What would YOU do if you inherited £20000?

(136 Posts)
MoveYourArmsLikeHenry Sun 13-Oct-13 10:11:28

Hi all. Just exactly as the title says grin What would you spend it on?

Rubybrazilianwax Sun 13-Oct-13 10:12:56

New car probably

I inherited 30k. We used it to move to a bigger house.

VivaLeThrustBadger Sun 13-Oct-13 10:14:18

I inherited about 16k a few years ago. I bought a vw camper van, we then took the van to Disney land Paris. So v cheap way of doing Disney as we slept in the van.

I left 11k in the account it was in when I inherited it. It seems to make quite a bit of interest. Over the years I took another 1k out for a big holiday and another 1k out for a bike.

FruitSaladIsNotPudding Sun 13-Oct-13 10:14:35

About half on upgrading car, and various jobs around the house, and the other half to overpay the mortgage (boring).

SHarri13 Sun 13-Oct-13 10:14:51

I'd pay for a naice holiday and then put the rest into our loft conversion/ extension. Booooring.

Doodledumdums Sun 13-Oct-13 10:15:13

Pay off the 15k of debt we have and then use the rest to put towards out Florida holiday fund!

Was this supposed to be in AIBU?!

Take the dds to New York, since it is the only place that dd2 has ever expressed any desire to go.

Breathe a massive sigh of relief. grin

Move to a house with a garden instead of being stuck in this tiny, damp flat.
Take the children on their first holiday.
Visit DH's grandmother who lives at the other end of the country; she's met DD once but has never met DS.

noisytoys Sun 13-Oct-13 10:17:10

Pay off our debt. There would be no change from £20k but we wouldn't have the massive monthly repayments either

FluffyDucky Sun 13-Oct-13 10:17:18

Use it as a deposit to get onto the housing ladder!

sebsmummy1 Sun 13-Oct-13 10:17:35

Put it in the bank.

Clear debts and take a holiday I think!

Viva great plan with camper - we did the same!! Gets even cheaper if you get the half price vouchers off eBay!! We did three days and two nights for two adults, a 6 yr old and a baby on less than £100!!!

Love a bargain me.

Methe Sun 13-Oct-13 10:18:19

Deposit for another house. We've grown out of ours and we're struggling now the kids are older.

I'd probably spend a couple Fo grandfather it on a fantastic holiday too.

grovel Sun 13-Oct-13 10:18:46

Go to a casino.

TheGonnagle Sun 13-Oct-13 10:18:56

Paya chunk of the mortgage off, go on a holiday, pay off the remaining credit card debt.

NK5BM3 Sun 13-Oct-13 10:19:20

Pay to get our kitchen done up (bash wall down etc) which will be £6k. Pay off some of the mortgage and keep the rest for rainy day!

£4000 On debt. Rest on house deposit.

But what I would like to do is have an amazing holiday, laser eye surgery and a massive shopping spree.

chipsandpeas Sun 13-Oct-13 10:19:53

pay 10k off my mortgage, spend 5k on fun and 5k in savings

awaywego1 Sun 13-Oct-13 10:20:49

Deposit for a house. Renting is hard work.

FortyDoorsToNowhere Sun 13-Oct-13 10:21:46

Pay off debts and get a new car

Lara2 Sun 13-Oct-13 10:24:24

New house - that's what I did 16 years ago. It's now worth 4x what we paid. Thanks Grandad! smile

choceyes Sun 13-Oct-13 10:24:44

We don't have a car as we know live in the city so I know nothing about cars but I'm [shocked] that anybody would fritter away that much money on a car!

I have been given £30k by my parents recently had going to put it towards the mortage so we will be nearly mortgage free from next month.

