Help me spend my payrise!

[Dyrne]

In the spirit of those “How to spend my £100000 bonus” threads, i’ve just received my first Pay with my annual payrise.

Drumroll please...

I am a whopping £34.53 better off!!!

Hit me up with your suggestions of how to spend it!

Per month or year?

Save it!

A takeaway! I'd suggest getting Indian for dinner.

If it’s per year that’s £408 roughly take 25% off for tax and national insurance ( presuming your in the under £40k pa threshold ) I would take my £306 and have a cheeky spa weekend or I could get off peak 4 nights away uk for that ?

If it’s £34 per year I would take my £25 and go to the cinema eat popcorn and watch a film on my place of work

Pop it in a savings account ... pay rises are pretty awful these days but well done for getting one it’s hard to even get one
Potentially anyhow x

Go mad at the Sainsburys deli counter... I would

Stick it in a savings account.

I got a £500 pay rise for the year overall.
You could save it up and pay towards a weekend away somewhere nice.

Brazilian bum bum cream is about this price and it’s smells awesome and leaves skin soft. It’s more expensive than regular cream so maybe treat yourself

Nice food! Treat yourself to a Primark jumper too 😂

Pizza hut visit and a bag of minstrels

Congratulations OP

Put it into your pension.

You'll get tax relief on it, won't notice the difference to your pay packet as it was money you never had and it could make a huge difference to your final pension (if you're in your 20s, not so much if you're in your 60s)

Send an extra £20 to your pension and then the remaining £14.53 on a twice monthly break just for you, where you buy a magazine or take a book and buy a fancy coffee or a fat glass of wine.

Eyebrow threading
M&S dinner.
Bliss.

Honestly..... if you have a mortgage..... pay it off the mortgage each month- your future self will thank you.

No mortgage as renting- save it.

You obviously don’t see it as a significant sum so you won’t miss of it you don’t see it. Apply to to your pension as an AVC each month.

Future you will thank you.

Save it for when they put up your utilities DD, or next year's council tax, or when your grocery bill increases post Brexit.

A friend has a policy on pay rises, bonuses and any extra money, which I like, which is a third for the past (pay towards any debt, incl mortgage), a third for the future (put into savings) and a third for now (spend now on something fun/trivial) which after the debt/mortgage overpayment, and the savings, leaves you with about £11.50, which would more than cover a takeaway for two where I am.

Agree with save it

Premium Bonds?

I'd put it towards a yoga class or two. Self care is important.

This reminds me of the time my granddad got a rise to his pension to ‘help with heating costs’ (this was in the 80’s)

A full drumroll 10p!

He told them to keep it!

I’d save it/put it into a pension/mortgage

Don't buy more stuff. Buy more ethical alternatives of what you already buy (e.g. organic produce). Then a) you are not consuming more and b) what you are consuming is sustainably produced.

Not very exciting, but overpay your mortgage (there are plenty of online mortgage overpayment calculators you can play with that will illustrate how much money an overpayment will save you over the term of your mortgage). If you set it up as a standing order each month, you wont miss what you’ve never had IYSWIM!

You should set aside some of it - maybe £4 - as "mad money" that you just splurge on whatever hedonistic frippery you feel like, just to get it out of your system, then get sound financial advice on how best to invest the bulk of it.
Don't let the burden of wealth get you down & above all don't let money change you

Another vote for adding it to your pension.

Assume it's a COL increase - so I would set up a DD for that amount into a savings account and forget about it.