What would you do with 25k if you had no responsibilities?

[Fabpinky]

I’m looking for some suggestions for what my next move should be. I’m stuck in a rut.

Im 30 years old. No partner, no children. Decent paying job and my own business (that I can do remotely)

I have £14,000 saved. By the end of the year I should be able to have around £25,000

I currently rent a 3 bed flat, the rent is extremely cheap so I am not going to be giving that up. I sublet (with permission)1 of the rooms currently.

So here is my question. What should I do next??

Should I go travelling? This would be possible to do whenever but my job is probably coming to an end in December so a January start for travelling could work. Where should I go? What should I do? I’ve looked at Bali, Sri Lanka, Cambodia, places like that. Or should I go to America or Australia?

OR

Should I try and get on the property ladder at the end of the year when I have 25k?

Buying a property seems like a boring option but If I went travelling, once I returned it would take me another 2 years or so (if I’m lucky) to get another deposit together.

I want some excitement so I am leaning towards the travelling option, but it all seems so scary and daunting. Any advice?

Bump?

Stock market - this could help set you on a good path financially for your future.

I would look at investing it - with the aim to buying a property, and using part of it for travelling (so don't invest it all).

Your low rent isn't guaranteed forever so I would look at safeguarding a home for the future.

without a doubt, property! then if you decide to go travelling you could airbnb it or rent out a room or rent it out then have some income from that.

If you can work remotely could you use your monthly earnings to fund your travel instead of your savings? Keep your 25k for a house deposit when you get back? I’d be trying to work out ways you can do both for sure.

maybe think of something like this Remote working

@Perpop the business that I can do remotely brings in around £600 a month on average, so that could find me while I travelled, but I would not want to give up my rented flat while I go, so the savings will be eaten into either way. I definitely wouldn’t spend all my savings on the travelling

Property ladder. Renting is so precarious. You want to aim to be mortgage free by retirement. You can still travel & do lots of fun stuff while living in your new home.

@FrownedUpon I know, but I just worry that the travelling will never end up happening if I don’t put it first.

Any other suggestions?

I think I'm echoing others, really, but I'd say buy a property, then use what's left to start your travelling off (big upfront costs like flights, any equipment/luggage you need etc), then combine work and travel.

I'd go travelling personally. You can always earn more money.

And it sounds like that's what you want to do.

Invest it.

Do you have a pension? It sounds boring at 30, but believe me, by 50 you'll be glad you did. You could put some info that and use the rest for a brilliant long holiday. X

I'd travel.

You love your rented flat, so what's the big deal on purchasing a property?

Renting, you have a home which the law says must be kept to a certain standard by someone else rather than you having to fork out for wear and tear or breakdowns. And let's face it, as nothing in life stays certain you may never again have the chance to travel. (You could get long term ill; fall head over heels for a guy and get married/pregnant; lose your income somehow) ... nah, go for it. Travel.

If you're a dog or cat lover, you could even think of including Thailand in your plans: the very reputable Soi Dog Foundation in Thailand are always on the lookout for volunteers who will accompany a dog or cat who's being rehomed in Europe/UK, as this reduces the cost of the animal's flight. (You hand the critter over to the adopter when you reach your home airport.)

Good luck - come back and let us know which you decide on!

@Ithinkitsadoughnut i have a pension through work but not a private one. I don’t understand the difference between them and savings accounts. I’ll do some research!

Sort my kitchen out - strip it out and completely re-model it.