What would you spend £20k on?

[Bluefairisle]

I’ve won a competition and the first prize is £50k. It comes at a time of severe anxiety as I hate my job and I have fallen into quite a depression.

I want to do something amazing with the money but I’m really struggling. I have suddenly become tight and unable to spend it. FWIW I am 26, we have a mortgage but i won’t be using it for that. This is my once in a lifetime treat time.

I want to save £15k in case I lose my job.
£10k is for my wedding.
£5k is going on DP to get his teeth done and I need a cheap new runaround car as mine is dead.
That leaves £20k. I probably won’t be able to spend it all but what would you buy?! Ideas!!

Retraining for a different career? Or is it just the job that's not great?

Travel (post covid), what's on your bucket list? I would love to go to Iceland, Switzerland, New Zealand.

House upgrade (new bedroom/bathroom/kitchen/garden/sauna)

Give some to a charity that is really worthwhile.

10 months ago I'd have said a caravan, however we got a new pre lockdown.

We absolutely love it but appreciate it's not for everyone.

Right now?
I'd buy a new car, I had to give my car up due to covid and losing my job and I miss it. I've got something to drive, which is perfectly adequate and we've got DH's but I miss my lovely car. I'm fancying one of the new Volvo estates, which £20k wouldn't even touch tho 😔

Oh and Congratulations 😊

Honeymoon? Weekend away with girlfriends / family. Beauty treatments for your wedding - facials etc
I’d definitely get a stylist in to help me sort out my wardrobe and shop to fill any gaps. Nice haircut & colour.
Finally I’d get the decorators in to finish the painting in my house and order some nice furniture & soft furnishings etc.
Any of that any good?

Ooh well done OP, how lovely!

I’m going to be boring, but sensible- put it away for at least a year, and really think about what you want to spend it on.

@Quarterback11 I spent a long time training for my career and it’s considered “prestigious” so I feel I couldn’t give it up or face the wrath of my parents. I was raised in poverty so having money has always been a priority from the survival instinct inside me.

The job is terrible because the corporate environment only likes white men. It’s shit.

Hmmm I know this sounds awful but I want to be selfish with the money. A honeymoon would benefit DP. The prize was HARD to win and required a skill. I will definitely pay more towards honeymoon but not all of it. DP earns well.

Would you all go for quite big things then? I’m wondering if the £280 Self Portrait cardi I love is stupid or not. I can’t do it because it is a RIDICULOUS amount.

I have already donated £1k. I volunteer for two charities every week - dogs and food bank so I like to think I’m doing my bit.

I just donated all the clothes I’ve not worn for 6 months to a woman who’s house burned down. Realistically I don’t need more clothes!

If I was sure I had enough in an emergency fund I'd use it towards travelling / lots of holidays over the next couple of years (post covid obv)

@TriflePudding thank you and good point. I can’t delay the wedding though so I’ll use some to pay my part (we are not changing the plans to make it any more extravagant!) as it was before going to go on a credit card!!

How about putting some towards your honeymoon or a lovely family holiday?

Save it and take a year career break in a few years to go and travel the world.

Teeth whitening
Personal trainer
Personal shopper and a new wardrobe

I would go on an amazing holiday to somewhere I probably wouldn't ever have imagined I would go. Tahiti? Brazil? South Pole? But I would take my DH because it would be much more fun to have him along than go it alone.

Pension contribution. At your age it’ll make a massive difference to when you can retire.

Wow that's amazing OP, congratulations and well done!
Doubt it would help you in your decision making as all the things I'd spend it on are so personal, but for me, I'd use it for the following:
Pay off credit card
Pay for another cycle of IVF to try and have DC2
Finish off decorating our house & garden, get driveway re done etc, probably to put house on market & move to a similar house but closer to DS school.
Keep some by for a couple of holidays whenever we are allowed in the future.
Buy a couple of material things I've had my eye on for a while but can't justify at the moment (clothes, shoes, household bits etc)
Would bank the rest towards pension/DS future rainy day/give some to family.

I'm really curious what kind of competition it was and what you had to do to win!

I would go on a bucket list trip to Lapland and buy a nice car.

Stick it in premium bonds until you decide what to do with it

Having 20k sitting in a bank account is the best thing I can think of right now
... having that warm fuzzy feeling that you are okay financially.

As a real treat I'd buy myself are or jewellery of about 2k.

If children are 8n your plan anytime soon then seriously consider putting £10 aside to cover the shortfall in maternity pay to allow you to take the full year.

Otherwise I would

• spa day, done right with all the treatments I wanted including hair dye and cut
• a pair of expensive well made, completely waterproof, warm winter boots. The kind I see and dismiss because I just can't spend over £100 on a single pair of shoes.
• a winter coat, same as above, properly warm, nice and long, actually waterproof and made to last. Something simple that won't go out of style.

I'd also do work on the house.

That should be £10k not £10 for maternity leave.

Personally, I'd pay it into the mortgage, or my pension or save it.

But if you want to spend, then I'd maybe get some gorgeous diamond studs. Or a lovely painting for your home. Some amazing classic clothes such as a wool coat, fab boots etc. A slush fund for weekends away with friends. A book or magazine subscription. A flower subscription. RHS membership or similar. Odeon membership. Or just a separate account which you know you can draw £100 from each month to spend on frivolities. You'd know there was enough money for treats every month for years.

@FatGirlShrinking if only, eh!

Another one for stick it in premium bonds and wait. I'm boring so I'd pay some off the mortgage and some into a pension (which would be a very good investment at your age), then have a great trip somewhere different.

How about a lovely piece of art / painting / sculpture or beautiful carpet / beautiful piece of furniture

I have a few bits I’ve collected over , or been given over the years and they always complete my home when I move.

@Gazelda that’s interesting actually, the little treats one! But I just find things get so expensive these days that £100 is nothing.

We overpay our mortgage already.

I’m considering a garden room - improves house value in this area, a place for me to work from home somewhere else, and DP also benefits.

I’ll be paying more towards honeymoon and wedding as a gesture.

I will deffo keep £15k in a rainy day fund.

We probs wouldn’t ever take a year out because DP wants the security of his own money, it would invalidate house insurance and we have 2 dogs.

I’m thinking of surprising DP for his bday which is New Years. But air corridors are difficult and I should save. Maybe April?

I would love to tell you the competition but I’m legally not alllwed to as it will be in a press release so have to wait for that in the new year! Doubt any of you will see it but I’ll return to the thread after for those intrigued.

Also, when I found out I won I had a panic attack. I didn’t expect it. I felt absolutely horrific and amazing at the same time. I couldn’t sleep. I still don’t feel normal. So talking through these things helps!

I'd put what I can of it into a Pension.