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To allow DH to gamble with the savings?

(42 Posts)
MoneyTooTightToMention Sat 30-Sep-17 15:25:34

I've been putting £100 a month away for a year or so as savings.

DH has recently become obsessed with BitCoin and has sold it to me that we should put the £1000 savings into it and he can almost guarantee we will make money.

If we lost the money, it would obviously take me 10 months to save it back up again but to be fair, we could save more each month if we wanted to.

AIBU to throw caution to the wind and let him have it? I'm quite intrigued myself but would never have the balls to throw a grand in it personally but he seems dead confident?

Creampastry Sat 30-Sep-17 15:31:24

If you’re stupid then yes, give him all your savings.

Santawontbelong Sat 30-Sep-17 15:32:49

Personally I would use the money for a solicitor. .

Pickleypickles Sat 30-Sep-17 15:34:17

Cant he use his own money to do it if hes so sure about it?
I think you would be mad for what its worth

Didiusfalco Sat 30-Sep-17 15:35:20

Come on now - don't be daft.

FacelikeaBagofHammers Sat 30-Sep-17 15:37:11

If it was that easy, everyone would be doing it!

Keep your money, and make sure it's in an account your DH can't access.

OnionKnight Sat 30-Sep-17 15:38:15

You would hardly get a return worth mentioning with Bitcoins.

Ttbb Sat 30-Sep-17 15:38:16

£1000 isn't very much but he'd be better of using it to buy stocks. Interest rates are so low that you end up loosing money in real terms if you leave it in a bank account.

BewareOfDragons Sat 30-Sep-17 15:39:40

If it's that simple, let him save up his own money and exchange it for fake money.

converseandjeans Sat 30-Sep-17 15:41:51

Premium bonds would be safer

Wishingandwaiting Sat 30-Sep-17 15:43:43

You have £1000 in savings?

Bloomin heck OP, £1k is peanuts for savings. Don't even think of doing anything snazzy with it.

Risks are all well and good when you're talking a decent nest egg but not £1k!

MyHusbandIsNotADick Sat 30-Sep-17 15:44:47

With your screen name, yes. YABU.

ILoveMillhousesDad Sat 30-Sep-17 15:45:10

Bitcoin ain't what it used to be.

ChelleDawg2020 Sat 30-Sep-17 15:47:52

Investing in Bitcoins is not quite the same as gambling. But if you invest, you need to set a loss-limit, such as if the value decreases to £800 you will accept it's not working out and cash in what's left. Likewise, if the value increases, agree you will cash out at £2000 - don't get greedy.

Remember that past performance is no guarantee of future returns, etc. Virtual currencies are volatile at the best of times.

Andrewofgg Sat 30-Sep-17 15:49:30

You know the answer. Tell him you would rather he put it in the New Atlantic Bridge Company. Better still, tell to sod off. Or give him a pound coin and tell him where to put that.

pasturesgreen Sat 30-Sep-17 15:49:32

Why is your DH not using his own savings?

HirplesWithHaggis Sat 30-Sep-17 15:49:43

Going against the grain, I would. Bitcoin has increased massively in value since launch, and while it may not see that trajectory again, it's starting to be accepted in fairly mainstream transactions these days.

Ellisandra Sat 30-Sep-17 15:49:44

By the time the average un-astute investor (that's your husband) picks up on the next big thing, it's too late.

My friend bought Bitcoins years ago, made a lot of money.

If your husband was actually good at investing he would have savings of his own, and your family savings wouldn't amount to £1000.

Which isn't investable savings: it's an emergency fund.

Top tip: don't let him invest it in storage units or hotels in Cape Verde either.

Sorry OP - what makes you think that your husband knows anything about investing?

Rezan Sat 30-Sep-17 15:50:48

My DH wanted to do something similar. You can get phone apps where you can trade bitcoin etc for fun or real money. DH played on the demo accounts and made a bit so we popped £20 on the app and he lost it. He went off the idea then, thankfully! Maybe he could start smaller (an amount that you are happy to risk), or try playing demo mode on a trading app? Personally I wouldn’t risk all of my savings on Bitcoin. It’s trading rather than gambling, but definitely comes with risk.

Ellisandra Sat 30-Sep-17 15:51:42

Hirples I don't disagree, but I wouldn't do it with the only £1000 I had, and on the suggestion of someone who probably doesn't know an investment from a bandwagon.

OP, if you're a taxpayer, I can turn your £1000 in £1250 instantly - by putting it into a private pension.

ChicRock Sat 30-Sep-17 15:52:08

I'd your DH loses the money and then your boiler packs in or your car needs a £500 repair, could you afford to fix it?

topcat2014 Sat 30-Sep-17 15:59:53

I wouldn't even think about that, until I had about six months living costs in ready cash in current accounts,.

Allergictoironing Sat 30-Sep-17 16:03:23

I used to work for a Financial Adviser, and his first rule for clients was to keep at least 3 months worth of expenses in an emergency fund at all times. This was to be kept sacrosanct, before even thinking about adding to the pension pot or utilising the annual ISA allowance. I doubt very much that £1k is 3 months total expenses for anyone, so you shouldn't be thinking of doing anything with it.

Peeetle Sat 30-Sep-17 16:06:18

Don't invest in bitcoins now - they lost a lot of their value recently.

Italiangreyhound Sat 30-Sep-17 16:09:12

"I'm quite intrigued myself but would never have the balls to throw a grand in it personally"

Then don't. Your money, your choice.

Let your husband save up and invest his own money if so sure or at least jointly save with you.

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