What would you do with £10,000 a month?

[Betty94]

I didn't want to ask this in money matters as that seems like a thread people go to for help and this is just for fun as I'm a very pregnant awake lady - disclaimer this is not my income (sadly ) but I know it's some peoples wages but I'm referring to the lottery game in this instance:-

I can't decide if this is better than winning a full jackpot in the sense as it's not a lump sum so it's less likely to ruin peoples lives and turn people against you (as it's not a lot in that sense, I mean it's definitely a lot to say you've not done anything to earn it - you know what I mean haha but it's not multi millions we're talking like of you won the euros)

I think I'd still work and I'd encourage DH to do the same at least that way our wages would cover the mortgage of a new property and I could feel like I worked for something as I'd feel a bit weird having money just handed to you (nice but weird), firstly I think I'd pay of all my debts a month at a time, shouldn't take too long I'd try and save a lot of it too over the 30 years at least half.

We have a baby on the way and live in a new build property which is a bit boxy and small so I'd love to move to something just a bit bigger, nothing fancy but something with two reception rooms and nice big bedrooms ( the bigger the house the more you have to clean ).

I'd treat immediate family members to a holiday or a new car or whatever they wanted as a nice little present. (Although if they chose the holiday, we'd have to wait for covid to Buggar off actually no it's my fantasy and covids already gone ) I also like to think I'd treat strangers as well in little ways so maybe pay for someone's shopping or someone's meal or pay someone's go fund me off etc just like the little everyday miracles that'll make someone smile.

And then I really don't know, I bet people have better ideas than me which is why I thought of asking this question - sorry if it doesn't make sense, sleep deprivation in the 3rd trimester is a real thing ... also the lucky people who are on more than 120k plus a year can join in and tell us what you do with 10k a month if you want to, be kinda cool to see how it differs from reality and fantasy. ( I don't mean lucky in that way as I'm sure you work very hard complex jobs for it and absolutely deserve it).

This thread is just for fun, hope it gives someone a nice ten minutes to think about what you'd do too

[Bjollocks]

Private dental care and private health care would be fantastic, and a reliable car.

[thirstythirsty]

I would give my brother and sister in law a deposit so they can get on the property ladder. I would buy myself a bigger house. I'd send my parents on holiday to Canada.

I'd like to think I'd treat strangers as well like you op. Oo I would give some to my local dance group so they had better facilities!

[PrincessPain]

The idea of the little things are nice.
It was nice reading your list tbh, lots of sensible and generous things on there.
I like the idea of paying it forward, I've struggled in the past and have been given a lift home from someone going in the same direction, and had someone pay for my shopping when my card was declined.
Both were 10 years ago and I still remember the generosity, so I think it would be nice to have enough spare to help others.
I think me and DH would train in some kind of career that we would enjoy and would pay better, I'm currently at home with our boys, but DH is on minimum wage and I always was. Not sure what pays well or what we'd enjoy, but it would be nice to have the opportunity. Buy a house, nothing fancy, but something a bit bigger. Travel a bit, see some of America, the northern lights, Norway.
Not have to worry the tumble dryer, car or fridge is about to pack it in and leave us scared how we will afford things.
I would help my family, but I don't think I'd want them to know I'd won anything, it sounds mean, but I know if anyone from my family won £100k or whatever, I wouldn't see any of it. Which is fine, but I do think people will want something constantly if they know you hadn't done much to earn it .

[Chicchicchicchiclana]

I do think that prize is way better than a large jackpot, especially if you are young .

I'd be very boring and get the house finished (new flooring and redecoration throughout still needed) then pay off the mortgage in 2 years. Day to day I'm not really inclined to spend more than we do, we aren't big spenders.

[BumblebeeBum]

I love my job but I’d drop a day a week straight away. I work 40-50 hours a week and am a single parent to two. Flexible hours which mean I pick up my kids from school most days. But with a day off a week it would mean I’d get some time for ME. Life would feel more balanced.

I’d also use it to fund some things such as Japanese lessons, courses on behavioural studies, anything that takes my fancy really.

I’d also save for my children so that they have a vastly different financial life to me.

I already do little gifts to the community where I can, but would up these and very much enjoy doing so.

[Aroundtheworldin80moves]

Hopefully it would cover a decent school for DDs. Probably a bigger house. Expand our business a bit. More holidays. Pay our nieces mother a decent amount of maintenance rather than the token she gets from BiL, and some savings for her.

I think it would be a nice income.... But isn't it only for a certain number of years? So will need to create a future income.

[KihoBebiluPute]

I'm insomniac and bored.

So the thing about a set income per month is that it never keeps pace with inflation. So right from the start I would be putting £2k per month into a savings account. Each year I would reduce that amount going into savings such that the remaining income keeps pace with the value of £8k in today's money. Eventually in a number of years that would dwindle down and I would be able to draw on those savings to keep the income level the same in real terms, hopefully that would hold up for life.

