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Original poster

What should I do with approx £15,000 savings?

16 replies

M48294Y · 30/06/2020 14:26

I have roughly this sum in my bank account plus £7,000 in premium bonds.

I work part time and take home £1,100 per month.

I am married and my dh is the major breadwinner. We aren't in any debt at all other than our mortgage which is affordable and we are on course to pay it off on time.

His salary goes into the joint account and we pay all our bills and standing orders from there.

So my salary traditionally pays for holidays, Christmas and my car (we aren't having a holiday this year). Maybe £6,000 of my income gets spent in a year.

I want to keep this money separate and for my sole use as a sort of security as I gave up a lot to become a SAHM and have much less earning power now than before I had children.

However, I know I shouldn't have £15,000 sitting in a normal current account!

What do you think I should do with it given my circumstances?

OP posts:
Nosuchluck · 30/06/2020 14:32

Sounds selfish to me.

Twospaniels · 30/06/2020 14:32

So you want to to keep it for yourself as you gave up a lot.
Your husband is now financially supporting you so hasn’t he given up a portion of his salary to do that too?
I know you both have given up things for the sake of having a family life, but I think that the money should belong to both of you. How about a really great holiday together to celebrate an anniversary or something?

I can never understand why married, secure couples don’t just have one pot of money. Unless one of them has an unreasonable spending or gambling habit then That is my preferred way.

Or you could pay it off your mortgage and be finished with that more quickly.

Ohnoherewego62 · 30/06/2020 14:33

Is your husband aware you have this money?
Is he enabled to have savings like you are?

If the answer is yes to both, then what would you like to spend some on? Yourself? Children? Household? If you've put something off due to money then why not buy it now?

Interested in this thread?

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General money Savings & investments
Undies1990 · 30/06/2020 14:52

Ask your husband what he thinks you should do with it. You're married so it should be a joint decision surely.

SuzieCarmichael · 30/06/2020 14:53

Do you have a pension? Do you jointly have an ISA? If not then start there.

MissSueFlay · 30/06/2020 15:14

You should discuss with your DH as it's family money really.
If you don't have a pension, or you've frozen one when you became a SAHP, then consider putting some into that, and also continuing to pay into it regularly.
I do think you are wise to have some funds of your own that you can call on if you need to, being a SAHP does make you vulnerable financially.

Original poster
M48294Y · 30/06/2020 15:27

Yes. My husband is aware of the money. It mainly came from an endowment policy on a mortgage I had before I met him and paid out less than it was supposed to anyway.

I want to keep it as security. What if we decide to divorce (either of us making the decision)? what if I want to start my own business one day?

I can't see that he has given anything up by me being a sahm for 8 years? I saved the family a fair amount of money by agreeing to do it.

OP posts:
Lurkingforawhile · 30/06/2020 15:28

If you have a look on Money Saving Expert you can see the best savings accounts. There aren't great interest rates at the moment but better than nothing! I think you're being sensible and also have my own savings for security.

Original poster
M48294Y · 30/06/2020 15:29

Undies - my dh is less clued up on money matters than I am. I thought I'd ask for a range of opinions from people more experienced than us ... hence Mumsnet.

OP posts:
woodhill · 30/06/2020 15:30

We have a similar set up

Interest rates are awful but I have some investments and a 90 day interest account

titchy · 30/06/2020 15:31

I suspect an ISA will give you the best return, but interest rates on anything are pretty poor tbh.

Do check your pension though. Keeping a few thousand in an ISA and building up your pension pot would be sensible, and tax efficient.

LesLavandes · 30/06/2020 15:32

If you were to divorce you have to declare all your assets. Everything! So no point thinking it's yours - if you are married it is joint asset

BiBabbles · 30/06/2020 15:35

Seconding MoneySavingsExpert, I used their How to Start Saving Guide to figure things out and set things up when my spouse and I were dealing with an inheritance. It has pretty much everything, though I'm not sure if it includes Help to Save which is for those on low incomes or pensions which might be good to look into as well, as others have mentioned.

Right now, savings rates are pretty rubbish - some current accounts are better than savings ones! - and a lot of the better ones you have to pay into regularly rather than just lump sums so it may end up better to direct debit it in little by little some of it.

parietal · 30/06/2020 15:37

put it in an ISA

if you want to invest in the stockmarket, a tracker ISA from Nutmeg is pretty good.

Random63638 · 30/06/2020 15:44

How old are you? If you are under 40 you can set up a lifetime ISA. The government adds 20% to way you pay, so even if the stock market tanks you should still be ok. You have to leave the money in until you're 60 but then it's tax free. You can pay £4000 per year until you reach 50.

If you might need access to the cash then premium bonds is probably the easiest option.

If you can increase you pension contributions and they will be matched by you work that's is worth considering too.

AnnaSW1 · 30/06/2020 15:52

I have lots of savings from before I met my partner. They are in ISAs

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