What would you do with..

[Naturelsing]

£8000

I'm still pinching myself but I won £8000 yesterday. Apart from paying off my credit card bill which is a little hefty because of christmas, what shall I do? Treat myself and my family? Or be sensible and put it into savings. I know it's not a life changing sum but it's a significant sum of money.

What would you do?

Pay off card
Book a holiday
Buy yourself a piece of jewellery or a handbag.

Oh, and congratulations!

I’m hideously boring and it would go straight on the mortgage!!

That's lovely, congratulations. After clearing the credit card I would spend some money going somewhere or doing something you've always wanted, but never been able to afford. Use it to make memories doing something special.

Oooh how did you win it? Congratulations!

Credit card and then a treat, you wouldn't have had this money ordinarily so won't miss it if there's something you've always wanted to do/buy with it. Enjoy

We always put unexpected largish sums onto the mortgage, so it was paid off much earlier. Not exactly exciting but a good feeling and you save more in the long run. Maybe a nice piece of jewellery first?

Pay debts with a third.
Spend a third.
Save the rest.

With interest rates as low as they are, you're going to have to look quite hard to find some sort of savings method to get that amount to actually make any money, so unless you just want to bung it in the bank for when you actually need it, I'd say treat yourself.

If I were you I would pay off any debts and then whatever is left I’d save half and spend half. Whether that’s on stuff you need or things you’d like to buy or do.

I'd put it into the mortgage, I'm trying to move so it would help a little.

But congratulations!!!

I got the lottery 'you have won' email... £2.40

Ooh pay off the credit card then treat yourself to the pair of boots (or whatever) that you've had your eye on but there's always something else that needs paying and book a holiday.
Lucky you, well done, I love a good news thread

Is your credit card always hefty after Christmas @Naturelsing ??
If so then pay it off...and then save yourself the rest for next Christmas to save you be back to square 1 with a hefty credit card bill this time next year. Otherwise what's the point...spending it all on treats won't do you any favours.

Put some in your pension (or open a SIPP if you don't have a pension yet)
HMRC will give tax relief on anything you invest (up to £40k), so if your a high rate taxpayer for every £60 you put in they top it up to £100.
PS I wish I'd known this years ago, along with the power of compound interest....

My credit card bill is always hefty after Christmas 😄, but the whole balance is automatically paid off every month.

Congratulations OP 🙂. I think it depends on what your savings etc. are like - if you have 6 months of outgoings in accessible savings, I'd probably book a small holiday and pay the rest of your mortgage.

1. Congratulations!
2. Clear debts (maybe put £2k into the mortgage)
3. Treat for yourself (I got a similar sum a couple of years ago and bought an extravagant Apple Watch)
4. Go for a swanky dinner with the dearest to celebrate
5. Invest some well and gamble some in cryptocurrency
6. Congratulations again!

Well done. I just won a lucky fucking dip - excuse language but I’m sock of them and there is never anything ‘lucky’ about them fir me !!
How amazing. After credit card I would do something sensible with 2/3 of remainder - pension/savings/mortgage etc.
1/3 do whatever that amount will buy whether short holiday (insured for cancellation!) or weekend away with theatre etc or upgrade car or weekly take away fund or buying an older relative something they need, or donation of some of it to something meaningful etc etc - whatever will make a difference and/or make you happy to have done.
Well done op !

I would pay off any debt.
Put maybe £3000 in savings (currently rent so can go towards deposit for when we buy)
And then look at what we need for the house, buy that and then treat ourselves to a short break or holiday.

Ooorrrr book lapland for next Christmas

Don't put into savings - interest rates are rock bottom. Buy Premium Bonds with anything left over.

Sod the debts I would blow it on mods for my car. Literally just splurged on a gaming pc so mods for my car it is.