I would divert 15% of the remaining income to a charity donation account so that I had a set amount destined for charity and could decide how to distribute that money - it wouldn't be hard to find enough worthy causes.

I would keep working but just go 0.5fte part time which would be less stressful. So replacing that lost income would account for about £1.5k per month.

I"d move to a larger house in a pusher part of town so the additional mortgage would be a good £2k I am sure.

So all the above accounts for £6,700 per month so I am not left with a lot to play with! I am sure I could use up the remainder on kids education, extravagant christmases and great holidays - the kind where you have a swim-up house on stilts in the waters of a perfect lagoon or something. Certainly way out of the league of our usual UK breaks.

I agree with you that it would be less likely to ruin ones life to have a prize like this. I think there would be less imperative to give money to relatives in this scenario, so less likelihood of turning relationships sour. Annual birthday and Christmas gifts could become very generous though.

But if I was given a choice between a one-off lump sum vs an income for life, I would go for the one-off lump sum. Firstly because of the inflation depreciation of a fixed income, secondly because I would rather buy that nice house as a single one-off purchase rather than use an income for a mortgage which then means a huge amount of money going on interest payments. Thirdly because you never know how long you will live but I doubt I will be living for as long as i would need to to make the income option end up as being more in the long run, and with the lump sum option I would still have the capital to leave to my kids.

[edwinbear]

Private school fees for DC are £4K pm. I wouldn’t be awake at 5am worrying about how to continue paying them with an unemployed DH.

Then I’d do some work that needs doing on the house, new bathroom and landscape the garden. Then new cars. It would be amazing!

[Nc135]

Have name changed for this as don’t want people knowing how much I earn. Am a single mum with 2 kids earning enough to take home £10,000 per month. Firstly it’s hard work as am working full time in a tough job and some days would love to be a stay at home mum with a husband who earns the money - that’s MY fantasy sometimes! I spend the money on the mortgage - we have a small
house but renovated and in a lovely location. I spent a lot of my life working up the housing ladder as have been given no money from my parents etc so did it all myself painting and renovating. Now I get a decorator - luxury! Also a cleaner as I struggle to manage my job and the kids without someone to help clean. I spend a lot weekly on food from Waitrose (my weekly food bill is over £200 and often £250) - and enjoy cooking for the kids - both scratch - although I also buy meals uncooked but ready to cook. We do have private health insurance through work and private dentistry. A nanny for the after school hours - between 4-8pm when I get home. Honestly after that a lot of it is gone! I guess there is no feeling that we are missing anything eg we go on holidays and I do buy nice clothes and shoes and beauty products - nice candles for the house etc. And yes it is lovely to help other people out - that’s the nicest thing. Buying extra food for the food bank. During lockdown I was spending a lot more every week to fill up the food bank. Helping refugees clandestinely. The other day I gave a young homeless woman £30 to get a hostel for the night. Things like that.

[Fightthebear]

Sound financial advice there Kiho

[Nc135]

Forgot to mention private school fees. That eats up a lot. I guess a lot of my income goes on the kids.

[Frenchsticks]

We're just buying a bigger house which needs a bit of TLC and modernising (which is why we can afford it) and it'll be a long term project so it would be wonderful to do it all within a year.
I love my job but I do have to go back full time after maternity leave so I would love to drop to 3 days to have the extra time with my DD. And then I'd love to treat family. My parents still both work full time so to clear their mortgage for them would be just magical.

[ContadoraExplorer]

I would aim to pay my mortgage off (using it all would take about 18 months but realistically two years) and we would buy a patch of land somewhere around 1-2 hours away from home then save up to build a holiday home for us/our close friends and family. We already talk about doing both but it's a much more long term goal due to funds (and the latter may be a pipe dream!)

All very sensible really.

[Ohdoleavemealone]

I would much prefer 10k a month than several million in the bank at once.

I would quit my job and retrain in counselling and/or safeguarding and work part time.

Get a bigger house as ours is bursting at the seams,

New cars although nothing flash.

Holidays - haven't been abroad for 4 years. Would love to travel with the kids.

Don't think I would do private school. The highschool nearby is as high acheiving with a similar culture to private school. I would encourage lots of extra curricular activities though.
I really want to learn piano.

I Reckon - Mortgage and household bills £2.5k

1.5K a month for cars, food, clothes, hobbies.

1k a month for Holidays

2k into savings and the rest for every day living

Most importantly to me, I would like to be able to buy quality items. My work trousers have worn away at the crotch so I have had to replace them. I can only afford to buy cheap so they need replacing every 6-9 months.

