To ask what you would do with 30,000?
Beautifulblue · 06/10/2018 18:05
DH's nan has recently passed away, his recently found out she has left him part of her estate which is estimated at around 30k. We've never had this amount of money before & it is truly huge for us. We have a 1yo & recently found out we're expecting our 2nd child, we're mid 20s. We're likely to never see this much money again so are wracking our brains to think of a way to maximise it & really set ourselves up. So what would you do with 30k?
teaandtoast · 06/10/2018 18:10
Depends on your current financual situation. See an independent financial adviser.
HotSauceCommittee · 06/10/2018 18:12
If you have a mortgage, keep £2000 for treats and a holiday and pay £28000 of the mortgage off. Otherwise, get on the property ladder. It’s tough out there.
Nacreous · 06/10/2018 18:15
House deposit if no house.
Otherwise probably 20k off the mortgage, 7 or 8k in liquid savings for repairs or when the car dies, and 2k for fun.
HollowTalk · 06/10/2018 18:15
House deposit and a lovely holiday for a couple of thousand.
lifecouldbeadream · 06/10/2018 18:16
Depends. No owned house- house deposit. Or can’t afford to stay home with kids but you want to- funds time as SAHP. Invest? But see Financial advisor for advice, Put aside as nest egg for rainy day. Owned home needs work/ do that. Have career but would like to work for yourself? Fund that..... totally depends on where you are currently in life, and what you would like life to look like longer term, plus what you place importance on.
SheRaTheAllPowerful · 06/10/2018 18:16
House deposit definitely, do you drive? Driving lessons and a car? Are you both set in your careers? Would it help towards further education for more earning potential ?
Lynne1Cat · 06/10/2018 18:16
My uncle left me £36k a few years ago. My family is grown-up, so just me and Him Indoors. I paid off the overdraft, credit card, catalogues, etc., then we had a new roof, I had a car, he had a scooter, and we had a couple of holidays abroad. I gave our 2 sons a couple of thousand each, and we just enjoyed the money.
MIL died 3 years ago, and my husband got £56k! We paid off the mortgage (only £9k, it was 2 yrs off from finishing), had a couple of holidays, decorated the house, had new carpets, and banked the rest.
Enjoy! It's great to not have any debt now.
Growingboys · 06/10/2018 18:17
If you don't own a house already then there is absolutely no question about what you should do with it.
If you do own a house then put it into the mortgage.
And if you have no mortgage then have fun with it.
RavenLG · 06/10/2018 18:18
In our current position, use some to pay for our wedding, pay off a chunk of mortgage, driving lessons and a much needed holiday!
bridgetreilly · 06/10/2018 18:23
I would have the house re-decorated and the garden re-landscaped, plus buy a new car. Then save what's left.
But I am in a fortunate position of not needing to invest any more in property or pension, otherwise those.
Chrisinthemorning · 06/10/2018 18:23
Boringly I would put most of it into the mortgage. We still owe 144k and are trying to overpay to be mortgage free. I had an ISA mature this year and paid 20k off which felt nice.
I agree with all debts paid off first and keep maybe 2k back for a few treats- holidays etc?
ChristmasFluff · 06/10/2018 18:24
Def house deposit - I inherited £20,000 from my mum and have to move in a year (cannot go til then) anyway, so this is the sure thing. See a financial advisor on the best way to save it if you are not going to use it immediately. It involves all sorts of bloody annoying palaver of best rates and moving money around each month, but honestly is worth it to avoid inflation wrecking it.
If you have a mortgage, pay it towards that, unless you have a mortgage with penalties for early repayment. Also look at moneyexpert.com.
Beautifulblue · 06/10/2018 18:26
We rent currently & though a house was 110% the first thing we thought of & got so excited about - I had just gone back to work part time & then I've found out I'm unexpectedly on the pill pregnant again. Now we're worried with me on maternity in not many months we wouldn't be accepted for a mortgage?! We do have debts to pay off. About 3k on a credit card, we both drive but could definitely do with a new car as we have a 2 door Vauxhall corsa - not exactly a family car! There's so much we could/should do with it! We don't know where to start, I know 30k doesn't go far these days! Should we start a business?! Try for a mortgage?! Get a car?! Pay off the debt?! What should we prioritise, especially if a house isn't an option for us, which will be shit tbh.
dreamingofsun · 06/10/2018 18:29
pay off your debts and save the rest. ideally when you return to work you might be able to get a mortgage. if not save up and then eventually you might. corsa will do the for the ST and if it packs in you will have savings to fix it or replace. think about your LT future
HollowTalk · 06/10/2018 18:30
Don't start a business! Honestly, you will lose everything. Virtually all small businesses are bust within a year.
Pay off your debts. Forget the car for now. Put it down as a deposit on a house. You will find the mortgage is much cheaper than rent. (Keep some of the money aside for solicitors' costs etc - an estate agent will be able to advise you.
roses2 · 06/10/2018 18:30
If you've ruled out a house then I'd pay off the debts. You're probably paying a high interest rate on this. And save some for a rainy day foe when the car breaks down and you need a new one - then I'd upgrade the 2 door.
tomhazard · 06/10/2018 18:32
I got a mortgage on mat leave a few years ago. Was with nationwide- I just needed a letter from my employer stating my agreed return to work date and my salary. Was no drama.
seven201 · 06/10/2018 18:33
Pay off your debts, if your car is really inadequate upgrade it to one a little better, use a little surviving on maternity pay but the rest should go in a savings account for your house deposit. You'd be mad not to do that! Speak to a mortgage advisor about when you would be eligible for a mortgage, given you being currently pregnant.
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