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Original poster

If you had a spare/surprise £500...

150 replies

Ffsffsffsffsffs · 03/04/2021 21:26

I've had a text to say I'm eligible for the £500 tax credit bonus this month.

We live reasonably frugally (I do get some of the working tax credit element and have worked throughout covid) but not as strugglesome as we were 5 years ago due to job changes etc. I'm a single parent, kids see dad incredibly rarely. We have a monthly budget that I always stick to which includes putting money away for things like Xmas, birthdays, car expenses, even holiday/emergency fund. We don't aspire to fancy gadgets, I drive a sensible & reliable car, albeit a bit old and battered, kids recognise that we can't stretch to fancy trainers/brand clothing. I have a mortgage that doesn't scare me any more, and is comfortable in our budget. We do occasionally have treats - takeaways, meals out, cheapo weekends away just the 3 of us, budget self-catering holidays when we're able.

So this £500 is a real bonus. I've got nothing that needs replacing, I'm very OK with getting clothing bargains online and I hate physical shopping for the sake of it. Do I stick it in the holiday piggy bank? Make a payment on my mortgage? Treat for me or the kids? Blow it all on sex, drugs and rock and roll?

If you had an unexpected £500 (that was surplus to your monthly budget), what would you spend it on?

OP posts:
ItsNotNormalLove · 04/04/2021 03:11

@makingmiracles

I don’t think tax credits are reducing, the payment is because people on universal credit have had an extra £20 a week throughout the pandemic, whereas they didn’t apply it to tax credits- probably hoping it would incentivise some to migrate over to UC.

Wording is very unclear though, we get TC, but not WTC but we both work, 1 full time, one part time so no idea if well get it or not.

Yes the extra £20 a week was indeed applied to working tax credits, because we got it. We've since been told it'll be reducing back to normal amount shortly and had the text to say we'll be getting the £500 lump sum. I have no idea what we'll do with ours either OP. Probably just put it in the savings until needed.
Marriagegoingtoimplode · 04/04/2021 03:17

The majority on an Emergency fund a small amount on a treat meal for the family.

SixDegrees · 04/04/2021 03:23

If there’s nothing you actually need / really really want, then I’d maybe spend a small amount of it, like £50 or so, on a treat for the family, but save most of it.

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A2BviaCandD · 04/04/2021 04:36

I would split it between my children, as they have been golden during the pandemic. They have knuckled down with homeschooling, adjusted to going back to school and have done without seeing family or friends, or trips to the cinema etc. They have done amazingly well with very little complaining, so I would give it all to them to boost up their savings accounts.

Camomila · 04/04/2021 06:42

I would spend £150 on bunk beds for DS1 who really wants some for his birthday and then stick the rest in savings.

Babababababybelll · 04/04/2021 07:37

Im hoping we get it too , the guidline are a bit unclear, but we get £31 ctc so we will see .

Its going in the kitchen fund. We have a holiday refund in there .

Wicks have been and measured up and quoted 7000

I would love to be able to get the kitchen sooner!

BerryPieandCustard · 04/04/2021 07:46

I also qualify for this which is a nice surprise.. even though I have been furloughed apart from sep-jan my employer made up my wages so I have had no drop in income thankfully.

I will be spending £95 on a yearly pass for me and my nearly 10 year old for the zoo that is down the road.

Will probably put half of the remaining into premium bonds and spend a bit on the garden

MrsWombat · 04/04/2021 07:51

£50 on a takeaway or day out. Maybe a season pass to a local attraction?

The rest in savings. 3-6 months of everyday expenses as an emergency fund is a good thing to have.

flowchart.ukpersonal.finance/

pumpkinpie01 · 04/04/2021 08:21

I would let the kids have something they would like for about £20 each, nice shampoos for myself,then a day out somewhere or /and a family season pass then any other little home bits that I put off buying - new cushions , new knives , bath mats , towels etc then save the rest

WitchesBritchesPumpkinPants · 04/04/2021 08:30

@Babababababybelll

Im hoping we get it too , the guidline are a bit unclear, but we get £31 ctc so we will see .

Its going in the kitchen fund. We have a holiday refund in there .

Wicks have been and measured up and quoted 7000

I would love to be able to get the kitchen sooner!

