After paying off your debts (which will also lower your monthly expenses), I’d keep the cash in a high yield savings account as an emergency fund. $5k in savings on a $200k+ annual family income is grossly inadequate, and probably why you ended up with the credit card debt to begin with.
anynamemillennial t1_jeb5gqk wrote
Reply to I was laid off - what to do with severance, 401k, etc? by LastoftheGreatOnes
After paying off your debts (which will also lower your monthly expenses), I’d keep the cash in a high yield savings account as an emergency fund. $5k in savings on a $200k+ annual family income is grossly inadequate, and probably why you ended up with the credit card debt to begin with.