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!!

@PirateCatQueen

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

This

Personally I would be looking at house / garden improvements, a trip to Monterey (whale watching ) and Yosemite, a holiday in Vietnam.

I would do up the house

Pension, investment ... maybe house improvement if you really feel it would make a difference to your current lifestyle.

I really, really wouldn't spend £10k on a wedding (even more so in current conditions - anything you plan might be cancelled).

But I am very boring and risk adverse - but speaking with the knowledge that we paid off our mortgage in our early 40s and am now able to do a part time job, which I love and believe is 'contributing' to an important cause, but paid a pittance.

I'd probably use that to pay down the mortgage but seeing as you've already earmarked a good chunk of your winnings for something sensible, I'd book a really nice family holiday or package tour somewhere exotic, and take my parents along as well.

I would suggest investing in a hobby that you like to do in your life. If you have always wanted to say ski, climb, learn a new language, paint, play an instrument, or whatever else go for that. Get the best instructors and fast track yourself through the beginner levels without mucking about group classes and inconvenient times.

An amazing holiday

A garden room would be lovely, I'd definitely consider one if I had the money.

For something completely selfish - a vintage diamond and emerald ring.

Otherwise I think I'd have to save it to spend on travel. There are so many places I want to go.

I would definitely do a bucket list holiday, keep some for savings and some house renovations.

I know you said you don't want put it towards your mortgage. But I'm currently watching my brother who paid his mortgage off by 40 enjoy a lovely life in a now stress free job as all he needs is money for bills. He is still relatively well paid so can easily afford lots of luxuries. It's something I aspire to do but not sure if it's realistic. I suppose it depends on if it will cost you to over pay and whether it would put a big enough dent in your mortgage.

@Sadhoot

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

Not a lawyer but not far off either.

I hate the company culture - elitist.

Good luck with everything, I hope your dreams come true!!!

@lottielimejuice

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

THIS IS WHAT I WANT. But I am struggling mentally to justify it.

@AnaViaSalamanca

I would suggest investing in a hobby that you like to do in your life. If you have always wanted to say ski, climb, learn a new language, paint, play an instrument, or whatever else go for that. Get the best instructors and fast track yourself through the beginner levels without mucking about group classes and inconvenient times.

this is interesting, I have always wanted to ski but every time we've been I have cried at the top of the mountain. Ski school for me!

I really appreciate all the advice.
I'm thinking: £5k in an easy access emergency fund - i.e. boiler death or if the dog needs surgery
£5k in premium bonds
£5k in stocks and shares ISA
£5k goes towards my half of the wedding
£5k towards the honeymoon - a big amazing trip
£2k for DP's teeth (I promised)
£3k for a runaround car - mine is a 2002 car that cuts out when you press the brake, I don't drive much so just want something to pop to the gym!
Then I'm wondering if I should just spend a bit on myself, because why not? Do you think I'd regret it??

A greenhouse.

In this pandemic, I've realised even more how important my home environment is to me. It always was, but it has become even more impirtant.

We got a garden room last year, and having it furnished, with heating and air con, double glazed etc, has been wonderful. So I would 100% recommend that if you're considering it.

We are investing cosmetically in our home, which is much overdue. Looking at everything that needed to be refreshed everyday has made us prioritise this. It won't 'add value' in a great sense, but it will make us feel better. So we are redecorating (doing some ourselves and having a decorator to do other bits) and having new flooring and some new curtains and blinds. I know that this would benefit your DP as well as you, though.

I wouldnt hesitate to spend 2k on some jewelry. If you can't now.. when can you?

For your whole £50k I’d put £5k in each of the kids savings accounts and £20k off the mortgage. £5k to sort the damp in the living room, fit a log burner, new floor and redecorate, possibly a new sofa. £5k away to go towards our next car, £5k away for a family holiday and £5k into our joint savings, probably to go towards a new kitchen eventually. Possibly new fully fitted wardrobes in our room if I can squeeze the budget/add to it from existing savings.

I would sort the back of our house out (last owners extended badly) also make a ramp up to the top of the garden. We have very steep steps at the moment.
The garden room sounds nice

Buy the cardigan definitely.

Also a lovely piece of jewellery or a watch that you will wear for ever and look at every day.

Oh my god, do it! You're buying DP something pretty (teeth ) for £2k so buy yourself the pretty pendant!!

I love spending imaginary money
I'd use 10K to pay off a loan and the other 10K to get a new bathroom, paint our house and some kitchen upgrades.

Buy the jewellery. The wedding will be lovely, but will only be a lovely memory when it has passed. Ditto a holiday. A car will be well worth it, but cars don't last forever. The garden room will be lovely, but you could end up leaving it behind if you moved house.

You will have the jewellery forever.

I wouldn't, I'd save it so that the next time you are in a job you want to leave you have that as a fallback. I'd buy some lovely jewellery though.

Whoops, didn't RTFT.