EndoplasmicReticulum Sun 13-Oct-13 10:27:52

I'd pay off the mortgage with most of it, save a bit for some house things that need doing and maybe a weekend away.

iamadoozermum Sun 13-Oct-13 10:28:47

We were left £20,000 by my grandmother and we bought a newish car, replaced our central heating and new double-glazing for all house, plus making maternity leave a bit easier.

thegoosemama Sun 13-Oct-13 10:29:33

Take my boys travelling. Camper van, tents and adventure. grin

TeWiSavesTheDay Sun 13-Oct-13 10:30:06

Pay off debt,
Go on holiday (never been on family holiday)
Update various tired things, eg computer, DH and I's wardrobes
If enough left redo our plumbing and bathroom, otherwise in savings to do that at a later date.

Put it into the mortgage.

flaquark Sun 13-Oct-13 10:31:59

Go on holiday
Then stick the rest as part of savings to pay for DC(s) future uni fees

Alisvolatpropiis Sun 13-Oct-13 10:32:53

Pay my remaining Lpc loan.

Deposit for a house.

Fix the house - not sure how far we'd get but redecorate 3/4 of it, sort out the driveway and garage, tidy up the exterior and garden, buy a few bits of furniture we're still missing.
Fix the car - get all the dinks and missing paint sorted
Have a holiday.
Boring, but it would be a massive stress relief.

CouthyMow Sun 13-Oct-13 10:34:10

Buy new carpets and curtains and furniture for my house and then take the DC's on holiday.

SimplyRedHead Sun 13-Oct-13 10:35:42

Stay off work until my DS1 (6 months today) starts school.

DiaryOfAWimpyMum Sun 13-Oct-13 10:36:46

Buy a PC or fix the old one, buy another laptop, pay off debts, take dc abroad

Pay 10k off the mortgage and put in a new kitchen.

NutritiousAndDelicious Sun 13-Oct-13 10:38:34

Pay off overdraft and credit card - £2grand

Put the rest in a bank account and use it as a holiday fund. Me and DS could see the world!

simplyredhead making 20k last 4 years is seriously impressive budgeting.

vtechjazz Sun 13-Oct-13 10:40:21

Extension! Then year out for whole family to travel the world. If I can't afford both, then the year out.

PasswordProtected Sun 13-Oct-13 10:41:17

Have a new boiler, if there was much left over I would look at having the upstairs bathroom redone.

SkinnybitchWannabe Sun 13-Oct-13 10:43:47

Id get replacement windows!!
If my house didnt need them I'd use half towards bills and the other half on a new car.

nomorecrumbs Sun 13-Oct-13 10:44:27

Put it all towards house deposit...boring!

Might keep a couple of K for a good Easter holiday in 2014.

BiscuitsAreMyDownfall Sun 13-Oct-13 10:44:53

Buy a newer car, get DH driving (he's never had a driving lesson, but would love to learn) and any left over would be towards the house. Hopefully would be able to get a stairs carpet with the rest.

LifeofPo Sun 13-Oct-13 10:46:59

Message withdrawn at poster's request.

Pobblewhohasnotoes Sun 13-Oct-13 10:47:24

Do all the work on the house we want to do. New kitchen and bathrooms.

FriskyHenderson Sun 13-Oct-13 10:48:47

Get entire house professionally and quickly redecorated.

Then buy a large van with fridge, kettle, all singing all dancing DVD system, table and seats that turn around so that I can take some enjoyment out of sitting in the car waiting for various children to finish various after school activities every single night of the week.

RevelsRoulette Sun 13-Oct-13 10:48:54

pay off my catalogue and credit card bills, splash out on a bit of new furniture and get a newer car.

FriskyHenderson Sun 13-Oct-13 10:49:27

Or just a car with a privacy screen between me and the kids Either would do.

derektheladyhamster Sun 13-Oct-13 10:50:55

Pay my parents back for the loan they gave us, which we are slowly paying off

SomethingOnce Sun 13-Oct-13 10:51:53

Pay off some of the mortgage (or other more expensive debt).

Otherwise put it away for my DD.

Fluffycloudland77 Sun 13-Oct-13 10:52:29

Pay a chunk off my mortgage.