[Hollyhead]

I would get a few jobs on the house done, pay off debts and then carry on as normalish for 2 years while letting it build up In savings, then I’d buy a nicer house mortgage free. After that I’d just live like we do now but have nicer versions of things/more days out etc. I’d give at least £1000 per month to charity though.

[flaviaritt]

I’d save and start a business of some sort.

[groovergirl]

@Nc135, do you mind my asking what industry you work in? I'm considering a career change; I've had my fun (in quite a tough job, btw), and now I want to be well paid.

In Australia we have a lotto called Set For Life, which pays $20,000 a month for 20 years. If I won it (and to do that I'd have to play it, which I don't), I would take it as a $4.8m lump and:

1. Get a full-time housekeeper
2. Pay for DB's home renovations
3. Buy and fix up some good flats to rent at below-market rates. I am seriously pissed off at the homelessness in this wealthy city and frustrated because I don't earn enough to do more than give a tenner here and there. Of course, I'd write these investments off my tax and let the govt thank me in the form of a thumping great refund that I could put toward social housing co-ops.

[itsstillgood]

I don't work (beyond but of freelancing) at the moment as home educating my youngest via exams. That level of money would allow me to keep doing the voluntary work that I currently do (and more) without feeling that I really should do something paid once I am no longer needed at home.
I would set aside a few hundred a month to redo my wardrobe. Not a big shop but a few quality pieces a month.
I'd pay for private health/dental care.
I'd put at least £1000 in savings for us and £1000 each to build up deposit for kids.
I'd initially allocate £1500 a month to big expenditure e.g. car (second hand cheap starter car) for eldest, house jobs.
I would set up regular donations to a number of charities.

[billybagpuss]

For the first 2 years it would have little impact as I would prioritise paying off the mortgage which would take approximately 9 months then saving the same amount for a further year to give my dd’s a decent house deposit. I would then be mortgage and commitment free, our regular bills would be about 600 pcm so I would put £1000 for that, I’d have a family holiday fund of £2000 pa so we all have a decent annual holiday budget. £5k immediately into savings then whatever is left over from the remaining £2k also into savings. I’d then have enough to live comfortably and provide private schools for any dgc we may have and also house deposit for them.

[skankingpiglet]

I would reduce my hours a bit (self-employed so easy to do), encourage DH to do the same, and set up a monthly overpayment on the mortgage to the maximum allowed without penalty. I'd also restart paying into my pension and add some monthly/weekly things for the DCs that they love but are too expensive to be regular at the mo eg climbing. The first month I would book a holiday to look forward to, and then for the rest of the first year use the remainder to clear all the outstanding work on the house (most is done now) and replace our vehicles. After that I would be stashing away a fair amount in savings/investments each month but would also do a lot more entertaining and make sure we had one really good holiday a year plus a few smaller breaks.
Oh, and I'd return to shopping at Waitrose for the weekly shop as we did pre-DCs (I miss Waitrose...)

[joystir59]

Its my annual income ffs

[skankingpiglet]

I should add (as it otherwise makes me look mean!) that I don't have any family other than DH and my DCs, so no one to 'treat'/help in that way.

[BoomBoomsCousin]

We take home a bit more than that (but live in a super expensive part of the world). Our mortgage is about 4k and two lots of school fees come to a bit more than 4k. Food, car, property tax and utilities is around 3.5k. So we're already well over. We also pay into a pension and have about 500 a month for entertainment (here that covers, roughly, a trip to the cinema with coke and hot dog for a family of four each week). We also have savings, a foreign holiday most years and two or three weekends away.

It's very comfortable but it's not a super extravagant lifestyle in many ways. We have to watch what we spend we don't have a cleaner or gardener and DH and I only go out about 4 times a year. However that's because we've prioritized private schooling and a large house that gives us a short commute. We could have an extra 6k a month of cash if we lived an 1.5hr drive away (like most families who work in the city do) in a smaller home and sent the kids to state school.

[DartmoorDoughnut]

Weirdly I was doing this last night

I’d decided on helping local food banks and charities
Donating a regular monthly amount to a couple of dog rescues so they know that it’s always coming in
Getting a new car so I no longer have the fear of ours breaking down!
Replacing our single glazing one bay a month!
Take the boys on a holiday that isn’t camping

There were more but I can’t remember

[Ffsffsffsffsffs]

The value of £10k a month would decrease over time as PP have said, so I'd do the following -

Pay off current mortgage (to hell with early redemption fees, this would only take 7 months)
Replace my shitty car with something new(er) and reliable
Savings - a couple of years saving the full £10k a month, plus the value of my now mortgage free house would set me up in a forever home - enough space for me and the kids, plus their future partners and offspring to stay
University costs for dc if that's what they choose
House deposits for the dc
Donations to charities close to my heart
I'd keep working but find something less stressful so I wasn't taking it home with me at night.

Good financial protection advice - wills, trust fund, pension, life insurance etc.