What would you do with £1 million?

[tinkersfig]

DH and I have just been discussing what we will do with the £1mil that we’re going to win on the lotto tonight.

We will pay both our sisters mortgages off £300k
Buy a bigger house for us £450k
Massive family holiday £15k
New car £35k
Pension and investments £100k each

Just knowing that the roof over ours and family’s heads are paid for would bring me so much happiness.

That's funny, I'm going to win £1m on premium bonds next month! This is my plan:
Pay off our mortgage £290k.
Family holiday to Canada or South Africa, £10k.
Invest £700k. Keep the same car, house etc. No big lifestyle changes, but...I would quit my job to do something less stressful on a lower wage, justified by having no mortgage payment to make. Aim to reinvest at least some of the interest to ensure the £700 doesn't dip or grows, and we can use it to support the kids getting on the housing ladder/university in due course.

I’d buy a nice sized house for us to finally get out of the rental trap.
£300,000
Holiday in the Caribbean with the kids £10K
New car each as ours are falling apart £10K
Then the rest into decent savings and investment accounts to live on.

Pay off the mortgage (£300k)
Put the heating on (£10k over several years)
Buy a new car (£50k, nothing fancy)
Book a luxury round the world trip (£100k)
Repaint the house, get the roof done (£100k)
Put the rest in savings (£400k+)

Oh congratulations on the bonds win!

We recently viewed an amazing house but unfortunately it needs a huge amount spent on it to make it lovely. So if I won £1m I would buy the house and do it up. I’m winning the Euromillions tonight anyway, so I’ll have loads left over after doing up the house for holidays and fast cars 😂

Me and DH have discussed this. Wouldn't really be life changing money - enough to pay off the mortgage, buy a couple of new cars, and maybe invest the rest to retire a few years early. A nice comfortable life but not exactly earth shattering. Would need to be at least £5million have the millionaire lifestyle of both retiring, moving to a much nicer house, and travelling the world in style

New house. Bigger and in a better location.
New cars all round.
Holiday home somewhere.
Money put aside for younger two for college.

Nice to meet you as I’m going to be the other prize winner next month.
I am fortunate that my mortgage is paid off already (I’m old and the house is small) so the plan is:
£100k each for the DC as a deposit
£300k into the retirement pot
£100k to fund a year long trip around the world
£200k to charity
£100k in a holiday fund for amazing holidays in future
£100k into a savings account to use to start my own business in due course

Split it between our 2 sons.

I'd pay off the mortgage, give up work and use the rest of the money to tide me over until pension.

Close family are pretty set financially or I would have factored that in.

Buy a personal holiday flat for me in York: 300k
Buy a flat in Edinburgh to rent out for DS's future: 400k
Argue until death with DP as he'd want to move house but I'd rather stay put in our top floor flat 😊

£500k towards moving house (I live in London, I would like to be closer to the centre / better public transport / less scruffy area.)

£200k to Dc - towards first property

£50k to best friend who lives on a pittance

The rest into my pension which is currently v v modest. (I am already a pensioner)

We’d buy a bigger house outright, £300k (plus the equity we already have)
Start junior pensions for our 2 DCs, £50k
Bump up DCs savings pots, £100k
Bump up our savings and investment pots, £200k
Give some money to family and close friends, £250k
Fun money, holidays, perhaps a new car, £100k

Pay off our mortgage (£350k ish) which would be pretty life changing on its own as our mortgage payments are £2k a month, so not having to spend that would have a significant impact on our lifestyle.
Pay someone to do all the decorating and renovations we’re either doing badly/cheaply ourselves or pretending don’t need to happen! New kitchen, 1.5 new bathrooms, lots of other bits.
2 new cars.
A caravan
Pay off some debt (£25k ish)
The rest in a mix of savings, pensions and investments.

The big bucks would be amazing but £1m would actually do a huge amount for us.

House deposits x3 for children

Top up private pension pots
Keep some back in accessible savings
£50k in charity donations to small local causes.

Cars are fine and house is paid off.

Rural house, preferably old and characterful, with no close neighbours and a bit of land with plenty of trees. New car. Second dog. Lots of books!

Nice gifts for a few people, donation to a couple of our chosen charities.

That's it, we like a simple life.

I don’t think £1m goes as far as you might think these days. But DH is going through a redundancy processes at the moment, so it would certainly take the pressure off.
We’d pay off our crippling mortgage (600k or so)
Have an incredible holiday (20k)
Do a few big jobs around the house (50k)
Keep a 100k buffer for the next year so DH can find the right job without panicking.
Put the rest into savings split between retirement and the kids.
I don’t think I could quit my job with 1m, and my husband would definitely still need to find new work. Although maybe once the mortgage was gone, we’d reconsider the type of work we want to do.

-buy a home, don't want a big house but do want a bungalow

• keep my job but would switch to part-time and term-time only
• start a pension and keep rest of money for DD going to college or whatever she plans in 2 yrs time

Boring but I'd be so content!

New detached house away from my absolute knobhead neighbours on both sides (terraced), and the rest as a buffer. Oh and maybe a new car.

£1m doesn't get you too much further than that these days.

I am also winning premium bonds soon.

The kids and I have agreed we will pay off the mortgage on our semi-detached house and then buy the house we are attached to. Any left over will be spent on knocking the two houses together and then converting the downstairs so that I can live entirely on the ground floor (I have limited mobility) and the kids will have the rest of the house.

we don't own a house so would buy a house. 1 million will buy a very basic 3 bed house in the area that we need/want to live in.

I don't think 1 million nowadays is all that much sadly. :(

I'm already very fortunate in that £1million would be life-enhancing rather than entirely life-changing, but I'd do the following:

Move house, nothing fancy but be mortgage-free and also upgrade a little bit: £200k
Have a fabulous 5* holiday somewhere lovely, fly first class just once for the experience: £30k
Put money aside for ds / flat deposit etc: £300k
Help out my best mate who has had a truly shitty time recently: £20k
Buy my dad a little apartment in Spain so he can spend the winters in the sun: 150k
Plough the rest into pensions / savings

We couldn't retire early on a million (despite what DH believes...) but we could definitely cut back if we had no mortgage, and have a comfortable life!

We always play the euro millions and regularly discuss what we'd spend the money on if we won. My partner would get his teeth done in the uk instead of having to go to turkey.
I would get the loose skin from my big weightloss surgically removed prob get a breast reduction at the same time and a lift on them we'd move to another country and live there but have holidays to different places put some aside for old age should we need care or a home or anything we would have the money so we wouldn't have to come back to the uk and we'd probably just travel lots where we can take our French bulldog with us aswell.

Pay off mortgage
Pay off existing car loan
Buy a second car
Do urgent renovations to house and some nice stuff too
Book some great trips abroad
100k to DC for house deposit
Rest into pensions and ISAs

Pay off the mortgage, new car for DH (mine is fine), put money aside for kids for university and house deposits, have the heating on whenever and hire a cleaner. New wardrobe for me. I would go to part time work. I’d buy take out coffee every day!