ThePearShapedToad Sun 13-Oct-13 10:56:31

For a sensible grown up answer: pay a large chunk into the mortgage, clear any outstanding debts, leave £5k as "emergency" money in savings

For a wild-have fun-blowout answer: book three weeks off work, go somewhere obscure you'll never really get the chance to go back to, (live in tiger sanctuary in Malay jungle, or inca trail in Peru) have a trip of a lifetime; splurge on sumptuous furniture for the house and all matching billion thread count linens; new kitten grin. Oh and a terry chocolate orange.

Can never have too many of them smile

SillyTilly123 Sun 13-Oct-13 10:57:53

Pay debt (10K) and the rest on a Disney holiday. Unfortunately it'll never happen as all my family are poor (including me sad)

JadziaSnax Sun 13-Oct-13 11:01:33

Replace my car and save the rest.

BenNJerry Sun 13-Oct-13 11:01:43

House deposit. I hate renting, it's dead end money. We're saving for a deposit but it's slow going as I have a low paying job.

HicDraconis Sun 13-Oct-13 11:02:37

It would all go into the mortgage. Depending on who it was from, I might use some to buy the children something to keep to remind them of the person but not a great amount.

Idespair Sun 13-Oct-13 11:04:10

Debts/Mortgage
Car but only if current car is knackered.

MrsDavidBowie Sun 13-Oct-13 11:06:09

Road trip across America.

RussiansOnTheSpree Sun 13-Oct-13 11:08:44

Put it towards debt/mortgage

JessicaBeatriceFletcher Sun 13-Oct-13 11:09:24

Move abroad.

NationMcKinley Sun 13-Oct-13 11:09:54

£2000 on fun
£2000 on house
£10,000 overpaying mortgage

I have a couple of friends in dire financial / personal situations so the rest would go between them sad

Fifibluebell Sun 13-Oct-13 11:11:50

Today I would put my heating up full blast I am bloody frozen!! Tomorrow I would go and buy myself some clothes that don't make me look 4 stone heavier than I am then I would be a bit more practical and do driving lessons and test and get a little car and if I had any left I would save it

UriGHOULer Sun 13-Oct-13 11:14:22

I inherited nearly that when I was...well, a few years ago. I bloody squandered the lot. Lived the high life for a bit. Travelled. I suppose I have the memories but £20,000 would come in handy now!

ShadeofViolet Sun 13-Oct-13 11:14:22

5K on a new Kitchen
£15k on the loft conversion.

madasa Sun 13-Oct-13 11:20:43

Inherited some money 2 years ago when my dear dad died.

Spent some frivolously on a small summer house and a moggie minor.

The rest is in the bank for a rainy day.

Rubybrazilianwax Sun 13-Oct-13 11:24:26

But choceyes I am never out of my car. I drive every day, a lot of the journey down bad bumpy roads. It is much more cost effective for me to have a fuel efficient car that I'm not always having to bring for repairs.

CocacolaMum Sun 13-Oct-13 11:24:57

how would you feel about spending it all on cake?

I have to tell you about my lovely friend who has a husband who insisted on keeping their finances separate. He wouldn't even disclose how much he earned, and when she went on maternity leave and couldn't return to work as her sweet little girl has some special needs, he refused to give her any money and insisted on a whack of the child benefit to 'cover her share of the bills' the complete shit

Anyhow, she inherited £20,000 last year from a grandparent and suddenly her not-so-Dear H thinks it would be wonderful to have a joint account and wouldn't it be just marvellous if they pooled their resources...

She won't let him near it, has bought herself new clothes, treats and trips out, and is keeping the rest just for herself and the children. I love a bit poetic justice.

For me, a holiday somewhere interesting with a lot of scenery would be great. Even better if I could persuade my adult children to come with us as we don't all get together very often and I miss them.

talulahbelle Sun 13-Oct-13 11:26:59

£10k mortgage £5k new ensuite £5k kick ass holiday

sydlexic Sun 13-Oct-13 11:27:59

There is nothing I want that money can buy, apart from a hit man. I think I remember from Sunday school that is one of the no nos.

WhenSheWasBadSheWasExhausted Sun 13-Oct-13 11:34:26

Would all go on the house

get the hallway decorated
log burner
new driveway
landscaping
new bathroom

If there's any left over after that it will be a miracle (wow I think this means I'm all grown up).

tolittletoolate Sun 13-Oct-13 11:35:14

use it as a deposit for a house.

