Myself and my 'newer' husband have worked our mustaches off the past 16 months paying off our debt. We only have 1500 left on a car and then the mortgage and we are debt free. Mortgage is fine for us though, it's something we can handle no problem.
My husband and I have both come a long way since we first met and we are very proud of our accomplishments.
So up until this point the SS money I got was used to pay bills, buy food etc.
I get this money for my daughter who's father passed away years ago.
If my daughter needs anything I pay for it out of this money. Clothes, makeup, etc.
She still works and goes to high school and college at only 17.
I've raised her right and I'm proud. :)
So in reality this money isn't necessarily needed anymore but it's nice to have. The money will only last maybe another 9 months or so. When she completes high school.
What would you fellow MM people do with it?
I was thinking about stashing it in a roth IRA, but I don't work, I"m a SAHM.
I've already got a CD for her that matures in 2015.
I was thinking about paying for her to go through an immersion program next summer. She is really into languages and she wants to be a translator. So that type of program could run me about 2000 to 6000. I would feel more comfortable if it stayed under 3000 and then I would cover airfare and spending money etc. Daughter doesn't want to not work though yet she really wants to experience other cultures to learn the language. This would still leave me excess money even if I paid for all the expenses above.
We are still building our emergency fund. We could put the money in there but my husband doesn't really want me to. He wants to fund this with his own earnings, not from the death of my daughters father.
So a little background, my daughters father died owing me 50,000 in back child support. He never paid for her, was never a good part of her life. In fact he only had supervised visits with her. So when he died it was a good thing for me because I got money to help support her while I continued to work and went to school full time.
I stopped having to sell my plasma to buy our food. Yes I really did do that for about 2 years.
So I feel like this money is owed to me and daughter and I want to do right by it but I don't want to waste it frivolously either.
So help..?
edit: my words and typos