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If you were given £3k what would you do?

(39 Posts)
TheoriginalLEM Fri 19-May-17 21:49:18

Especially if you were otherwise , generally a bit skint?

This is more money than i have ever had. We are just coming out of some cery austere times. Dp's work is erratic but has always been and we generally manage. We had really bad debt issues that are under control. debt management plan with no interest so no desire really to pay this off as we don't really struggle with the repayments.

It is my money but whats mine is his and his is mine etc. We have both agreed to just leave it in a savings account and not touch it.

This makes me a bit uncomfortable though. Because we are often skint i can envisage it getting eroded really quickly with things we otherwise manage - does tgat make sense. Its alot of money but its not that much that im not scared of spunking it.

Am wondering if i should just buy something with it. Dp needs a new van, we need a new bed. House needs new everything. Dd1 could use some money. Dd2 doesn't really need anything but would love a chihuahua (That isn't happening! ) We would love a caravan but have nowhere to keep it so would need to pay storage.


Do i invest it? i can't afford to lose it so would low risk investment even be worth it? And what do i buy? gold? shares in my employer's company (its a rapidly growing company). i know nothing about this and it scares me -also could i access it should the need arise?

Dp says we should use it as a kickstart for savings we have never managed. But i worry it will get sucked into bills etc.

I am very lucky i know but its actually stressing me out a bit hmmblush

SheRaaarghPrincessOfPower Fri 19-May-17 21:54:30

Save half in an account you can't easily access, and use half for a new bed, and things around the house that really need sorting.

TheSparrowhawk Fri 19-May-17 21:56:40

Have a nice day out then put the rest towards your debts.

3luckystars Fri 19-May-17 21:58:05

Great advice there. You can open a 21 day account, you have to give 21 days notice to withdraw money. This is good because it's long enough to put me off!
Put half it in there, buy a bed and go away for the weekend and do something nice together.

Ditsy1980 Fri 19-May-17 21:59:48

Put half in an ISA or a savings account where you can't access immediately.
Use the other half to treat yourselves to the new bed and treat DD's.

Nottalotta Fri 19-May-17 22:01:55

I'd pay it off my credit card. Wouldn't clear it but would make a big impact.

Tazerface Fri 19-May-17 22:02:13

If you're on a debt management plan do you not have to declare it?

I'd spend half on a holiday and bank the rest, maybe in a bond that you can't get into for a year.

HipsterRaccoon Fri 19-May-17 22:03:02

I know what you mean, I got some long awaited money recently but rather than feeling nice I felt really stressed, we never have money either so felt like I really needed to make the right decision with it! In the end I didn't do anything for the first couple of months, which took the pressure off. Spent it now though grin

Firenight Fri 19-May-17 22:04:11

This has just happened here. I owe about that much on my credit card at the moment but don't want to just chuck it at that (would rather pay it off slowly and painfully so I remember not to run it up again!).

So, some is going to give us a nice winter holiday treat. The vast majority is going into the new kitchen fund.

DeathMetalMum Fri 19-May-17 22:04:19

We had similar a few years ago we stuck 1k in a fixed rate cash isa. Think the term was 4 years in total and was giving a slightly better rate than others, interest rates were and are pretty shut but meant we didn't just use the money on bills or grocery shopping we didn't particularly need. We were in a similar position to you, not really any debt but also load of things we could have done with buying with the money. It worked out well as we were able to use the saved money from the is a towards my first car after passing my driving test which we probably wouldn't have been able to do.

QuiteLikely5 Fri 19-May-17 22:09:23

If you are not savers and never will be I would:

Keep 500 for emergencies

Book a lil holiday

And buy the other things you said in your op

TheoriginalLEM Fri 19-May-17 22:09:52

Tazer the dmp is in dp's name theoney is mine.

Dogsmom Fri 19-May-17 22:10:06

Funnily enough I'm in the same situation, last month I had a PPI refund of £3200 which is a lot to me as although we cover our bills our incoming pretty much match or outgoings every month.

The only "treat" I bought was an expensive lens for my camera, I was saving for it but this enabled me to buy it the following day, other than that it's sitting in my bank and sadly being eaten away, we've had a few unforseen bills such as car repairs, caravan repair and this week £350 vet bills and sadly I think there will be more very soon.

I don't mind though as those bills would've put us in our overdrafts and although it's not been an exciting way to spend money it's been great not having the worry.

It's also made me determined to save to keep it around 2k.

TheoriginalLEM Fri 19-May-17 22:12:36

we camp for holidays and i don't want to change that.

Has anyone else invested in shares?

Highalert Fri 19-May-17 22:12:39

I'd buy some of the new things you need in the house.

TheSparrowhawk Fri 19-May-17 22:13:31

If you have debts it is utter madness to invest it. You always always clear debts first. Always.

TheoriginalLEM Fri 19-May-17 22:16:40

sorry tgat sounded abrupt. nit meant to.

I think I'll talk to my bank and see what they suggest.

ISA's scare me as we had one as a mortgage repayment tool but it started losing money so we pulled out to capital repayment.

Friends suggesting shares but im too scared.

TheoriginalLEM Fri 19-May-17 22:17:44

Sparrow the debts are almost clear and interest frozen . otherwise id agree with you.

TheSparrowhawk Fri 19-May-17 22:18:43

How much are the debts?

SuperBeagle Fri 19-May-17 22:20:02

I'd invest in shares, but I've done that since I was 15, so it's a standard thing for me. Probably not advisable if you don't know anything about stock investment.

If you have debts, clear the debts first.

OhTheRoses Fri 19-May-17 22:24:01

Clear your debts.

TheoriginalLEM Fri 19-May-17 22:29:11

im not going to do that. we don't notice the repayments and i would be sickened to just let it go. if we were struggling with repayments id absolutely do that but as it stands we are considering increasing payments so the debts are not getting cleared with this money. Id never manage to save this much again so its nit happening. We don't pay interest so its more cist effective surely to invest?,

TheSparrowhawk Fri 19-May-17 22:34:34

The debts are a liability. Until they're cleared you are financially unstable. From a purely practical point of view clearing the debts is the only thing to do. But I totally understand your reluctance.

TheoriginalLEM Fri 19-May-17 22:42:31

we have 3-4 years to go with repayments. We will never not be financially stable as will never be able to obtain credit/mortgage again. I won't consider this option If interest was an issue i would. It isn't.

feeling quite stressed now sad

TheoriginalLEM Fri 19-May-17 22:43:11

i neant never be financially stable

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