SuddenlySqueamish Sun 13-Oct-13 11:36:14

Put it in my off-grid fund. Saving up for a little patch of land where I can live in a peaceful self-sufficient bubble. With the internet, obviously.

CoTananat Sun 13-Oct-13 11:36:26

I used my inheritance to start a business, move house, and to help a few people out of hard life spots. All well spent, I think.

wrigglerstea Sun 13-Oct-13 11:42:31

Put in Central heating so we don't have to choose between frigid and tropical any more with the BLOODY panel heaters (5k), new kitchen and bathroom (10k), sort my lovely 1993 bmw (needs either 2k of work or scrapping but I luffs her - this would be my frivolity) and stick the rest in savings as unexpected extra cost always pops up.

Ooh, just thought of something already - we could really do with new carpets in our and Wriggler's bedrooms. Poooof, 20k up the whotsit just on stuff we already know we HAVE to scrape together to do at some point.

Lavenderhoney Sun 13-Oct-13 11:44:25

Pay off debt.
Bank the rest to pay for dc education at uni if they want to go, driving lessons for them, money towards a car, rainy day fund, and also help save towards interesting breaks like Rome for a long weekend.

I would buy something nice to remember the giver by as well. Maybe a rose to put in the garden?

Viviennemary Sun 13-Oct-13 11:44:54

We're so indecisive and agree on nothing so it probably would just lie for years till we'd made up our minds.

Lj8893 Sun 13-Oct-13 11:45:34

Pay off debt (about £3k). Buy a car. Some new furniture, carpets, house decor etc.
Save the rest as rainy day fund.

chocoluvva Sun 13-Oct-13 11:46:26

I'd put it into the mortgage as quickly as possible.

Half on the house, half on fun.

Fun would be buying a camper van and wandering off for a summer.

chipsandpeas Sun 13-Oct-13 11:58:41

actually changed my mind, the 5k back out of savings and do my bathroom and kitchen up

frogspoon Sun 13-Oct-13 11:59:24

Spend 2K on a nice holiday and put the remainder (18K) towards a house deposit.

Tortoisegirl Sun 13-Oct-13 11:59:25

I inherited £95k about 10 years ago. Used it to have a mortgage free house for me and DD after a nasty divorce. Made me feel safe for the first time in years.
With £20k now I would have a new kitchen, bathroom and pat someone to sort out the garden!

HardFacedCareeristBitchNigel Sun 13-Oct-13 12:03:42

Pay off debt [boring]

Lizzabadger Sun 13-Oct-13 12:05:41

Put £19500 towards mortgage and buy treats (gadgets, clothes, hairdo, massage, nice food and wine) with the rest.

HexU Sun 13-Oct-13 12:12:58

Pay off any debts, pay down mortgage, added to depleted emergency savings fund then spend a smaller amount on stuff we need/want.

DragonMamma Sun 13-Oct-13 12:13:18

I'd clear about 2k of debt, get new windows and doors for the front of the house (the previous owner only did the back for some reason), go on holiday for £2.5k, another grand to get some new bits for the house and pay the £12k left off the mortgage.

booksandchoc Sun 13-Oct-13 12:13:57

Pay off all debt (about 11 or 12 grand), new windows for our flat and hopefully enough for new flooring too. The saving we would make not paying our debt would mean decent holidays and ability to actually save something.

PrawnWidge Sun 13-Oct-13 12:31:15

Clear the negative equity which we still owe on our last house and replace the boiler in our new house. Then start saving to replace the roof.

Weeantwee Sun 13-Oct-13 12:42:39

I inherited just over £20k two years ago. I bought a much needed car, used it to pay for a honeymoon in the states and the rest is sat in my ISA which I'm adding to to build up a decent house deposit.

Gruntfuttock Sun 13-Oct-13 12:51:46

I'd spend it on getting this house into a saleable condition and if there is anything left after that it would be added to the proceeds to enable the purchase of a house in an area I actually want to live in.

