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For once in our lives...we've come into cash!!! £30,000!! AIBU to ask WWYD?

(218 Posts)
Stripedmum Sat 24-Aug-13 12:07:54

Well it's only gone and happened - we have money! Yippee!

We are now thinking of extending. What would you do with the cash?

chocoluvva Sat 24-Aug-13 12:08:53

Completely depends on the state of the rest of your finanaces eg mortgage?

VacantExpression Sat 24-Aug-13 12:10:55

If it were, say a competition win, I would pay £25,000 off my mge and spend the 5k. special holiday and a treat each.


wonderingsoul Sat 24-Aug-13 12:11:07

£2000 towards my debit.

buy flooring/carpet for my council house as it wouldnt be enough to buy own house but could aford to do flooring and m aybe painting.

take the kids on hoilday.

take them to toys rus and let them buy 2 things with out worrying about the cost.

buy myself somme decent clothes.

and other than that im lost.. prob savings.

wonderingsoul Sat 24-Aug-13 12:11:43

oh and congratulations smile
you must be over the moon.

Stripedmum Sat 24-Aug-13 12:11:49

Mortgage - £195,000. About £40,000 equity. We're early 30s, have a loan but it's due to be paid off soon so not looking to pay that off. No other debts. 2 young DCs.

MikeLitoris Sat 24-Aug-13 12:11:58

Pay debt about £5k

Holiday and rest as deposit on a house.

Can I be nosey and ask how you came into the money?

BaronessTeapot Sat 24-Aug-13 12:12:34

half for something sensible (e.g. an extension)
quarter for something luxurious (e.g. holiday)
quarter for saving

wonderingsoul Sat 24-Aug-13 12:13:00

deff a hoilday.. but i wouldnt go crazy some where decent but not spendin gmoney for the shake of it

Stripedmum Sat 24-Aug-13 12:13:18

We are over the moon!! We never have money to pay the window cleaner!

DreamingOfTheMaldives Sat 24-Aug-13 12:13:47

Put a chunk in the bank or pay off part of mortgage/loan, have a holiday or bit a bit frivolous with some, treat my family with some.

Congratulations -- you jammy bugger-- grin

DreamingOfTheMaldives Sat 24-Aug-13 12:14:05

Strike out fail!

Stripedmum Sat 24-Aug-13 12:14:19

A gift smile

FacebookWanker Sat 24-Aug-13 12:15:06

I would put down a deposit to buy a house.

BettyBottersBetterButter Sat 24-Aug-13 12:16:50

I'd splurge £5k on a trip to Disney, save £5k then spend the remaining £20k sorting out our finances & doing either a garage conversion or towards an extension. How lucky grin

Lara2 Sat 24-Aug-13 12:17:32

I inherited £38000 about 17 years ago - felt exactly the same as you! Congratulations!!!
We went on a fab family holiday and moved up the housing ladder to our forever home - still here. I wanted to make sure a large part of the money remained sort of intact and investing it in a house meant that that happened and we had the house we wanted.

Finola1step Sat 24-Aug-13 12:18:28

I would put in the bank and sit on it for a while to avoid making silly mistakes.

We would also look at putting the money into the house in some way.

Or one holiday. And then save the rest equally between the children for university fund etc.

It really depends on your circumstances. See it as a lovely chance to give yourself and your family some financial security.

Stripedmum Sat 24-Aug-13 12:20:59

Hi Lara! Yes that's what we're in a 'dilemma' (nice dilemma) about. Move or stay put and extend. Just don't want it be eaten up with the costs associated with moving. That's why we're thinking extension, add value and maybe move to forever home in five years or so when we actually may have money of our own too!

Fuzzysnout Sat 24-Aug-13 12:21:08

Congratulations! No idea what you should do with it but very happy for you!

Stripedmum Sat 24-Aug-13 12:22:49

Thank you everyone - we're cock a hoop.

chocoluvva Sat 24-Aug-13 12:23:41

Pay off some of the mortgage - you could either reduce the term while keeping the payments the same - that would save you the most money in the long run. Or, you could keep the term the same but reduce your monthly payments by paying your £30k into it. If you're mortgage conditions allow you to.

Sorry to rain on your parade, but you'll have higher living costs with an extension - eg, bigger utility bills, decorating furniture etc. Presumably it would add value to your property - useful if you're likely to move again.

chocoluvva Sat 24-Aug-13 12:24:16

x-=posted. Sorry.

magimedi Sat 24-Aug-13 12:24:55

I don't think I'd go through the expense & hassle of an extension for five years use of it & I would check with local estate agents about how much value it would add to your property.

If I were you I'd have a treat & then think about what you want to do with it for a month or two. Don't rush in & splurge it.

Am v pleased for you though.

MortifiedAdams Sat 24-Aug-13 12:27:12

£30,000 -

Put £10k away in a high interest savings accoubt for ten years - want to take dd to Florida when she is 10/11

Pay off the car loan - £7k

New kitchen and bathroom (teeny flat) - £5k

Build storage into lounge and bedroom - £1k

Holiday booked for the three of us for next year (UK probs), plus spends - £1k (days out, nice food, private hire of a great seaside cottage, petrol)

Give my folks 1k as they are always helping us out

Dh would learn to drive and get a banger, plus insurance - £2k

3k spare to see us through a nice year of comfort.

80sMum Sat 24-Aug-13 12:27:50

I think your idea of adding an extension to your home is an excellent one. In your circumstances, that is probably what I would do. You will have a nicer, larger home to which you will have added value should you decide to sell it and move in the future.

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