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Original poster

What do people do with inheritance money

126 replies

88Pandora88 · 16/09/2023 17:39

Sadly my Grandad passed earlier this year, today I've just received inheritance. Just over 6 grand. I was shocked, grateful, made me a little teary but thankful etc..

What do people do with it?

I have a credit card which needs paying off, so I've just put 2 grand on that which will help massively, there's still 3 grand to pay but for now I've put most of the rest into an ISA account, put a little into both my girls isas for when they're older, and then just left the rest in my normal account for now.

Just wondering what others do 😊

OP posts:
DisforDarkChocolate · 16/09/2023 18:03

If that happened to me it would be 2k of debts, 1k for fun or a nice picture and the rest of my mortgage. Nothing exciting.

Groovee · 16/09/2023 18:05

My gran passed away and I got a surprise inheritance. She shared her birthday with Dh, and had always loved their idea of going to Lapland. So for his birthday that year, me, Dh and our children went to Lapland.

The money I had saved for Lapland went on new windows.

cushioncovers · 16/09/2023 18:07

I'd pay off all of your debt.

skinnytobe · 16/09/2023 18:10

It allowed DP to buy his sister out of their childhood home which we now live in mortgage free. It was a significant amount though £170k+

RichPetunia · 16/09/2023 18:12

With £6k, I'd pay off some of the debt just as you've done, but I wouldn't have put any away for the kids. Instead I'd use the rest on a one of a kind holiday that your whole family will talk about for years to come. Use the money to make great memories, that's my advice.

Original poster
88Pandora88 · 16/09/2023 18:12

Thanks everyone. It's more than I was initially told it could be by about 2 grand so very thankful.
I think I will be taking the advice of most here and paying more/ the rest off the card and then use what I was paying off prior towards future savings. 😊

OP posts:
Redwinestillfine · 16/09/2023 18:14

Pay off my debt first and then put the rest I to savings to stop having to use credit card again

CharlotteStreetW1 · 16/09/2023 18:14

We had £20k last year and are fortunate to be debt free. We both have big birthdays this year and it's our silver wedding next year so we've spent a lot of it on blow-out holidays to celebrate.

In your position I'd have bought something special, say diamond studs that you can wear every day, and put the rest to the credit card.

Takeitonthechin · 16/09/2023 18:16

Pay off all debt in full as the interest rate for debt will still be higher than any interest rates on savings accounts

Soontobe60 · 16/09/2023 18:19

My daughters received a little money when their grandfather died. Not as much as you've got. They each bought a piece of jewellery in his memory. Id do the same if I were you, put a little into your kids ISAs and use the rest to pay off your credit card.

boomtickhouse · 16/09/2023 18:21

88Pandora88 · 16/09/2023 18:12

Thanks everyone. It's more than I was initially told it could be by about 2 grand so very thankful.
I think I will be taking the advice of most here and paying more/ the rest off the card and then use what I was paying off prior towards future savings. 😊

This is by far the most sensible thing to do. Maybe keep a few hundred & buy something special to remember your grandad by.

80sMum · 16/09/2023 18:24

I didn't inherit anything until I was over 60. I gave most of it to my adult children.

SummerSazz · 16/09/2023 18:24

I bought my ex husband out of the house

In memory of my mum I bought a lifetime membership for the National Trust. She was a life member and loved her local NT property so is a great memory and I'll be sure to use it more when I retire

SharonEllis · 16/09/2023 18:25

Pay off all debt. I paid off my mortgage.

Tally00 · 16/09/2023 18:26

My Grandma died and left me a similar amount when I was 17 so I used it for my driving lessons and to buy my first car.

BasinHaircut · 16/09/2023 18:28

Right now I’d buy a second car, or use it for an amazing holiday.

But I don’t have debt otherwise I’d use it for that

fiddlesticksandotherwords · 16/09/2023 18:30

DH got a similar amount a few years ago, bought a guitar he wanted (he is a gigging musician, not a dreamer lol) and put the rest towards our new kitchen.

CinemaCrazy · 16/09/2023 18:34

I inherited 1k from a relative and bought a lovely dining table and chairs set that I enjoyed for many years. I then gave it to a lovely family via Facebook and they sent me a photo of them all using it.
I also inherited nearly a 6 figure sum and used 2/3 if it as deposit on a flat that I rent to my DC for a token amount. The rest I’ve invested but I do spend the profit I make on treating my family, I am fortunate not to need anything myself and I don’t want to waste this money either.

PoppityBoo · 16/09/2023 18:34

We were (lucky?) unlucky enough to inherit nearly 100k between my husband and myself over a period of three years from relatives on both sides. We sank pretty much all of it into buying and massively renovating a family home in a lovely village that I don’t think we could have really afforded to live in otherwise.
I love my house. I honestly feel so happy here with family in this location and I never want to leave. Although it was devastating to lose so many lovely relatives so quickly I feel like this home is filled with love, and I like to think they would approve of how we’ve spent it as well (especially my mother in law who loved a bungalow which is what we have now!)

WhiteFire · 16/09/2023 18:36

88Pandora88 · 16/09/2023 18:12

Thanks everyone. It's more than I was initially told it could be by about 2 grand so very thankful.
I think I will be taking the advice of most here and paying more/ the rest off the card and then use what I was paying off prior towards future savings. 😊

That seems a good plan.

When MIL died a sizeable amount went on a new roof. DH's cousin recently passed away and he was the sole benefactor, it was a lot more than I had expected. We will probably pay off the mortgage, but for now we are doing some decorating.

caringcarer · 16/09/2023 18:42

If you have credit card debt I'd pay it off in full to save paying all the interest.

Rollinghill · 16/09/2023 18:56

All mine went into paying off mortgage. I didn't even think about a holiday or new sofas, I maybe slightly regret that.

cptartapp · 16/09/2023 18:58

I bought a new car, £12k and saw an IFA to invest the rest over ten years so I can be sure to retire at 55 alongside claiming my NHS pension.

NotYourHolidayDick · 16/09/2023 19:03

I got similar from my dead grandad. He was a fucking awful cunt, so pissing away his money was easy.

I paid for the family to go paragliding over a Greek beach, ate out a few times a week, bought a Canada Goose coat, loads of Viv Westwood, spoilt my kids rotten at Xmas with Iphones and clothes, did a £500 Xmas food and alcohol shop. Anything and everything that he would have disapproved of 😁😁

Totally irresponsible but FELT SO GOOD.

Not helpful to you, but felt ace to shout about it. I hope he has seen from his grave 😂

XMissPlacedX · 16/09/2023 19:20

I received £100 off my lovely nan when she died. I bought a ring for £105 and on the way home on the train found £5 stuffed down the back of the train seat (saw some green poking out). I always liked to believe that she sent me the extra £5 so she could pay for the whole ring bless her.