If you had £50,000 in savings what would you do with it?

[Eve223]

Genuine question. If you had £50k in savings what would you do with it? Save it in case of unemployment? Spend it on holidays and other luxuries?

We were gifted £200k once upon a time

We bought a new car for DH (much needed), a Cartier Love bracelet for me and some home improvements to the tune of £50k

Put the remaining £150k across ISAs and long term high interest accounts (5.8%)

All of that money will be distributed to our children at the appropriate times - for house deposits mainly but they're only wee atm (2 & 9)

We are lucky though. DH and I both have excellent Civil Service pensions and a fairly high combined monthly wage so we can squirrel away mortgage overpayments into a saver and then will pay a chunk off at the end of our fixed term

Fix the various issues with our roof, and add solar panels. Anything left I'd put into a Chip account, I'm a fan.

Savings? As in accumulated over the years?
Nothing. I'd just keep saving.
We have more than that, accumulated quite quickly, due to a growing business, and we can save because we have a lot left over after everything is paid. So we will keep saving. For the future I guess. But that's squared away separately for also.
A windfall is entirely diff.
If I got it now I'd prob just share it with my kids.
If I got it when we were broke I'd probably pay the bills and feed us.
It totally wld depend on where I was in life at the time.

Buy a home

We have paid off our mortgage and done up the house, so it would go towards topping up our pensions. DH has retired already, I have 4 years to go, and our joint pensions won't enable our current (relatively frugal) lifestyle.

So what are you going to do @Eve223 ?

Put a large deposit down on a terrace house in the North East. Small mortgage to cover the rest. Spruce it up. Rent it out for £650 per month. And so on.

Took nearly a decade but I got this amount in saving - used it for house deposit it got us on the housing ladder early 30s.

Now - I'd split between long term savings and paying down what left of the mortgage - wouldn't cover all of it even if used it all.

About what? I don't have £50k in savings.

You seem to have missed the point of your own question 🤣🤣

University fees and costs for my child.

Give it to poster of the 62nd message in this thread.

Put it into premium bonds. We have 50k worth. Have had £2350 in prizes this year. £1150 last year.

£10k in savings for emergencies and £40k off the mortgage.

I got an 'early' inheritance of this value. Most of it was used to up our deposit when we bought this house (not our first house but it took our LTV below a significant barrier so reduced our interest). TBH we have S&S ISAs with more in anyway so really we mainly save this kind of money. I wouldn't fritter it on holidays etc but that's easy to say because we go on nice holidays already. DH got a small amount when FIL died and that was used as a contribution towards a holiday.

I think what you'd do with it probably depends on what you have already.

£20K in an ISA, £20K in Premium Bonds, and £10K in my Chip ( 4.84 % interest and easy access). I have no inclination to pay anymore tax than what I already do through my work, so avoiding paying more would be my first priority.

Pay off credit cards, new roof, maybe 8k on a new-to-us car (DH's is from 2004), possibly a new bed and some small stuff like a new laptop and phone (only because mine is so old that I can't update the OS). A new boiler and replacing my car (also 2004) have seriously dented our small emergency fund in the last 2 years so we'd top that up to a decent level. Then check whether it's worth paying something off our mortgage. It would soon go

We put it in premium bonds.