Talk

Advanced search

Mumsnet has not checked the qualifications of anyone posting here. Free legal advice is available from a Citizen's Advice Bureau, and the Law Society can supply a list of local solicitors.

What should I do with £10k?

(8 Posts)
yohoohoo Thu 18-May-17 15:05:50

Will get this £££ in a few weeks (endowment payment). Not sure what to do, here's where you come in, what do you think? Here's some background and thoughts:

So this is what I could spend it on:
Mortgage left to pay is £4k (on a fixed rate for the next 2 years) leave this to pan out as only £100 a month
Car - current car is 2006, things starting to go a bit wrong - do I sue some of the £10k to buy a newer one
Holiday - nothing planned for this year - spend £3k on a holiday abroad
House - could do with each room re-painting, new bedroom furniture and new bed
Or Im thinking I should:
Put away for DS's further education he is currently 12

Neverknowing Thu 18-May-17 15:15:20

You could do a few of these things?
I personally would get a new car as it sounds like you need one but I wouldn't pay off the mortgage as it seems like it's basically paid off anyway. I'd also treat the family to a holiday. Sounds really good for you, treat yourself!

yohoohoo Thu 18-May-17 16:08:01

But then I think my DS may need this as a start for FE or Uni if he goes down this route or a deposit on a house etc...

Neverknowing Thu 18-May-17 18:51:27

Enjoy the money now!! My parents saved money for me my whole life and didn't take me anywhere, my childhood was fun free because of this and I saved my own deposit for a house. I'm 20 and am close to having the 30k in need for my deposit. That's why I'd say spend the money now, children make their own futures smile

nannynick Thu 18-May-17 21:42:17

At least £1k in to an emergency fund - instant access savings account.
What savings do you have?

If car is needed to get to and from work, then I would invest in a reliable car.

Are there any debts other than the mortgage? Can you increase the mortgage payments so it pays off before the end of the fixed rate?

flirtygirl Fri 19-May-17 08:16:26

If you shop smart you could do it all except mortgage.

For instance
5.5k on nice car, shop around, ie toyota verso low mileage strong reliable and cheap to run.

2k on holiday loads on thomas cook for a family abroad to places like spain greece and turkey. Even center parcs abroad or france.

1.2k on bed and some furniture from ebay/online offers etc, new bed but some quality pieces second hand.

0.3k Buy paint and paint the rooms yourself

1k into savings

10k can go far if spent wisely.

Also even for 4 years of mortgage left you can still save interest by paying a bit more and bring the time down.

Kokusai Fri 19-May-17 15:47:53

£5k on a car. £2k on a holiday. £3k savings.

violetcloche Fri 19-May-17 17:17:03

Have you got any other savings?

Join the discussion

Join the discussion

Registering is free, easy, and means you can join in the discussion, get discounts, win prizes and lots more.

Register now