If you tripled your salary over 12 months... What changes would you make in your life?

[Terribleluck]

Over 12 months I've been able to triple my salary, the reality is that I was grossly underpaid before, the job I got earlier this was a good salary bump, but I'd say that my new salary would be appropriate if I had stayed in that line of work.

Anywho...apart from paying our debts (which are all on 0%)

What other changes in our life would be good? I've thought of finally getting a cleaner, and definitely some holidays!

But what to do with the rest? Over pay mortgage? Pension? Good old savings? Just enjoy it for a bit? (We've struggled financially for almost four years, maybe not struggled, but haven't been able to give our DC the life I'd like).

It really depends on the amount doesn’t it - if your new salary is £24k that’s rather different to £300k

What would make your life easier? Are you working longer hours so services like a dog Walker and cleaner would be useful?

Or are you doing the same hours and your lifestyle is broadly unchanged?

Id treat yourselves and your children a bit, to live comfortably rather than feeling like I was scrimping and savings then I’d put as much money in to the mortgage and increase pensions conts

One thing I would say - your outgoings will quickly adjust to this new salary, so if you’re keen to save money then do so before you’ve noticed it in your account and are likely to spend it

In a year we went from a £45k income family to £100k...I know I'm classified as a high earner now so tax means it's not exactly within proportion and we'll lose child benefit.

Forgot to mention, lifestyle and hours will be broadly the same although I'm expected to travel every now and then.

If this was me I would prioritise:
cleaner
pension
savings
holidays
mortgage (but my mortgage is not huge so it might be higher up the list if it was)

PS Good for you!

Congratulations!!

Get a cleaner (always), but other than that go and see a financial adviser and make a plan so you use your money to build the life you want. Once you’ve done that, allocate some money for fun. Your life should definitely include holidays, but once you’ve seen an FA you’ll know what you have to spent on that.

Cleaner
Pension
Pay down mortgage
See IFA about the most tax efficient way of investing any remainder, probably an ISA

Yes to getting a cleaner, it’s a sacrifice we’ve had to make since DD started nursery and I miss her so much - it’s so galling spending a morning of our weekends together just cleaning.

Personally I’d prioritise getting the debt paid off, then savings and pension. Would split the ‘new’ case 80/20 on boring/fun, so (pretax) 40k a year on debts then savings and pension, and 10k a year on nice things like cleaner and holidays and stuff

*’new’ cash, not case

That's amazing op well done.
Yes a cleaner, private health care and dental plan, car upgrade, probably a David llyod membership for the family, savings pot,
If I was being really strict I'd save up enough for a deposit on a second home and rent it out

It's just happened to me.
No debts, no mortgage, already had a cleaner.
So priorities are
Pension
ISA
Stocks and shares savings
Holidays

Always, always overpay your mortgage if you can. Being mortgage free during your 50s and 60s really makes a huge difference.

Congratulations!
I'd get a cleaner and a gardener. Pay off my finance and ramp up my pension (perhaps get a private one)
Then just enjoy being able to get luxuries when I want to.

Pension (especially due to tax), build up a buffer for emergencies and savings or mortgage (depending on what type of mortgage it is, bearing in mind rates may rise in the next couple of years). Then maybe see what may benefit kids - eg any activities or tuition or holidays

Grown up children so a bit different to most replies but I would reduce mortgage by overpaying, bit more in pension, new clothes to fit my newly acquired dumpy peri shape, haircut more than once a year, finally insulate conservatory and add heating and curtains to make that a proper room, properly decorated and fitted out with furniture, tv etc.

Boring - pension & savings

Thanks for all the replies! Yes, we've thought of a financial advisor. I was planning to ask our mortgage broker if she could recommend one. Gardener is also part of the plan. I get a free gym membership and private health insurance, so at least that's covered (but have also thought of getting dental cover). Car-wise I like our current one, so I've been thinking of driving it until it dies (it has 140k miles already, so I think I'll need to change sooner rather than later).

I would pay mortgage or get a plot to build a second home, holiday type.
Sort the windows in my current house.
Look into buying a business. My husband likes the idea of having a little café.

I’m at a completely different stage of my life but our priority was always mortgage, which we happily paid off after only five years due to a stellar investment. We already had a cleaner. It was all about future financial planning so pensions and extra life insurance and very lovely holidays. I also treated my sisters to some weekends away and some big purchases.

Forgot to add there's also stock which would be worth at the very, very least £50k but realistically I think it would be at least double by the time I can cash it. I thought that could definitely go straight into the house.

Well done OP I’m really happy for you, it will make such a big difference. We have done the same albeit over 4 ish years. We now can do everything we want (within normal reasonable expectations) and never run short which I think is a lovely way to live. We have 2 kids in primary school & are both mid 30s & have always loved holidays so do those about 3-4 times a year, abroad and UK. We both work full time-DH definitely 40 hrs, me nearer 30 hrs.
We spend £950 on our mortgage and overpay about £5k a year. It’s around £200k left I think on a £500k house.
We spend £8k on holidays, I actually aim to spend this, that’s the budget for us at the moment.
We save around £10-15k a year although that’s never built up as had major building work done & whole house to refurbish but that’s all finished now.
We have one nice car, one old one.
We already have excellent pensions & are looking into AVCs.
We have just bought a BTL & will buy another in 2 yrs. this was a conversation over a few years between benefits of BTL vs shares.
Finally, we’ve always had a 3 hrs of cleaner a week. Kids do numerous musical instruments, clubs, sports.
When we get other promotions / higher salary’s- probably £20k between us in next 5 years, the aim is to cut hours so I work 3 days & DH 4... life is too short to work every day when we don’t need to.

Hope that helps, good luck x

I would have a holiday and a cleaner weekly. A little bit extra fun money also. After that I would pretend I was still on similar wage and use the surplus money to pay off mortgage and put some aside/invest.

Really depends! My income has gone up by 20% this year and I haven’t made any changes, just saving more which is mostly towards holidays and home improvements. But if it went up a lot more I would look at moving house, are you happy with where you live?

Congratulations! That's awesome. To br honest I would make sure I treated myself with something - probably a holiday; then pay off the debt before the 0% period ended; then invest, either in a pension depending on your current provision, or in an S&S ISA.

I doubled my salary in a year. We are planning to move house as our current one is not really big enough. We are also overpaying on the mortgage in the current house.

We also add money to savings every month, something we previously didn't have enough money to do. It's lovely to know if some emergency happens that we have funds to pay for it.

Other than that, I would agree to use it for things that make your life easier.