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Original poster

Inheritance what would you do

64 replies

harlacem0507 · 27/03/2025 09:57

My mum recently sold my nans flat and has very generously given me 7k (she didn't receive a large amount herself due to care home fees) but what would u do with 7k if u had it? I am torn between getting my garden done (5k at least) which leaves a couple left over which I would probably get my children's carpets fitted (moved in 2 years ago and couldn't afford to get the floors done yet) or would u pay off some debt? I have a credit card of £1700 due to needing a new clutch on my car, I have one bank loan of £3300 which paid for my new ensuite, and a couple of smaller credit store cards around £800. It feels such a shame to spend the money paying off debts although this is the most sensible option. I also need some fitted wardrobes as my bedroom is quite small so fitted wardrobes are the way to go in regards to saving space etc. Honest answers please ☺️

OP posts:
HundredPercentUnsure · 27/03/2025 13:55

Pay off the debts and then put the rest towards National Trust life membership. Easy days out, all around the country (great for holidays and stop offs on long car journeys), great for kids and later in life once retired. Great for preserving the NT places too. And every time you visit a NT places you can say 'Thanks, Nan!' and think of her 😍

And if you move house, it's not like you sunk the lot into the garden that you leave behind. If you change you car, the inheritance isn't gone either.

Gundogday · 27/03/2025 13:56

Debt first! Then put some of the money you were using to pay off debts to put in savings account for future big spends.

Just a thought, does your mum know you’ve got debts? She may be upset if she gives you money and you have nothing to show for it.

WhoMeMissYesYouMiss · 27/03/2025 13:59

IamSmarticus · 27/03/2025 10:02

I would pay the debts off and get the carpets. Then with the money you can save by not making monthly debt repayments, you can save for wardrobes or the garden makeover.

Edited

This.

sansou · 27/03/2025 13:59

Pay off all your credit cards unless they are 0% interest. Definitely pay off your bank loan - why wouldn’t you want to save on all that interest you are paying?
Having no debt is a great feeling. You would still have approx £1.2k left and without debt repayments, you can actually save up more quickly for your list of wants. Imo, carpets first, you don’t need custom fit wardrobes (nothing wrong with flat pack IKEA if you’re on a budget) and doing your garden yourself will still involve ££ but at least you can manage the cash flow better. £5k won’t go far even with a small garden - have you even seen the cost of a basic greenhouse or DIY raised beds?

Jshrbt · 27/03/2025 14:00

A bit of money on debt, a bit of money on something nice and a bit into savings

friendlycat · 27/03/2025 14:04

Pay off the debt.

westisbest1982 · 27/03/2025 14:09

I would pay off the debt and with the rest (£1.2K) go on or put it towards a family holiday.

user1492757084 · 27/03/2025 14:11

The kids carpets and the credit card, the store cards and the rest on making a plan for the garden and planting some of the slow growing large trees and a special rose for Nan.

Join the local gardening club for five years. You will get lots of tips and cuttings and you'll be able to slowly transform your own garden.
Pay off your bathroom as you are doing now and save up for a wardrobe or make one at wood working group.

Swirlythingy2025 · 27/03/2025 14:12

electric, gas, water rates etc

JayJayj · 27/03/2025 14:16

I’d pay off cc and store debt and continue paying the bank loan monthly if it’s not a lot.

Then prioritise what you need. I wouldn’t do the garden personally as that seems like a huge amount for 1 thing.

mickandrorty · 27/03/2025 14:41

We paid off debt with an inheritance. It felt good not having it hanging over our heads and meant we had extra money every month. That was until the cost of living really went up, now we are not any better off than we were when we were making monthly repayments. I just have to console myself with the fact we would be even worse off now if we hadn't of paid it off, but still feels a bit shit.
The garden can you not do it bit by bit as a little weekend project?
Maybe offer some money towards carpets, like they pay half you pay half?

anyolddinosaur · 27/03/2025 14:48

interest on credit card debt is high and wasted money. Pay it off and put the card in a small bowl of water then freeze it and leave in freezer. Available for an emergency but hard to use.

redshoesredlaces · 27/03/2025 14:53

Are you getting the message OP😂 pay off the debts

Motherofdragons24 · 27/03/2025 14:54

Going against the grain here and say get the garden done and the carpets. Only if before this 7k you were managing your debt comfortably and not struggling month to month. If you were finding the re payments difficult then you should use the money to clear them. Your kids will only be young once and it could take a long time to save the money for the garden. Try and get all your debt onto a 0% card though!

Elektra1 · 27/03/2025 14:55

Pay off the debts and try not to incur new debt! That’s definitely what I’d do. You can then save for the carpets and garden from the monthly payments and interest you will no longer be paying

JaninaDuszejko · 27/03/2025 14:59

If you are paying £140 a month for the next three years then you still have to pay £5040. Pay that off now and you'll save a fortune. And in 5 years youcan have that in savings.

RedCatBlueCatYellowCat · 27/03/2025 15:08

Always clear debt first.
Without paying interest on debts, saving for new carpets etc will be much easier.

Rictasmorticia · 27/03/2025 15:16

Pay off the debt and then put what you were spending into a Regular Savings account. Instead of paying interest you are earning it. Soon you will start to have money for other things.

OnarealhorseIride · 27/03/2025 15:17

Do you realize that paying 140 pounds a month for the next three years is over 5k? Surely better to clear the debt

ScentOfAMoomin · 27/03/2025 15:17

Pay off your debts, this should always be your first priority

SleepyRooster · 27/03/2025 15:21

Pay off the debts and save the rest. You only became keen to spend the cash on garden/wardrobes etc once you had a windfall. Don’t let emotion guide you in this.

Gettingbysomehow · 27/03/2025 15:25

I wouldn't spend any of it, I'd put it into an ISA for emergencies but mainly as a good start to a savings plan, then I'd be working out maximum debt payments plan and start saving for the other things you need.
You should always have decent savings, you never know when an emergency might occur.

Chewbecca · 27/03/2025 15:33

Gettingbysomehow · 27/03/2025 15:25

I wouldn't spend any of it, I'd put it into an ISA for emergencies but mainly as a good start to a savings plan, then I'd be working out maximum debt payments plan and start saving for the other things you need.
You should always have decent savings, you never know when an emergency might occur.

But a (cash) ISA would almost certainly earn less interest than OP is paying on the debts. Better to pay the debts off and start to build the savings with the monthly amounts no longer used for debt repayments.

CatsChin · 27/03/2025 15:46

I would pay off debts but then spend a couple of hundred on something you could keep forever: a nice piece of art, perhaps? Or jewelry?

Or maybe a swing seat for the garden where you could sit and talk about 'Nana's swing' with the children.

kiwiane · 27/03/2025 15:50

Debts then spend less on the garden and carpets. You can do a lot in a garden if you do some of it yourself.

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