What would you do with £50k?

[Thewholeplaceglitters]

Just that really. How would you spend it?

Deposit for a house. Assuming I could find one cheap enough for the outstanding amount to be able to get a mortgage on, that is.

It wouldn't be round here, that's for sure.

Deposit for a house

25k to my two youngest adult DC (I have already helped my eldest DC), I don’t need anything.

Our outstanding mortgage is £30k so I should say pay that off and put the rest into savings.

However we really need a new kitchen and bathroom so I'd be tempted to spend it on those instead!

Buy a new car, and a house deposit xxx

Deposit on a property. That could be a 50% deposit for a 2 bedroom place where I am.

I have a rubbish pension because of years of looking after kids and being part time. So I'd maybe put some into that. Or put it into the mortgage so we'd be clear of it in the next 5 years.

£50k would genuinely change my life. £30k for a house deposit, £10k would clear a large proportion of my personal debt which I ran up with financially/emotionally/physically abusive ex. £5k on a decent second hand car and insurance. £1k to replenish DDs savings account. Then I'd take her on her first ever holiday - a sandy beach in a warm country. That would do it, I reckon.

I'm training as a nurse at the moment and I hope to achieve all of those things anyway one day, but £50k would be a fast car on the journey rather than taking it by foot. 😂

New roof, re-wiring, new kitchen (doubt it would stretch that far though).

We bought a gorgeous 17th century listed building and, well, money pit!

Pay debt
new car
new windows at front of house
new kitchen floor
new patio

Pay down mortgage… probably swipe 10k for property renovation.

You can give anything you like.
Tax implications only if you die within 7 years.

I get it OP. I have no debts, mortgage, already have good savings and pension then it's just to be spent.
I'd share it with adult DC and buy a new car with my bit.

Give out 10K
Pay for my physio! 10K
Visit my dad's gravesite in another continent. 10K
Visit South America! 10K
Pay off debts! 10K
Learn how to swim.

I’d probably have two new bathrooms, not gold plated ones @£10k for two. I’d like to replace my bathrooms but they’re ok (just not my style choice) hence I can’t justify the cost.

Take DC shopping as a treat with a £500 budget each.

Save the rest until I remortgage when I’d probably use it to reduce my mortgage.

No debt apart from mortgage and there’s nothing I need to buy atm.

Never understood how people waste money like that on a holiday. But I’m not a holiday person. Right now, I’d use it towards my mortgage because I don’t want one any more with the way interest rates are going.

I'm often quite boring with this kind of question, so I'll try and be more imaginatively decadent.

I'd put 5k into getting this house sorted for sale in the easiest way possible.

Set aside 15k for gorgeous and durable furnishings for my next house.

10k towards a boob reduction and tweaks to loose skin etc post weight loss.

5k on a fabulous and durable wardrobe. High quality items made to measure. (Possibly broken into 2x 2.5k spends five years apart. Or set aside 1k of it for dry cleaning etc).

1x 5k holiday and 10k holiday over the next ten years.

I have a list on notes on my phone for any potential windfalls - be it premium bonds wins or inheritance (hopefully not anytime soon)

I have thought hard about this 😂

Any amount over 1k is to be split in 10:

1. 2 shares mortgage repayments
2. Emergency savings (we have 3 months of essential spending but DH in a precarious industry, would like to get to 6 months without compromising on quality of life too much)
3. Home improvements
4. kids savings - uni/car/house deposit fund
5. retirement savings/pensions
6. Garden office or garden improvements more likely
7. car fund
8. Holiday fund
9. Discretionary spending: I need new clothes - I rarely spend on myself, outings, fun stuff etc.

I love that you’ve thought about it @HappyShake !

@Chasingsquirrels poor wording, she said she'd like to give me money for home improvements ideally but wouldn't hold me to it. Last time I came into money I saved it all and she wanted me to spend some of this!

Ah, I read it as against them!
Enjoy your home improvements 😊

Panic. I'm in the fortunate position that I don't need any more money (I'm no where near a millionaire, but I have more than enough to get me through the month).
I'm working to ensure that my estate, such as it is, is below the threshold for my only adult child not to need to go to probate.

Eugh, why does money seem to be a constant worry? I had lunch today with a friend who is a millionaire, on paper. She's not worried about a potential raise in Capital Gains tax. She understands that it will only apply if she chooses to sell any of her assets. She's worried that her children, adults, will get hit by inheritance tax that they are not prepared for. So she's working with them to help them manage that transition.

So £50k, while I would have snatched your hand off at one time in my life, no longer has any attractions to me.

I was talking to my adult child about money a couple of months ago. They observed that when I needed money(when I was a single parent with a mortgage) and my now millionaire friend (same boat) needed the money, we didn't have it. Now we don't need it, we've got it.

It's a very weird system.

We actually had a very similar amount of money two years ago to spend - we added it to our deposit and bought a new house. Not the easiest or simplest of ways to spend it and took time (and was expensive to move too) buuut we’d have never ever bought this house otherwise. It’s fantastic for everyone and we enjoy it every single day. Would recommend!

I'd put it in the highest interest ISA possible. It will gain around £200 @5%
Interest pcm. And I'd leave it there. Once you see it accumulating interest on that scale, it becomes addictive!
Other than that I'd put it into home improvements.

Clear my mortgage

Omg, imagine!

New-to-me car (a lorry rear ended my old but reliable car on Monday: it's a write off, and I'm panicking about being able to find anything that's not crap and unreliable)

Garden room - we have a small house but big garden and this would be amazing

Rest of garden landscaped/sorted out

Holiday with the kids before they're too old to want to.

Get a cleaner

Finish the house - new internal doors, new external doors, various repairs and finish the decoration.

I've probably spent it twice already.