Would £100k be a life changing amount of money to you?

[Rebelwithallthecause]

And if so how would it so?
What would it go on or towards ?

Of course it would. Even for most people £25k would be life changing in this crisis it will get them going for over a year even if they had no other income.

Yes. It would completely pay off the mortgage. I’d use little bits for furniture and decorating and little treats and the rest towards bills.

Not a huge difference for us. It would shave a small amount off our (admittedly large) mortgage. This in turn would enable us to overpay more than we already do.

I’d probably keep a chunk and do our landscaping and chuck the rest on the mortgage.

We'd still have to work and day to day life wouldn't change but we'd be able to have an extension built which would give the girls more space and hopefully a bit more peace to the household.

Wow, £100K....totally and utterly life changing. I have never seen that much money in one go, ever. For me it would be the equivalent to winning millions in the lottery, I would truly be able to live the rest of my life in comfort on that amount.

I have so little money - and debts - and yet I still manage to live reasonably well. With that amount everything would be paid off, I could buy a little cheap car (as opposed to HP) and have a happy retirement, make sure everyone in the family has decent birthday and Christmas presents and live happily ever after. Oh, how I wish....

It wouldn't be life changing, but it would definitely make things more comfortable. Thinking sensibly about what I'd do with it - chunk off the mortgage, new windows in the house, and some savings for my DS to help with a house deposit/wedding/Uni when he's older.

I am intrigued about anyone to whom £100k wouldn't make a huge difference!

It depends on your income, obviously 1 years salary is going to seem a lot less that 10 years salary. The higher your income is the more flex you'll already have and so the less impact that amount of money will make at the moment. If I were to put it all on our mortgage we'd pay it off 9 years early and save ~£40k on interest. Sounds great, but doesn't change my life at all at the moment and by the time I get to the point where I don't have a mortgage the value of that extra money each month will have eroded due to salary increases and inflation and would go straight into savings anyway. If I put it all into a pension or other long term savings then again it won't impact my life at the moment, it's a future benefit. It's a very privileged position for sure and in the current situation obviously having that kind of money in savings makes a massive difference to most people but it's additional security not life changing because I already have so much. Half a lifetime ago it would have made much more difference.

Sadly no. Life changing would be £1m. I live in London

With £1m I'd buy a house in the catchment area I want. Minus my mortgage that would be an extra £500k. Then I'd keep the other £500 for savings and private school but I'd still have to work.

No but it wouldn’t go amiss. Could pay off a few debts. Maybe pay some school fees or something. Could do with a new car or maybe a nanny for a couple years. Alternatively it could be invested and result in a life changing amount later on. But on its own it’s not really going to make a life changing difference.

It would be life changing for me. £100k would pay off my mortgage and still leave £30k in the bank. I'm a single parent and have always lived a life looking after the pennies,from being a kid.

Not having to check my bank account daily, not worrying about whether or not I can afford school shoes this month, being able to condider buying a reliable car, afford a holiday, get someone in to sort out the garden etc would absolutely change my life.

IT'S not enough to retire in, or to never have to worry about money again, but it would free my brain from a lifetime of worry.

Yep. Completely life changing. Get out of debt and be able to get on the property ladder which given i'm in my 40s and have always worked, shouldn't have always been out of reach.

Yes. It would enable me to either move to a bungalow, or have sufficient adaptations done on my house so that I didn’t need to. I’m disabled and I really, really struggle with my stairs, to the point I actually spend quite a lot of nights sleeping on the settee as I can’t make it up to bed. There’s a chance I will end up a full time wheelchair user and this house just isn’t suitable for that, without significant work, so £100k would allow me to future proof.

Yes, it would make up the shortfall between what we need to buy a house in our village and what the bank is willing to lend us (it’s almost London prices here, and we need to stay for childcare purposes). Would be lovely to be house rather than flat owners as our children get older.

It would absolutely be life changing, pay off debts, and enable us to leave where we are currently living and move to the village we have always wanted to move to.

Yes it would be fantastic. It could see all three of my teens through university (if they go) without their having to have any debt.

Alternatively it could pay for their living costs while studying and for some really needed updating and maintenance to our house.

And also finish paying off the kitchen, two mattressses and the piano!

Yes, I can buy a small house outright in my area for £100k.

Yes, it would pay off almost all of our mortgage

Yes, that could get us on the property ladder and make me feel a million times more secure

Yep. It would clear me and DH debts, allow us to have 3 months of salary in savings, with enough left over to purchase another third of our house (we own one third mortgage-free, and pay rent on the other two thirds to family members - we could easily afford a mortgage on the other third if we owned 2/3).

No but I’d still take it . It would mean we could put it towards our next property jump and would reduce the time spent saving for the next step up.

DH and I were actually discussing yesterday what we would do with this type of money (we don’t have any money coming, we were just bored). We agreed that we would probably invest it by getting into property development. So, I guess if we did that well enough then it could be life changing. The money by itself, probably not; although it would be lovely!

No
We inherited £130k a few years ago it paid off debts, but of the mortgage, new cars, helped through a years mat leave
Eventually moved house we couldn’t sell our old house so rented it out for 2 years and when we sold it made £100k that went on new kitchen, conservatory it also saw us through a year of dh illness and not being able to work with little sick pay and there’s about £50k left which is in investments.

We been very lucky but other than. A slightly bigger house in a more rural location and nicer but not extravagant cars it’s not been significantly life changing - still have big mortgage, can’t afford overseas holidays etc

Definitely life changing for me. It would pay off my mortgage. I'm newly divorced and the mortgage is a millstone round my neck until I'm 70. I worry I'm not going to stay healthy enough to pay it off. 100k would clear the mortgage and allow me the luxury of being able to consider working part time should my health not hold up.