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Original poster

What do you consider to be a "life changing" sum of money?

146 replies

HaaaaaveyoumetTed · 03/12/2021 14:56

Just that really.

Inspired by another thread where someone won on the pools, and people saying "if it's a life changing sum?"

So what would be a life changing sum to you? I think for me, it'd be enough to pay off my mortgage, which is sizeable.

OP posts:

KohlaParasaurus · 03/12/2021 16:43

The only change I'd like to make to my own life is to move to a more expensive town, and £700,000 would let me buy a house there of comparable size to my current house with enough left over to pay someone to do the cleaning and the boring gardening jobs. I have a nice job and am in no hurry to stop working. If I'd been 30 years younger I'd have gone for around ten million pounds to let me be a SAHP instead of outsourcing my children's upbringing.

Toddlerteaplease · 03/12/2021 16:45

Enough to pay the mortgage off. So £123k

FissionMailed · 03/12/2021 16:48

Truly life changing £1.5mil
Small house, bit of land, never worry again.

Life improving... £5000 would do it. Clear a couple debts, fix the car etc.

Gertie75 · 03/12/2021 16:58

80k would pay off the mortgage so that's life changing, we'd still have to work though to pay household bills but would be £550 a month better off which mean we wouldn't have to be as careful with our spending.

I'm mid 40s and dh is 50 and it's hard to know how much we'd need to be comfortable for life and be able to give up work.

muddyford · 03/12/2021 17:06

A million pounds. I could buy a house where I really want to live without the hassle of selling my current house first and have something substantial in the bank for my old age.

mrsbitaly · 03/12/2021 17:07

Enough for a house to be purchased outright and some money for the kids when they are older for driving lessons wedding and a baby if they choose. I couldn't not work I would get bored.

Naughtynovembertree · 03/12/2021 17:07

Peace of mind money. For me a few thousand, it meant the difference between constant worry of the old boiler packing out or the car breaking and no money to replace.

Polmuggle · 03/12/2021 17:10

@ToughTittyWhompus

250K

Would buy me a house (a 3 bed terrace will do)
Cover a PhD (if I don’t get a fully funded one)

I was dreaming of being able to afford a three bed terrace in my area today - browsing right move looking at prices of £1.2m!

So yeah, I'll have £1m please to change my life!

2catsandhappy · 03/12/2021 17:13

£7000
Unexpected inheritence from df.
Paid off my debt which had been lingering from divorce 25 years earlier.
No more dreading phone calls or post. Boost to credit score. Just a long lasting enjoyment to life.

Disfordarkchocolate · 03/12/2021 17:13

Anything over £10,000 would have a noticeable impact.

My fantasy life changing amount is £1,500,000. I like most of my life but I'd love to help my children.

Nesbo · 03/12/2021 17:17

I think paying off the mortgage would be life changing as that’s such a driving force behind other decisions, so about £350k for me.

But then when I think about it, apart from a sense of relief I wonder if anything else about life would really change. It’s an interesting question.

SickAndTiredAgain · 03/12/2021 17:17

Enough to pay of the mortgage, because of the amount of money that would then free up each month.

Chewbecca · 03/12/2021 17:17

We used to say over £1m but it's gone right down now.
Mtg is paid off and we don't want a bigger home or different area. Our pensions are nearly complete, as in, within a year, we reckon there is enough to retire on.
So I guess now perhaps £100k would bring forward that point.
I think I like my life now!

DrRamsesEmerson · 03/12/2021 17:18

A million to be really life-changing (though I wouldn’t want to give up work). Pay off mortgage, pay DD’s university costs, and have some truly amazing holidays before she leaves home.

SickAndTiredAgain · 03/12/2021 17:18

@Nesbo

I think paying off the mortgage would be life changing as that’s such a driving force behind other decisions, so about £350k for me.

But then when I think about it, apart from a sense of relief I wonder if anything else about life would really change. It’s an interesting question.

Having that extra money each month would change things though. Maybe not your entire life, but our mortgage is about £900 a month so having that as extra spending money, and extra money to put into a pension, would make a difference day to day, and in retirement.

Ozanj · 03/12/2021 17:19

For one of my friend’s dads it was £10,000. He got it as an inheritance, didn’t know what to do with it, so bought Amazon shares with it and kept them. The dividends alone have paid for houses, private school for the gc, and mindboggling family holidays every year

EdithGrantham · 03/12/2021 17:22

We've been given money which is enough to allow me to take 12 months maternity instead of the 9 which we'd saved for so for me £6k has changed my life. For longer term change enough to pay off the mortgage, but of we're really wishing for things why not go for the big time and say a couple of million

Dweni · 03/12/2021 17:23

60k to pay off loans and credit card debt. Getting that off our shoulders would be life changing.

BigYellowHat · 03/12/2021 17:25

Enough to pay off mortgage, debts, each max out our premium bonds/that year’s ISA plus £20k of savings for us and £10k for each child. I’d also put £50k each into our pensions (NHS/MOD). All in all, £650k.

Where shall I write my bank details? Obviously all donations grateful accepted but I’d prefer a £250 minimum to keep out the pesky time wasters 😂

Concestor · 03/12/2021 17:25

100k would pay off the burgage but truly life changing would mean being able to buy another house similar to ours in a nice place to create a passive income and then be our retirement home, so 800k plus really.

weegiemum · 03/12/2021 17:27

I think I'd have to say a million, and I kind of feel bad saying that. It would pay off the mortage(s), allow us to help our 3 young adult dc onto the housing ladder and though dh wouldn't retire, he'd be able to go part time which would really improve both of our quality of life. I currently don't work through disability, I'm retraining and would still go ahead with that as I'd love to be able to work or volunteer. I'd not move house but would take more holidays.

Anything less would be a great windfall, but wouldn't change things greatly.

Polkadotties · 03/12/2021 17:29

Minimum £500k to pay off mortgage. That way we would still both work but all our money would be ‘ours’ (obviously would still bills just no mortgage)

Horriblewoman · 03/12/2021 17:36

I inherited £100,000 and it allowed us to get on the property ladder in a tiny London flat (we didn't spend it all though and my boyfriend put some in too).

1 million would do it - we could upsize, buy a holiday home in the country I'm from and allow us to help a family member.

SiobhanSharpe · 03/12/2021 17:37

I think 5 million of thereabouts because i'd want to spread it around -- can you imagine being worth several million and your friends and family are still struggling?
So -- 1 million for DS to buy a decent house (lives in London and can't afford anything there) another two million for our immediate family (1 sibling each. No nephews or nieces) and best friends. Rest for us.
Yippee!

NotQuiteUsual · 03/12/2021 17:41

We got 90k inheritance and that paid off all our debt and bought a house outright (in one of the cheapest parts of the UK) that was absolutely life changing. Going from mounds of debt and counting every penny to mortgage free was incredible. Felt like a character from a film or something.

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