VillandraMcTavish Sun 13-Oct-13 12:54:37

Take a sabbatical, rent the house out for a year, and take off on a year's travel to the back of beyond.

Pay off the mortgage.

flipchart Sun 13-Oct-13 12:58:43

No Idea, It's less than 1 years take home pay for me so it's not a life changing amount but you never how long you are going to have a job these days

I've recently gain £16,000 this year with a combination of successful PPI claims and being given some money and I'm due another £11.000 in January.

I've just saved it. I've no debts and everything that needed doing is done.

Could have done with it 10 years ago when things were terrible financially though!

Mimishimi Sun 13-Oct-13 13:02:26

Put it towards education funds for children. Mortgage is paid off and we decided to do without a car since our last was written off due to a prang a couple of months ago.

poppymagnum Sun 13-Oct-13 13:02:34

I think I'd spend half on doing up the house, about 3k on a holiday and keep the rest for a bit. Possibly put towards DDs uni (she is 15 now).

Rikalaily Sun 13-Oct-13 13:11:54

Pay off all of our debt.

Buy a second hand 7 seater (just had to scrap ours so can't go out to places with the kids now sad )

Take the kids on their first holiday.

pixiepotter Sun 13-Oct-13 13:13:27

YABU it not an AIBU

BeaverAbroad Sun 13-Oct-13 13:15:59

We have no debt which isn't paid back easily.

So: it's more than my pay yearly. I would put £15,000 towards our saving for a house deposit (with our savings, that means we could put a deposit down on our dream house) and take everyone on an amazing £2,000 holiday this year, and save all the rest, for the children.

daveyfish Sun 13-Oct-13 13:19:04

We inherited 30k last year, 10k paid into the mortgage, 10k changing both cars, 5k into the savings account and 5k on a family holiday

lurkerspeaks Sun 13-Oct-13 13:22:22

Mortgage overpayment.

Pay for DH to do an intensive driving course and pass his test - we can't afford to run a car and don't need one all the time, but if one of us has a license we could hire one for day trips!

Do up the house (new kitchen, loft conversion, get the garden sorted)

Any left over after that would go in the savings towards future holidays etc.

Maybe also buy something to remember the relative by - but any relatives close enough to leave us that kind of money would probably also leave us something tangible (jewellery, pictures, an ornament etc) for that purpose.

TheNunsOfGavarone Sun 13-Oct-13 13:27:33

Pay off credit card debt, do some work on the house and take a holiday.

flipchart Sun 13-Oct-13 13:28:35

YABU it not an AIBU

Yeah, like anyone cares. Have you seen the other questions in AIBU?
They aren't much better than this.

Pigsmummy Sun 13-Oct-13 13:29:31

Have another baby.

Lazysuzanne Sun 13-Oct-13 13:37:44

Pay off all debts then since I'd have no repayments to make I'd be able to save some money to buy things I wanted

starfishmummy Sun 13-Oct-13 13:45:34

House improvements and maintenance.

BackforGood Sun 13-Oct-13 13:46:13

Pay off the mortgage, thereby giving us the money we would have used on payments to save towards other things - probably starting with replacing the car.

ChippingInNeedsSleepAndCoffee Sun 13-Oct-13 14:05:03

Heart - travel.

Head - Put it towards a deposit on a house we actually want to live in, whilst keeping this one, renting it out [thus having our pension plan in a box!]

If I didn't want to move then probably £10k off the mortgage, £3k savings, £7k on a few bits we need to upgrade & a holiday.

theothermrssoos Sun 13-Oct-13 14:50:27

Take the kids on a fantastic holiday.
Clear debts.
Finish doing the house up.
Get me & DH driving lessons and a car each.

everlong Sun 13-Oct-13 14:52:33

Bank it.

Might buy a new bag first though wink

Tikkamasala Sun 13-Oct-13 15:51:05

Put towards a deposit for a flat.

A really interesting holiday somewhere, sort out our crumbling driveway and save the rest to help dd out when she goes off to uni.

