Inheritance what would you do

[harlacem0507]

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 ☺️

Debts, debts and then debts. As you seem to need to use credit when things like car repairs pop up I would then put any remainder into an instant access savings account for the next rainy day. It may seem a bit flat but it is actually a really nice feeling to have no debt and have something set by. The older I’ve got the more I have come to accept that fancy home/garden renovations are for the rich. Most people have to put up with spending a small amount on materials and doing all the work themselves.

Pay off the debts, enjoy and/or save the extra monthly income.

Pay off ALL the debt, but continue putting whatever the payments added up to in a savings account till you've got enough for carpets/garden/rainy day fund. It must be a good few hundred a month you are spending servicing debt - it will soon be 7k you have saved!

Ooh, I'd have a lovely holiday somewhere.

Just joking, I'd pay off the debts. Then save the monthly amount I used to have to spend on debt repayment to build up a savings pot.

If your ensuite is £140pm for 6 years as you imply, then you will pay back over £10k for something that only cost £6k.

Personally I would do debt and then fitted wardrobes for you. Sometimes we get so used to putting the DC first it's not always healthy. She was your grandmother so use it to make your life easier. Can always put a couple of cheap rugs by their beds, replace when they're older and moved out!

The debt. Sorry op, but it’s a no brainer.

Debt first
carpet if any £ left over

Please pay off the debt first. The interest you will be paying will be high on the card debt. Pay that off in full at the very least.

All the debt add to £5,800 which leaves £1200. In your shoes I’d pay it all off and get the kids new carpets and maybe an Ikea wardrobe or money towards the one you want.

Sorry to hear about your nan.

The interest on your bathroom debt sounds high if you still have 3 years to go and have already paid half of it?
I would pay off your debts. The rest should be enough to pay to carpet your children’s rooms, especially if you go to a local warehouse - it will be half the price of Carpet Right and the like, for the same carpet.
Garden I would do myself over time.
Wardrobes - I had Argos hanging rails for my clothes for years until I could afford wardrobes. I would imagine you will be able to save pretty quickly if you are not servicing those debts.

That is what I would do.

I'd say give your kids some carpet in their rooms first. Doesn't have to be anything special, we moved in to a place with no flooring. Still need to do stairs!

What needs doing in the garden for 5k?

A few posters have advised I make my kids pay towards or pay completely for their carpets, how old do they think me and my kids are 🤣🤣 I'm 34 and my kids are 10 & 8 so unfortunately they have no financial worth lol

Debts
Carpets
Savings for unexpected bills.
Much cheaper garden plans. Bonkers to spend 5k

Send the kids up the chimneys!

Apologies Op, i read it as your kids had their own homes and needed carpets.