If you got given 3k unexpectedly

[sunnysunchild]

Not via an inheritance or stolen or by any dodgy means
Through back pay you weren't expecting.
What would you do with it?
Spend it on yourself? On what?
Spend it on the family?
Save it?
Pay off your 3k credit card?
Or something else??

If I had a credit card bill pay that off, but I don’t so into the new kitchen saving account for me!

Pay it towards DD’s uni maintenance loan so she has less debt.

Yeah, reducing debt is always the sensible thing to do.

Marcus savings account 1.5% (Goldman Sachs).

I have credit card debt of more than £3k but would pay off the balance on 1 card (about £1500) and keep making the payments on my interest free one. Then book a holiday.

I did get an unexpected 3k very recently. I stashed the lot in my ISA to go towards a deposit on our next house as we're looking to move soon.

I'd blow it on jewellery or designer stuff.

However, if I had CC debt and not much in the way of savings/investments, I'd maybe use 200-300 to treat DH and myself and invested the rest.

Doesn't make a difference where the money comes from, inheritance or work bonus, if I had credit card debt I'd pay it off. Since I don't and we save regularly already we tend to spend things like this on things like, e.g. DH spent a similar amount he inherited on a holiday, I spent this years bonus on furniture for the garden. We have a high income though, if we had debt extra money would go to pay it off and if we didn't but had fewer savings we'd put it into long term savings or put towards the mortgage and maybe spent say 10% on a treat.

I'd spend it on a holiday. Hence my username.

I don’t have debt (Beyond student loan and mortgage) so i’d stick it in savings. If I had debt i’d definitely pay it off, no matter how manageable it was - then I would redirect the monthly payments from that straight into a savings account. I’m incredibly boring though and get a weird amount of enjoyment from being financially secure and not having to worry about unexpected bills screwing me over!

Having said that, i’m pretty fortunate in that I can afford to go on holiday already. If we hadn’t had a holiday in forever, I can completely see why people would spend it on that! If it was my one chance, i’d probably try and put it in savings for, say, 3 £1K holidays over the next 3 years; rather than blow it all on one ‘big’ holiday; as I think multiple smaller holidays would benefit the family more.

-£1,500 in savings

• £500 on a course I want to do that will directly help future earnings
• £500 on home improvements
• £500 on a weekend away with the family.

I’d pay £1.5k off a credit card, and go on holiday with the other £1.5k.

Best of both worlds

I agree with @ThePolishWombat; half credit card to make it far more manageable but also something nice to look forward to and enjoy.

This did happen to me a few years ago and I used it to pay for some work being done in the garden.

These days I'd spend it on a holiday as I'm debt free, mortgage is tiny and virtually interest free and job very secure.

Pay off the cc

I had similar. I paid off my debts. It's wonderful being debt-free.

Always pay off debt first - always.

How long would you have taken to clear that debt had you not been given backpay?

Congrats BTW: I know you’ve earned it but I love financial errors in my favour 👍

I would pay of CC but treat yourself as well. Half and half

Getting my teeth whitened, eyebrows semi permanently tattooed, facial, some lovely make up and a holiday!

Would go towards DS university needs.

Id decorate lol

Holiday

If I were you then yes I would pay the credit card!! The peace of mind is worth more surely and then it will free up money that would be the monthly payment.

Speaking for myself I would definitely spend it all on a holiday 🙌

I’ve just closed my credit account so no need to think about that anymore!

I would put £1000 by to get one or two handbags in the January sales.

I would earmark £1000 for paying for gym and fitness for a year.

I would put the remaining £1000 into savings.