LackaDAISYcal Sun 13-Oct-13 15:59:24

Pay off half my mortgage, clear all our debt and put some money aside for my DC.
Then perhaps use some as a deposit on a rental property; need some sort of retirement fund as I currently don't have much going on that front.

WalkingDeadFan Sun 13-Oct-13 16:00:39

Buy a car (£4000) Renew our passports and go on holiday (£3000) Not sure about the rest..

Lazysuzanne Sun 13-Oct-13 16:05:08

Surely everyone would just pay down their debts giving priority to those with the highest rate of interest, thus freeing up the greatest amount of money for future use?

UsedToBeNDP Sun 13-Oct-13 16:12:12

Sex & drugs & rock and roll.


Or failing that, take a bite out of my mortgage.

ChippingInNeedsSleepAndCoffee Sun 13-Oct-13 16:15:50

lazysusan ??????? Is your way the only way then? Have you bothered to read the thread?

BearsInMotion Sun 13-Oct-13 16:19:28

Deposit for a house. Only way it will ever happen sad

Lazysuzanne Sun 13-Oct-13 16:26:43

calm down ChippingIn!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

cant you see I was just playing devils advocate???????????????????????????????????????????????????????????
wink

Blu Sun 13-Oct-13 16:32:24

New kitchen, new bathroom, hall and landing redecorated and carpeted, garden sorted out.

CatAmongThePigeons Sun 13-Oct-13 16:36:18

£10k on a car, £9k paying off a bit of the mortgage and £1k on a UK holiday

I'd get some good advice about how to make it grow.

Catchhimatwhat Sun 13-Oct-13 16:39:15

I would put five thousand into an account to help the children when they're older. Education, if they go to university or driving lessons and a car maybe if they don't.

I'd then get a new boiler, new bathroom and/or kitchen.
Oh, maybe a nice piece of costume jewellery too just for me.

We recently inherited and paid off a bit of the mortgage. The rest is for DD's uni fund and a trip to Australia/NZ. We're very grateful for the money and really appreciate my aunt and DH's mum for thinking of us.

Mouserama Sun 13-Oct-13 17:09:14

Save it. Boring, I know...

Pay off car (£8000) then save £10,000. The rest would go on little things and a winter holiday.

Laser eye surgery for me

Good cut and colour for me (ie not the local Mrs Snippy Snippy Hair Salon)

Pay out any outstanding debts

A year with a private trainer

And save the rest

Loshad Sun 13-Oct-13 20:21:55

a decent pony club pony for ds4, and a nice yearling/2 yr old for me to have when dmare retires eventually. Rest on an allweather arena providing i could fool DH it was cheap (not being horsey he sees no reason to spend £15 k on a 20x40m area !shock)

Earthworms Sun 13-Oct-13 20:33:51

Pay a chunk off mortgage if I had to be grown up

Buy a van to convert to a camper and drive to Siberia if I don't have to be. Grown up.

Tricky.

Kiwiinkits Sun 13-Oct-13 21:39:15

I would spend a small amount on something frivolous that I would never buy otherwise (like a Bally handbag or a Hermes scarf) and use the rest to finish off the renovations to our rental property.

Newlywed2013 Mon 14-Oct-13 03:15:25

This is happening to me in a few weeks! It is going to be our house deposit! 3 more months and we will hve saved up for all the fees etc associated! Can't wait! We would never get on housing ladder without grandads help!

sleepywombat Mon 14-Oct-13 03:27:26

Put into $250k mortgage. Every little helps get the huge interest down.

Wannabestepfordwife Mon 14-Oct-13 09:18:31

Pay about £15 k off the mortgage and use the rest to get married and have a honeymoon/holiday

complexnumber Mon 14-Oct-13 09:35:16

Buy loads of booze and crisps, then I'd probably just fritter the rest away

sweetkitty Mon 14-Oct-13 09:40:25

New kitchen
Get married then have a holiday of a lifetime/honeymoon with the DCs

sweetkitty Mon 14-Oct-13 09:42:11

We actually inherited a bit more than that a few years ago we paid off debts, bought a much needed new car then spent the rest in a house extension.

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