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AIBU?

Share your dilemmas and get honest opinions from other Mumsnetters.

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Original poster

Been given £500 pounds what to do with it?

64 replies

notsodimwit · 04/07/2018 16:19

I have been given this amount of money from a relative (grandad) its such a large amount of money for me and dd more than I have ever had in a hugh lump sum..all bills/rent etc paid and up to to date and managing quite well on on my small wage, summer savings for the holidays ok..what should I do with it as dont want to waste it. Thinking about putting half in dd savings account ..but £250 is still a lot of money for me to decide what to do...nothing in house needs replacing or updating just some ideas as to put in my bank account (current account) or something else xxhaha! I feel rich

OP posts:

DelphiniumBlue · 04/07/2018 16:30

Well, it's a great time to have extra cash because all the sales are on, so you'll get more for your money.
I think I'd get something I couldn't normally afford, that would be appreciated every time it's used, and remind you of your grandad. and make it something you'd use a lot. Maybe some jewellery, something you'd wear everyday, like a nice watch or necklace. I love cooking, so I might invest in some le Creuset pans that are really practical and will last for years.
Half the pleasure is going to be thinking about it!

Cismyass · 04/07/2018 16:37

Yes to putting some away for DD. Set up and ISA for her. She'll thank you in years to come. Driving lessons for you OP?

VladmirsPoutine · 04/07/2018 16:38

I'm going to say save it for a rainy day. If you're living pay day to pay day then it'd help to start building a buffer zone.

auntyflonono · 04/07/2018 16:39

Premium Bonds, try it for a year to give you time to think about what you really want to do with it without any pressure and, you never know, you might win something!

WindDoesNotBreakTheBendyTree · 04/07/2018 16:39

I would plan a little winter holiday in February, something to look forward to and to lift the spirits in the drear

JustGettingStarted · 04/07/2018 16:40

If 250 is a lot of money for you, then you might want to save all of it for an emergency.

Aquamarine1029 · 04/07/2018 16:42

Save all of it for an emergency, and use this wonderful gift to start building your savings. Don't ruin this opportunity by wasting it on things you don't need.

Nesssie · 04/07/2018 16:44

Some in savings for DD, some for emergencies and then treat yourself! That's what you were given it for!
Depending on how old your DD is - A spa day? High tea at a ridiculously posh hotel? Feeding the animals at a zoo?

Handsfull13 · 04/07/2018 16:51

I'd do an experience of some sort. Is there anywhere you've wanted to go but wasn't sure it would be worth the money? Or something you wish you could upgrade to doing?

HairDyedPink · 04/07/2018 16:53

I would put half in saving, and spend half on a weekend away/ small holiday - it's more than enough for a cheap hotel and a day at a park or a nice restaurant.

What do YOU like? You could also splash on a hair cut, a shopping spree in the sales AND mid-August for winter, a couple of good quality fitted bras, or pay for a year of zumba classes ,a few months of monthly cinema visits, a photoshoot?

You could keep it as an non-emergency fund and upgrade a day holiday if it's pouring with rain. What makes YOU happy?

NameChangeUni · 04/07/2018 16:54

I think you should save it too. £500/£250 is a fun amount of money to spend and I would of course be grateful to receive it but I wouldn’t consider it a lot of money at all. Having a bit of a buffer will help avoid some of the stress of living payday to payday on a low wage. Also as you can’t think of anything to buy already, it does suggest that you don’t ‘need’ anything so no point wasting it

Original poster

notsodimwit · 04/07/2018 16:59

Thanks everyone xXxX £250 is going into my daughters account xx can drive but not getting a car as cant afford upkeep yet and I walk everywhere there is really nothing I need and grandad just said enjoy the money (he gave his other grandkids the same amount as a treat unexpectedly) I am thinking about premium bonds but not sure

OP posts:

Original poster

notsodimwit · 04/07/2018 17:01

Also there is nothing I need for myself really x

OP posts:

MrsMoastyToasty · 04/07/2018 17:03

With interest rates so low I would say Premium Bonds. At least then you would get your original stake back if you needed the money out.

Travis1 · 04/07/2018 17:04

What about a couple of days away for you and DD?

HairDyedPink · 04/07/2018 17:06

then put it all in a saving for now, but earmark some of it to treat yourself when it comes to you.

Be very careful - or very conscious - if you spend a tiny bit at a time, it might disappear without you realising it. Keeping £200 for a rainy day but splashing £50 on you is not a bad idea either.

Original poster

notsodimwit · 04/07/2018 17:12

Also been saving all the pennys and loose change since christmas so have the the money for a couple or so of fun days out over the summer holidays for dd and me so thats sorted

OP posts:

ALemonyPea · 04/07/2018 17:16

Half of it in savings, and have a little day trip somewhere with your DD and enjoy it like he has suggested.

PurpleTigerLove · 04/07/2018 18:02

Put it in the bank and forget about it . If you’re living month to month atm it would provide a good buffer should something go wrong . Do NOT spend it on a few days away . That’s a ridiculous suggestion and a total waste of money if you are living pay cheque to paycheque .

WallisWindsor · 04/07/2018 18:02

You say £500 is a lot of money? . You lucky woman. I really envy you!

Tulipsinbloom · 04/07/2018 19:01

You should save it for a rainy day. What if you get an unexpected bill or something, good to have money in the bank (but not in your current account, where it will be frittered away)

halfwitpicker · 04/07/2018 19:04

Put it in the bank then book a break at Christmas? You could get a week in the sun for that i reckon.

halfwitpicker · 04/07/2018 19:06

www.tui.co.uk/destinations/bookaccommodation?productCode=016292&tab=overview&noOfAdults=1&noOfChildren=1&childrenAge=5&duration=7&flexibleDays=3&airports%5B%5D=LGW&flexibility=true&noOfSeniors=0&when=06-12-2018&pkg=3465426/3/1435/7&tra_o=1215402833/1419487&tra_i=1215402899/1419488&units%5B%5D=&packageId=016292ESLP000115440544000001544054400000TOM446415446592000001544659200000TOM4465TW013465426/3/1435/7&index=1&multiSelect=true&brandType=T&bb=AI&room=&isVilla=false&searchType=search&greatDealDiscount=26&bb=AI&price=pp

halfwitpicker · 04/07/2018 19:06

Sorry about the huge link!!!

kimber83 · 04/07/2018 19:11

OP, if 500 is a lot of money to you and you don't need anything, keep it safe! i'd urge you to look into keeping it secure (as some posters have said, various savings like ISAs, premium bonds, whatever might suit) - rainy days are a given.. it's not IF they happen.. it's WHEN.

this time in a few months when your boiler breaks on the same week you get an unexpectedly high energy bill (or whatever it would take to really be a financial blow) you'll thank yourself for giving yourself that cushion.

money really can buy peace of mind at this level.

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