250k inheritance to spend but on what??

[TheMuminator2]

Came out of the blue from a relative we hadn't seen since we were young. Am tempted not to spend a penny and just invest

(1) Pay off any debts plus pay down the mortgage
(2) Maximise your pension contributions for the last 3 tax years using carry back
(3) Utilise your ISA allowances for this year and then again for next year's in a month's time. (£80K for you & DP)
(4) Open and max out JISA's and Junior SiPP's for your children before the end of this tax year and again for the next tax year next month. (Approx £30K)
(5) Get on with your extension - material & labour costs will only go up post Brexit.
(6) Have a fantastic family holiday planned in the summer.

to a charity? preferably one that which is paying less to it's CEO

I work for a charity that is solely reliant on trust funds and one off donations so I would definitely look at giving some to charity. I would pay off the house and treat the DC's to a NY trip then save x

Married to DH for 23 years DD 15 DS 12 40k household income approx could be mortgage free now

In seriuslyness, it epends on your curnet citrcumstances as to what spend the money on.

Mortgage? Home improvements/extension? New car? Holiday? University? Deposits for children? Top up pension? Reduce hours at work? Travel?

If you have cash left I would look at passive investments e.g. Vanguard tracker as these have low fees and historically have performed well

Check out FIRE blogs for how to make your money work for you.

My list would be:

Bigger house = £100k?
Amazing holiday = £10k
Then I’d put 10k in my current account to spend and the rest would be saved for the kids future.

Invest, children's future, holiday, new career if you want to change. Enjoy x

oooh what fun!

what are your contenders for your charity OP?
At least £10k to your kids' school(s) I reckon. Even if it gets spent reining in other children that will benefit your kids.

Boring I know, but pay off/ pay down the mortgage as soon as you can. It is amazing knowing you have security. It you don't have your own house, then eriously think about buying. Depending where you live you could buy outright or have a substantial mortgage deposit.
But enjoy some of it as well. A cruise can be great with kids but make sure the kids clubs are functioning and have narrowish age groups or Disney depending on the age of the kids. Charity donation is a good idea as well but choose wisely.
But see a financial advisor to talk through the options.

British Heart Foundation, Macmillan Cancer support and MIND to begin. suggestions welcome

In your position I would consider for serious:

Paying off mortgage

Private education for kids for sixth form, if the private options are better than the state options and would benefit them

Retirement

Donations

Assist family member in a difficult financial situation

For pleasure:

An amazing holiday

Something for the house that I would never consider otherwise, like a jacuzzi or a sauna

Pay off mortgage and debts
New bathroom, windows, decor
Holiday
Maybe buy a motor home
Save the rest

I’d spend it ALL on sweets.

If I had a spare £250K I would buy another property and rent it out. When you are retired you will have an appreciating asset and an income from the rent.

I'd pay down my mortgage to make it less of a monthly impact, extend the house back and up, new bathroom, get a better car for DH, I just upgraded, and hi on a lovely holiday. After that I wouldn't need anything and with lower mortgage payments could save more monthly, we save about £1000 at the moment so could probably add £5-600 a month to that. It would make my life very comfortable.

Don't spend it. Invest it. Pay off your mortgage and put the rest away for retirement. Could invest retirement money in property as that would make more than bank interest....

yes mortgage car isas investments pension charity holiday.....

I know a really worthy charity. It’s called the DoneLikeAKipper Needs To Pay Off Her Mortgage, A New Kitchen And Have A Holiday Foundation. They could do amazing things if they only had a generous donation.

I'd pay off my mortgage, put some money in trust for the DC for house deposits and uni fees, give some fun money to my brother and sister, and go on a fabulous holiday with all the family. I wouldn't be donating huge amounts to corporate charities but I'd probably give a bit to the local hospice.

Private 6th form for DD 15 and private education from Sept for DS 12, pay off the mortgage, have a blow out holiday and save the rest.

Pay off mortgage.

Pension.

Maybe spend £5k on a nice holiday or new car or something that will make a difference to the here & now.

Pay off anything left on the mortgage and then I would put the majority in to your pension.

Boring I know but .....

Pay off your mortgage or invest in another property.

For those saying retirement, you need about £400k in your mortgage “pot” to buy a £20k per year income. Would make better financial sense to invest in something now that will hopefully be worth more when you come to retire. £10k a year won’t buy much in the future.

But get independent advise, and research which charity you give it away to. Some seem to be more deserving than others.

Macmillan get given loads. Your local hospice may be more in need.
Smaller charities spend less on advertising.

Retirement pot, not mortgage pot.