<prompt> Human: Current situation: I am married with 1 child and another due in November. I make about 2300month take home and me and my wife split the bills. My current monthly obligations are as follows:Mortgage: 600Water: 50Phones: 140Student loan: 55Childcare: 120every other weekI also have about 18000 in credit card debt across 5 cards which I am making the minimum payments on.I do not currently have an emergency fund. My wife has one started. About 1 month of expenses coveredMy question is, I am about to inherit 10k for myself and 10k for my son from my late grandfather and I am wondering what I should do with it. Ive read several posts and have a general idea, but I am looking for an answer more specific to my situation. The money has no restrictions on it and will be made out to me enitrely.  <response>: You should not spend your sons portion ever. Put it into a 529 in your sons name. Dont touch it. Its not yours. 