What do people do with inheritance money

[88Pandora88]

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 😊

I paid off my mortgage, had new windows, new kitchen, bathroom and en-suite, had the garden landscaped and invested the rest.

I got about £25k from my Dad. I bought a car, paid for our honeymoon and the rest went in savings and was later used for a house deposit. I was 26 at the time.

If we were to inherit now I think we'd pay off our loan as a priority and do some things on the house.

Paid last years has bill

Gas

Give it the tax man, unfortunately.

We got a conservatory built. Massively improved our life as it became a dining room and we used it all year round until we moved.

I'd sort all the debt, then save the rest.

We were already in the process of buying a new (more expensive) house so it meant we could move while remaining mortgage free plus buy more new furniture than we may otherwise have done, landscape the garden etc.
With the remainder we maxed out the PB's and ISA's.

At the end of the day, it is your money to do whatever you want with.

I've had 2 occasions when I have inherited money.
Once was from my nan, the year before my wedding. I saw her 10 days before she died and our last conversation was about the type of wedding dress she always thought I would wear. I am her eldest granddaughter and the first to get married. She was very precise in the details. Once I received the money, I was walking past a bridal shop and the dress my nan told me about was in the window. It was everything she had said even down to the smallest details. I went into the shop, tried it on and ordered it there and then. I then had to phone my mum that we wouldn't be going out looking for dresses because I already ordered it. I used my nans money to buy it as well as the flowers, the veil, headpiece and hoop.

The second time, we had children. I put a portion into each of their accounts for when they are older and used the rest for a family holiday abroad and bought new sofas for our new house.

Use it for something fun you wouldn't normally be able to afford- a holiday, a piece of jewellery, something to remember your grandfather by that will make you smile every time you think of him.

That's lovely @SunnySomer

To me that's more significant because you bought something of meaning. Artwork, musical instrument. Rather than just paying off debts

Saved some
Gave some to my DS and DD
Took DH on a mini break ( city break )

DH told me it's mine not family money so he didn't want it put in the joint account .

In your circumstances pay off the debt for sure. When I inherited a small sum I bought my household lifetime national trust membership, and we think about that relative every time we go to a NT place. They would love that I did that with the money.

I’d pay off all the debt, I don’t see the point in having savings if you’re in debt.

NT lifetime membership is a great idea 😊

I think you should use it to make your life easier but if you can buy yourself something to remember them by.

I inherited a small bequest from my grandmother which had gained interest by the time I was an adult and able to spend it. I bought an expensive but not extravagant piece of jewellery and think of her when I wear it.

I later inherited a larger amount from another relative. I used a chunk to pay tuition fees for a postgrad. Then a bit towards a car, and my honeymoon. I still have a good chunk though.

We inherited some money when my brother died suddenly. We'd always said we'd get a motorhome one day but this was like a wake up call, don't know how long we've got left so spent our inheritance on one. It's great and we use it loads.

Pay off as much debt as you can. Maybe set aside £100 or so and buy yourself a nice piece of jewellery or something to remember him by.

I bought two silk dressing gowns and a season’s worth of ballet tickets in the front stalls. But I didn’t have any debt or dependents at that point. In your shoes, I’d pay off the credit card and treat myself to something lovely with whatever’s left over.

I've just had some and I'm
Paying off
A debt I have. Then I'll be debt free!

When my grandmother passed away, I was in a middle of my divorce l, I used the inheritance to pay my solicitor's fee.

Yes this

Invested it - property mainly (including things to increase value of property like new kitchens/bathrooms etc)

I would use some to pay of debt and some to buy a keep sake, my grandad left me about £100 I bought a ring with it which makes me think of him every time I wear it, grandma left me about 500 I bought another ring and a kitchen table

Very sensible! And those new savings will still be 'from' your grandad as his gift is the reason you'll be building them up so whatever you spend it on eventually you can remember him by 😊