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!!

That is a lot of money to piss up the wall when you don't know how to spend it and are asking strangers.

Go on a holiday with some of it, have a cheaper wedding, save the rest .

Dont blow it just because it is a treat when you don't know what you want

Are you a lawyer? Do you hate your job, or your company? I think in these times especially the security if a stream income can't be understated.

I think a holiday for your DP's birthday sounds lovely. Why not be proper spontaneous and just book/fly on the day, pick something random and available?

I personally would blow the lot on IVF. I'm not sure what I wanted before this took over my life

Also: buy stocks which pay dividends to diversify your income stream.

£20k off your mortgage won’t make a big enough difference really.... that would only cut my payments short by about 2 years so I can understand why you wouldn’t want to to that! I’m 30 so not much older than you and I’d want one off treats too!
Definitely get the cardigan! My baby is due shortly and if it was me I’d use £10k-£12k to take an extra year off and have 2 years off work with my baby.
I’d probably get my bathrooms done and redo the garden in the summer next year too.

Well done and enjoy it! X

Prior to now o would put it in a pension.
Not sure now is good for pension investment now with the news of higher taxation and other risks involved in volatile markets

I would invest in a garden room
I’d possibly do other bits around the house
I would definitely spend around £10k on a car for a runaround if I wanted it to last a few years without too many issues
I’d save for holidays and travel
I’d treat my parents and siblings
I’d get a really lovely water feature installed in the garden and more mature trees
I’d get the best mattress and bed linen
I’d renew all my socks and lingerie to high quality lovely stuff
I’d stick up on English fine wine

Congratulations! It sounds like you are spending wisely :) Right now I would love a new kitchen. We replaced ours 20 years ago when we bought the house and it now needs replacing again. Consider things that need replacing in your house, new kitchen, new bathroom, new boiler? New front door or windows? If all of these are tended to, then I would consider a really lovely holiday or treating yourself to something you would really like. If not bung the lot into a high interest savings account!

Do up your garden
Travel!

Congratulations! Will you be taxed on the winnings? I would set aside some for that just in case.

Congratulations,

I'd pop it in premium bonds too whilst you decide.

Me : car, holiday, rainy day fund.

Hi I would spend £2k ish on a van cleef & arpels pendant! Congratulations on your win!

I'd keep it in savings until I found something to do with it. You don't need to spend it now. Something will come up that will let you really enjoy it later and you'll be glad you saved it. Maybe a big holiday after COVID?

I seem to be spending that much on a redesigned front garden! Something you could change in your home that would give you a lot of pleasure?

Cardigan cardigan cardigan!

Buy it now op you can definitely afford it!

Personally I would put most of it towards guests expenses for our wedding so accommodation etc was at least partly covered. Then I would stick some into my business, and put the rest towards a new house deposit as we would love to move to a bigger place. If I already had my bigger house I would get an interior designer and decorator in as I love the idea of living in a beautifully put together home but I lack the imagination and knowledge to do it! My OH doesn't really care much about that kind of thing so I would see it as a treat for myself

Garden room is a good idea if you WFH and don't need have a dedicated space in your house.

Lovely big holiday that's likely to be more expensive than normal, eg guided tour of Japan, Antarctica cruise etc.

You say you're planning to buy a cheap run around car, but if you need a reliable car day to day, you could get a newer one and plan to keep it a good few years do a sensible furture proofed purchase, eg an electric one?

Decent electric car likely to cost more than £20k though.

Congratulations! Life is too short to be anything but happy so consider leaving your job and using this portion of the money to give yourself time to find a new one. Your parents shoos want you to be happy because they are your parents!

Otherwise take financial advice and invest it.

Oh well done OP 🎉🍾. That's exciting!

I saved very hard in a minimum wage job for a year and bought myself a Cartier Tank watch a few years back. I wear it every day and love it! I'm twice your age so would probably invest the rest of the prize money in a stocks and shares ISA until my kids are ready to buy their own homes then put it towards their deposit. Boring I know.

Is there anything (apart from the cardi 😘) you have wanted for ages and put off buying/ couldn't afford? A beautiful handbag? A piece of art?

Well done again, that's amazing!

Me personally? Home improvements and having my teeth fixed. Well done by the way

I'd pay a chunk of rent off, new sofas and carpets, new bed, bunkbeds for my boys, pay some bills, treat the kids to new clothes and one big toy as they have plenty of toys. And put the rest to save as looking to move after baby number 5 is born in the new year.

Congratulations on your win

You must be thrilled.

Probably not what you really want to hear but I would invest.

@Bluesheep8

Yes, inwould have my teeth fixed too. I have crooked top four front teeth and I feel so embarrassed when I smile. My husband tells me I am beautiful everyday but I just would love to have a nice smile and not feel self conscious

Congratulations! You sound very undecided so in your position I would probably stick the money in an ISA and premium bonds until I had something firm to spend it on.
Do you have kids OP?
Is there anyway you could use the money to start your own business in the field that you're in, or a related field, if you really hate your job?

I'm very boring and lost my mojo a bit for shopping...clothes...jewellery....hair etc...so i would spend it on my house....thick deep luxury carpet throughout...decorator in to make it all nice and fresh...new sofas.....and i could pay someone to do all the niggly jobs i cant do...any left and i'd upgrade my car.

Definitely buy the cardigan OP!! You sound lovely with your volunteering and deserve it!! Then I would use the money to retrain as something else/set up your own company etc. If you hate your job, this could be your way out!! Well done!!
P.S make sure your relationship is absolutely stable before you pay for DP to get his teeth fixed...

I'd go on a solo trip. Japan and Asia or South America. 5 star hotels and premium flights and spas.