If you got some extra money, what would you do with it? Many people say it depends how much extra it is

What would you do with an extra $100 a week — save it, spend it,

What would you do with an extra $100 a week — save it, spend it, or a bit of both?

What about if that $100 became an extra $500 a week?

In the countdown to the federal budget, we asked our Facebook Messenger subscribers how they’d use some hypothetical extra cash after a tough 2020.

Readers had some very different ideas of how they’d spend extra money if they had it — and how the choice would change depending how much extra they got.

See which category you fit into.

Save the $100, spend the $500

If I had an extra hundred dollars a week, I would put it directly into savings! Then we’d finally have some. An extra $500 a week? I’d treat my family to takeaway more than once a fortnight and I’d save the rest – we are single income with three children, and houses don’t get bigger themselves.

– Aaron M

I would save an extra $100. An extra $500 a week I would split between saving, paying forwards on bills and leaving the rest in my day to day savings so I had some fun money if I wanted to buy a movie or something.

– Rebekah L

Extra $100 = put that into savings. Extra $500 = I’d pick up an extra entertainment subscription like Disney+, add to savings, invest more in the share market and purchase some things that would help with my working from home set up like a new monitor, audio equipment and a standing desk.

– Phillip P

Another $100 a week would be extremely valuable in allowing me to then save money for emergencies, for a car, for maybe putting a deposit down one day.

– Ivy G

Spend the $100, save the $500

We would absolutely spend an extra $100, this would allow for us to actually live, not just survive. I personally feel that during a recession you need to keep spending so that the economy can keep moving. An extra $500, well that’s a different story isn’t it? We would get well ahead on bills and be able to build up savings again.

– Sara-Ann G

If I had an extra $100 a week I’d use it to ease the purse strings a little on myself. If I had an extra $500 I’d probably use only $50 to ease up and save the other $450.

– Steph D

I would most likely spend an extra $100 a week rather than save it. If I am happy with my current saving levels an extra $100 would definitely go towards seeing friends/eating out/buying needed things for the house etc. With an extra $500, I would probably spend between $100 and $200 extra a week but save the rest.

– Ben L

With an extra $100 a week I think I would probably treat the family to something nice like a movie date or something like that. With an extra $500 we would probably all be dressed in furs with our Butler.

Nah, we’d probably save half and use half to buy things like clothes and upgrade furniture that is worn as all hell.

– Lauren B

Put it towards debts, bills or investments

Any extra cash we’ll save or put into super. We lost heaps on our retirement savings, and we’re not too many years off retiring.

– Julia C

I’d probably drop an extra $100 into my credit card debt. With $500 I’d look to clear more debt and install solar or something. I’m buying locally where I can, so at least what I spend is going to my community.

– Heather C

Rather than saving, I’ve been using all this spare money to pay down my debts. I’ve paid off and closed two credit cards and a personal loan. Based on my current plan I’ll be debt free by the end of the year.

An extra $100 I’d put on my last remaining personal loan. If I got $500 a week I’d keep $100 for myself (buy myself a treat) and the remaining $400 would go towards debt.

– Josh M

If I had an extra $100 it would go to the electric bill. With $500 I would do house maintenance and try to save some if possible.

– Marion C

Save it all, no matter what

Aiming to have 12 months of cash in the bank in case I or my wife lose our jobs. Any extra cash goes straight into savings. We have saved nearly an extra $15k since COVID hit just to be careful.

– Dan N

Any extra pay I’d be saving! I’m putting away money for a house deposit to take advantage of when house prices hit rock bottom — it might be my only chance to buy as a millennial.

– Gemma T

With there being so many unknowns and being a casual, I have to squirrel away savings in case QLD goes into a much harder lockdown. That’s why regardless if I got an extra $100 or $500 I’d save all of it.

– Kyle A

An extra $100 or $500 would go straight into savings. We’ve got a baby on the way, so the more we have saved, the easier things will be.

– Barnaby G

Spend it on good stuff!

If we received an extra $100 per week in our pay, we would actually be able to spend more often in smaller, local stores, rather than trying to find the absolute cheapest at larger chains, or online.

And an extra $500 per week would allow us to purchase more items that are desperately needed (clothing and such), and we would actually be able to save in order to go for a family holiday locally, something we haven’t been able to do in many years.

– Cherie W

If the extra $100 came from the government with the purpose of stimulus I would probably spend it on a night out to dinner and drinks, somewhere local. If it was from my someone like my Nan, I would save it!

– Brad J

An extra $100 per week would cover the price gouging by supermarkets, and then I would have $100 per week to put towards a beach holiday in summer.

An extra $500 would mean some new clothes for the family, and the definite holiday!

– Cathi S

With an extra $100 a week, I would spend more on online shopping for self-care and maybe another streaming service. With $500 a week, I would be supporting the charity I’m involved with that’s helping international students afford to eat.

– Claire O

Source Article