a great bargain. We’ll update here when we find the right car for us.

That leaves us with the last goal – paying down the student loan. If I won the $1,001 this is where I would spend the entire amount. Right now extra money (from work, gifts, etc.) that we receive have a big portion allocated to pay down the student loan. I’m still sending in extra payments from the (after tax) income generated from My Financial Reviews.

How Would You Spend $1,001?

I’d love to hear your ideas and plans on the money. (What a great way to start your Friday!) If you won the $1,001, what would you do with it? Would you use it for one goal or would you split it up among a few? Would you have some fun with that money or would you be all business?

About Elle Martinez

Elle Martinez helps families at Couple Money achieve financial freedom by sharing tips for reducing debt, increase income, and building net worth. Learn how to live on one income and have fun with the second..

2 comments add your comment

  1. I’d use it to buy summer work clothes, pay some bills, and hold onto the rest for GAS!

  2. Let’s see, what would I do with $1001.00? First I would give to my church, then I think I would put the rest in my vacation fund. We are debt free, so saving for a vacation is top on our list. I guess I better go enter.