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Original poster

Pondering on what a difference a lump sum would have made to me at 18....what about you?

148 replies

Artdecolover · 18/08/2021 19:21

Disclosure: its 30 years since was 18 and obviously the world is a very different place!

My ds is 18 and off to university next month.

My dh and I opened a CTF account for him at birth which we started with those Govt vouchers and have been paying in small amounts every month since. It wasn't always much but we always put a bit in.

He is very grateful and today he asked me what I would have done with a lump sum at 18...

It would have utterly changed my life. I was brought up in poverty and didn't go to university. Money would have meant I could have taken resits (I needed to get a job and earn money), or travelled, or bought a car...all of which would have made such a difference.

What would you have done? Or are you glad you didn't get a lump sum at 18? Would you have spaffed the lot in ibiza??? 🤣

I'm not sad as such, but it did make me ponder on the main benefits of money : options.

OP posts:
PalmarisLongus · 18/08/2021 19:25

Real me at that age would have totally wasted it on heels and going out clothes and then going to raves... It was 1998 after all...

Now me, looking back, it's easy to say I'd have used it for good... I'd be lying. 🤪

JoshLymanIsHotterThanSam · 18/08/2021 19:25

I got 3 grand from a compensation payout on my 18th birthday. I pissed every last penny up the wall!

Not enough 18 year olds are sensible enough to be dealing with lump sums.

Chasingsquirrels · 18/08/2021 19:29

Depends how much, a comparable amount to the government contribution to the CTFs would have made no difference to me.

Ds1 got his last Sep, about £6k as my mum has also been putting £25 a month in. He's been investing on shares, and had a lucky break with Game Stop. Definitely not pissed up the wall.

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General money
TweedePrik · 18/08/2021 19:30

I don't thing Dd's CTF is worth more than it was originally. Admittedly we moved abroad and couldn't pay into it any more. She's 18 next year and happy it's enough to buy an interrail ticket.
I would have wasted a lump sum at 18, unless it was enough to buy a flat sort of level.

TweedePrik · 18/08/2021 19:32

I'm now thinking of the very MUCH larger sum dd has in her savings account and wondering whether I need to move it where she can't access it all at 18.

SpaceBethSmith · 18/08/2021 19:33

I got 3K on my 18th birthday (20 odd years ago) that my Great Grandmother had left to me in her will.

Driving lessons, a car, insurance, and some vinyl records with what was left Grin I took Pass Plus and got a new-ish car because I was terrified of the tin cans my mates were driving around.

3 years later, DBro pissed his 3K up the wall.

Original poster
Artdecolover · 18/08/2021 19:33

@JoshLymanIsHotterThanSam

I got 3 grand from a compensation payout on my 18th birthday. I pissed every last penny up the wall!

Not enough 18 year olds are sensible enough to be dealing with lump sums.

I agree.

No worries with ds1 on that score though 😀

OP posts:
HurryUpAndWait23 · 18/08/2021 19:34

I was given 2k when I was 18, 20 years ago.

I pissed it up the wall. Nothing to show for it.

My brothers did exactly the same thing.

I have the same amount for my kids and they will be waiting until they are 21.

Pandoraslastchance · 18/08/2021 19:35

I had £3k at 21 and it was used on travel for uni. I wish I had used it for driving lessons but needs must.

Ponkypig282 · 18/08/2021 19:35

I didn't get a lump sum as such but did get my first car bought for me, uni fees paid and a deposit for a house. The difference it made to my life was absolutely massive especially as I had major health problems from the age of 17. It gave me the stability to cope with my diagnosis. I wouldn't have been able to walk everywhere with my illness, I was able to put all the energy I had left into my studies instead of having to get a job to support myself. I wouldn't have got my degree without it. Really life changing for me. My DS is now 12 and we've so far got £10k saved for him, we're not wealthy by a long shot but we save as much as we can as I know the difference it will make to his future.

Cam2020 · 18/08/2021 19:35

I'd have pissed it up the wall and had a killer wardrobe.

Original poster
Artdecolover · 18/08/2021 19:37

@Chasingsquirrels

Depends how much, a comparable amount to the government contribution to the CTFs would have made no difference to me.

