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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:

Unexpectedlysinglemum · 16/09/2023 22:38

jmh740 · 16/09/2023 21:41

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

I think she should do this will the money she saved with the credit card payment savings, not right now or she'll end up over paying internet

roastytoastysnowballs · 16/09/2023 22:42

We inherited a lot more (six figures) and have tied it up in long term savers for the children.

However if I'd inherited 6k? Clear any debts and book a holiday with what's left. Enjoy it. 🙂

Thighdentitycrisis · 16/09/2023 22:48

I received a small inheritance and bought a tree for my front garden

Bumblebee2022 · 16/09/2023 22:49

I inherited similar from a grandparent and we used it to re do the living room and then re did the patio in the garden. my other grandparent died at a similar time to dhs aunt, and between them left us about £10k and that plus our savings meant we could pay off our mortgage - our fixed rate ended as the rates shot up, so it meant we are in a really good position for the future. We now save what we used to pay for the mortgage, to build them back Up. In your position I’d be paying off your debts. As long as you have a small amount in savings, I’d be paying off the debt and then saving what you would have paid to build up a safety net so you don’t need to go in to debt again.

PuzzledObserver · 16/09/2023 22:54

When my husband inherited a few K, most of it went into savings, but he did spend a few hundred on an original painting. We remember him every time we look at it.

It doesn’t have to be a painting….l but I think it would be nice to buy something tangible you can keep, as a reminder of your grandad.

Stupendousseptember · 16/09/2023 23:06

Op I think when you havr debt using it mostly for sensible stuff is the right if boring thing to do.

Also excellent idea to put some away for dc.

Whilst you are deciding what to do depending on isa rate maybe put some in pb?

I'd def put 500 into a stocks and shares isa.

fluffiphlox · 16/09/2023 23:11

Pay off your debt. Add the rest to your rainy day money eg if the boiler goes. £6K isn’t that much in the scheme of things.

mrsbyers · 16/09/2023 23:19

I bought a painting and rest into savings toward retirement , if I’d had any debt it would have gone to that as a priority

HappiDaze · 16/09/2023 23:25

I was very young and clueless when I inherited £5k which I bought a car with but at the time would paid for a deposit on a flat

I bought a flat a few years later when my adult brain kicked with less of a deposit when I moved out of London in so at least I did ok

HappiDaze · 16/09/2023 23:26

I someone handed me £6 K I'd pay it off towards debts

HauntingSecrets · 16/09/2023 23:30

Paid off debt
Deposit on family home
4. Deposit on rental properties

LifeIsHardAlways · 16/09/2023 23:31

I was very lucky and it helped me buy my house 😊

BathingBeauty · 16/09/2023 23:36

We got £100k from MIL, we had no mortgage or debt, so it’s in premium bonds. DH won’t spend it on anything frivolous. He wants it to use on a house move but for various reasons I feel safer having it as savings.
BIL/SIL bought 2 cars and went on 2 luxury holidays in 6 months with their share. They then kept asking if we had anything left (we didn’t say).
Personally I’d save or PB.

CherryBlossom321 · 16/09/2023 23:37

Cleared my debt.

UsingChangeofName · 16/09/2023 23:40

Agree with everyone else.
If I had £5K of debt, and I inherited £6K, I'd pay off the £5K then sit a while and think about how to use the other £1K.

Then that would depend on all my other circumstances.

Serenity45 · 17/09/2023 01:15

We had an unexpected inheritance from one of DH extended family. We're usually sensible, no debt, already have savings do house up etc. So while we did get our back fence replaced,we also had a fantastic 3 week road trip in the USA. Trip of a lifetime - we had such an adventure and will always be grateful for it.

Wallywobbles · 17/09/2023 04:36

I bought a beautiful painting. Look at it every day.

justanothermanicmonday1 · 17/09/2023 04:39

We just got the same amount. Going towards our new house and furnishing that and using some to build up our savings.

Toddler101 · 17/09/2023 04:47

I bought Nation Trust life family membership with mine. We use it a lot and have some really lovely days out exploring new places that we wouldn't have necessarily been to before, and it's great on UK holidays or when we go and visit friends for a day and need to stop off on the way home to stretch our legs! My grandparent would have loved that I used it this way and everytime we visit a place it makes me smile and think of them.

The rest I put towards treating myself to a new nice watch as grandparent bought mine for my 18th and I was devastated when it broke. Again, it's something I use every day and reminds me of them.

I was going to stick in in the mortgage initially but DH was lovely and told me not too because then I'd have nothing specific to say 'that was from grandparent'. So I didn't. We don't have any other debts though!

User17439824 · 17/09/2023 04:54

I recently inherited £55K, I gave £5k to adult son, put £20k in an ISA, rest in normal savings. We will spend some on a holiday next year, and the rest will go with supplementing our pensions, we are retired and own our house, no debt.

junebirthdaygirl · 17/09/2023 05:11

We used ours to pay our dcs university education.

But for you pay off the debt, tear up the credit card and start saving the money you were using to service the debt. Having no credit card bills going forward will make your life easier and a great gift from your gp...living debt free except for a mortgage.

Dashel · 17/09/2023 05:19

I have never had an inheritance but I think I would want t use it for something my family member would have wanted me to.

However it’s the debt you have, I would use the money to pay off debt and then save it back

My grandad would have wanted me to pay it off a mortgage if I had one so I possibly would have done that or done something sensible with it.

Snozzlemaid · 17/09/2023 05:20

I inherited a similar amount from my Nan.
I used some to buy myself a ring that makes me remember her whenever I wear it.
We had our first ever family holiday abroad and the rest went on things for the house; carpets and dining room furniture
It was very much welcome after having no money for such things for a very long time.

Someoneonlyyouknow · 17/09/2023 05:22

I have (at different times) used inheritance to buy a piece of jewellery, a very nice holiday, to move house, a newer car, home improvements. In your case I would clear debts first

NeverGuessWho · 17/09/2023 06:16

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.

I'm sure she did @88Pandora88.
This gave me goosebumps in a nice way.
😊

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