Use your wicks plan & order your cabinets from DIY kitchens & your worktops/sink/taps online. You can get all better quality, for less money. Find a good local fitter.
AmelieTaylor · 04/04/2021 08:34

In your situation, it wouldn't cross my mind to do anything other than put it in some form of savings. In the world of 'crap going wrong' it's not a huge amount of money, but would help if an appliance suddenly dies or the car does.

badlydrawnbear · 04/04/2021 08:36

I would replace the dishwasher that broke a while ago.
Put some towards DC1's birthday so I can stop worrying about how we will afford that.
Save the rest for the next disaster like the car breaking down or an expensive appliance

Winterfairy23 · 04/04/2021 08:42

I would save half of it right away then ponder about something to enjoy out of the other £250.

Would the family get use out of something like a Nintendo switch or a trampoline? Something they won’t grow out of quickly if at all really?

CodySchmody · 04/04/2021 08:49

I would spend it making the garden nice for the summer (if it isn't already!)

Whatwouldnanado · 04/04/2021 09:00

Save half then plan a really great day out the kids will remember with the rest.

JamesMiddletonsMarshmallows · 04/04/2021 09:02

I'm getting it too and I'm taking the kids to Blackpool for 2 nights in the holidays with it. No abroad holiday last year or the year before as I was saving for a nice holiday in 2020....which I paid for so now have £1,500 of British Airways vouchers but no spare money for a U.K. holiday (single parent). So Blackpool it is. £500 will get us 2 nights in a B&B, tickets to Sandcaslte pool, pleasure beach, good money and arcade money.

LudoBear · 04/04/2021 09:06

Put it into my baby making fund (will need ivf)

BakewellGin1 · 04/04/2021 09:09

I would probably...
Use 200 for days out/toward a caravan break
Put 150 in savings
Give children 50 each and have 50 for me

OneKeyAtATime · 04/04/2021 09:10

In your circumstances I would save it.

MrsTophamHat · 04/04/2021 09:19

I'd put it towards a fun weekend away.

Waxonwaxoff0 · 04/04/2021 09:24

I'm also getting the £500.

In all honesty it is just a nice bonus for me, my outgoings are very small and I get a good whack in child maintenance from my ex so I don't need it for essentials and I already pay into savings accounts. I'm going to spend it on a trip to London for DS and I this summer.

punkingscissors · 04/04/2021 12:53

I'm surprised that people getting WFTC can afford to do anything other then save it for a rainy day. It makes me wonder if people talking about spending it on luxuries and having refunds from holidays abroad or plans for a new kitchen really need WFTC.

Waxonwaxoff0 · 04/04/2021 12:57

@punkingscissors

I'm surprised that people getting WFTC can afford to do anything other then save it for a rainy day. It makes me wonder if people talking about spending it on luxuries and having refunds from holidays abroad or plans for a new kitchen really need WFTC.
Yep, no one receiving WTC should be allowed to do anything nice. Bore off.

WTC is based on your income and your income only. Everyone has different outgoings, so everyone will have different amount of "disposable income". If you live in a cheap area and have a small mortgage, like I do, then you will have more spare money than someone who lives in a very expensive area with high costs of rent and childcare.

ZiggyBaby · 04/04/2021 13:10

@punkingscissors

I'm surprised that people getting WFTC can afford to do anything other then save it for a rainy day. It makes me wonder if people talking about spending it on luxuries and having refunds from holidays abroad or plans for a new kitchen really need WFTC.
Stupid comment
JamesMiddletonsMarshmallows · 04/04/2021 13:14

@punkingscissors

I'm surprised that people getting WFTC can afford to do anything other then save it for a rainy day. It makes me wonder if people talking about spending it on luxuries and having refunds from holidays abroad or plans for a new kitchen really need WFTC.
Sorry I'm not poorer than you thought.

Would it help you to know I paid £100 a month for 15 months towards that abroad holiday, meaning we missed out on a holiday in 2019? And then of course in 2020 because it got cancelled.

Clearly my children don't deserve a nice holiday to Blackpool having such a twat of a benefits mother 😂 I'm sure you'd love to envision us as Waynetta Slob types lounging on the sofa. But I teach law part time, however because I am part time and a single parent with 2 kids I have a "low income" and received working tax credits.

But it's ok, I'll cancel my trip and buy a whip to beat myself with instead so you can feel better 😂😂