Ds1 got his last Sep, about £6k as my mum has also been putting £25 a month in. He's been investing on shares, and had a lucky break with Game Stop. Definitely not pissed up the wall.

Ds has a decent amount (between £15-20k)

He's debating what to do atm. If he passes his test there wouldn't be much point him buying a car as he wouldn't be allowed to park on campus plus insurance etc

He's not keen on the idea of investing

Hopefully once things are more normal he can go travelling a but

OP posts:
FizziWater · 18/08/2021 19:38

My DC got two small inheritances around £8k.
One has it all in long term stocks and share, plus made a bit more on gamestop.
The other had planned to use some for travel but the pandemic put paid to that and he has it all in various savings accounts.

Original poster
Artdecolover · 18/08/2021 19:39

@HurryUpAndWait23

I was given 2k when I was 18, 20 years ago.

I pissed it up the wall. Nothing to show for it.

My brothers did exactly the same thing.

I have the same amount for my kids and they will be waiting until they are 21.

It seems that's not uncommon!
OP posts:
Original poster
Artdecolover · 18/08/2021 19:39

@Ponkypig282

I didn't get a lump sum as such but did get my first car bought for me, uni fees paid and a deposit for a house. The difference it made to my life was absolutely massive especially as I had major health problems from the age of 17. It gave me the stability to cope with my diagnosis. I wouldn't have been able to walk everywhere with my illness, I was able to put all the energy I had left into my studies instead of having to get a job to support myself. I wouldn't have got my degree without it. Really life changing for me. My DS is now 12 and we've so far got £10k saved for him, we're not wealthy by a long shot but we save as much as we can as I know the difference it will make to his future.
I'm glad it's helped you so much x
OP posts:
PurBal · 18/08/2021 19:41

I got some money at 19 and had my teeth straightened. I stopped wearing the retainer though so was a bit of a waste long term.

CayrolBaaaskin · 18/08/2021 19:49

I liked to think I would have bought a place to live which would have made a huge difference to my life. I probably would but there’s an outside chance I would have spraffed it on travelling.

Desperately saving for both dds to try to set them up. Hopefully they are sensible but I’m realistic that it’s going to be hard to give them the benefit of my experience of growing up in poverty when they likely won’t want it as know it all teenagers by then!

imaginethemdragons · 18/08/2021 19:49

Family member got £17k
Holiday abroad and pissed every single penny up the wall. Within a year had absolutely nothing to show for it.

Now, 20 years on, gutted as could have a fully paid for house.

We knew it would happen.

The family are gutted because of the hard work and heartbreak that the money came from.
Very very sad and upsetting waste.

Claphands · 18/08/2021 19:53

That amount of money, in fact any amount of money would have really changed my options back at 18, I might have gone to uni (I couldn’t afford to back in the 80’s), bought a car or a flat. I’m glad my DD won’t be poor like I was back then, it really holds you back.

Ughmaybenot · 18/08/2021 19:54

While I could be a bit wild at 18, I valued money, so probably would probably tucked it away in savings to use for a house deposit in the future.
I’d already saved for driving lessons myself and had bought myself a car by then, so wouldn’t have needed it for that.

megletthesecond · 18/08/2021 20:05

I wasted the money I had.
I feel sick worrying mine will do the same. My eldest might be ok but my youngest will run amok with hers.

Treezan82 · 18/08/2021 20:08

Fuck all, I'd have pissed it up the wall. I am really good with money now, 20 years later.

SpaceBethSmith · 18/08/2021 20:10

I’ll admit that I was an exceptionally boring teenager Grin

DGFB · 18/08/2021 20:11

I’d have pissed it up the wall. I intend to save my kids’ cash until they need it for a house deposit

CarlottaValdez · 18/08/2021 20:17

I have about 10k saved for DS so far (he’s six). I’m not sure what to do with it but I don’t want to put it somewhere where he gets it all at 18 - I just don’t know what type of 18 year old he’ll be!

I got 20k at 25 and used it as a house deposit, absolutely set me up for life financially. When I sold the flat it had gone up in value by about 150k.

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