If you won this amount of money, what would you do with it?

[Neomldn]

A close friend of mine recently won £50k as part of a competition she’d entered. Naturally I was hugely for her and asked if she’s thought about what she might do with it. I could only dream of having so much spare cash and can immediately think of a million and one things I’d want to do with it, yet my friend tells me she has absolutely no idea what to spend it on and will likely keep it for some time before deciding.

So my question is, if you had a spare 50k, what would you spend it on? Sensible or otherwise, I’m genuinely intrigued!

I have no mortgage now so a car and a holiday I think.

I’d spend about £10k on some home improvements that I’m currently trying to save for. The rest I would save - some in an easy access account and I would try and find a higher interest account for the rest.

I would bring forward my retirement and travel for six months.

Well I'm already planning an extension that will cost around £70k so it would all go on that!

New car and home improvements for me

I don’t think 50k would ever be spare money for many people. Not if you’ve got a mortgage or no pension. It’s also a really small amount of money if it isn’t completely spare so it what it was spent on would be a big decision.

I definitely wouldn't spend it on 'stuff', but would probably take a while to weigh up the best use of it.

My immediate thought is a nice holiday (say 5k?) and then the rest on the mortgage, but we need some stuff doing to the house (new bathroom, new windows and door, gutters) so it might be a better use of it to have that done. Unfortunately the house improvements would probably wipe out most of the money!

Home improvements - I’d sort the back garden out and then spend some money putting a large dormer window in the attic to replace the tiny tings we currently have up there.

If there was any left over then I’d buy a car and put some towards a holiday.

Hard to decide. Maybe:

Towards stamp duty for new house
University tuition fees for DC
Pension

I would use it to top up my income when I needed to, I foster and fostering is badly paid so I would use it a a safety cushion.

Finish all the projects we have planned for the house, which will take us years of saving (about £20k), a nice holiday (about £7k) keep a bit back so we have healthier savings (maybe £8k) and other rest off the mortgage.

Holiday then save the rest. Maybe a nice watch too....

I would pay off my car (£10k), pay off my student loan (£10k), spend maybe £2-3k on a holiday or some new clothes, and chuck the rest in savings for a house deposit.

This, although I'd also use some to decorate the house.

I'd invite my parents on the holiday too (and pay for them).

Pay off some loans. Solar panels and battery on the roof. Nice holiday and savings.

Realistically I'd shove it in the bank, or use it to buy a new car.

If I had 50k purely for frivolous purchases, I'd probably buy a suit of armour (replica, I'm not made of money!) and a nice assortment of swords, flails, throwing weapons and other fun things. And maybe a rocking horse too.

I would try to persuade dh to spend it on a qualification or two. Either the garden design diploma I've been eyeing or IT (or both). Then a couple of years of mortgage overpayment. 10k in savings. 10k personal trainer for a couple of years.

Alternatively sell current house and add 50k to use as deposit to upgrade next house although dh never wants to move again!

Boring but would pay a huge chunk off mortgage

Home improvements
Replace the last few windows £3k
Kids bathroom update £3k
Ensuite/garage conversion £15k
Porch £5k
Driveway and electric gates £7k
Sauna £10k
Solar panels/ off grid set up £15k

And I'm over budget 🤣

Boring answer: it'd go on the mortgage.

Better answer: A hell of a weekend in Monaco watching the F1 next year

Loft conversion, if you can still get one for £50k! We planned to do one when childcare costs reduced and we could remortgage, but with interest rates rising as they are, I’m not sure it will be possible for us.

If that wouldn’t cover a loft conversion, I’d overpay mortgage and pension/long term savings, keeping back 10% to have a bit of fun with family/friends (eg treating people to meals or days out).

With no mortgage and sufficient savings already.

I would split it 25k each for me and DH. He would probably spend 15 to 20k on a car and the rest on house renovations. I Would probably put 15k in my pension and add 10k to the holiday budget to do amazing ones like a safari and Madagascar.

I would only give DH the cash if he agrees to make DCat a mini four poster bed and buy her extra cat treats.

I've got what I need so I'd probably sit it between 3 adult kids and maybe just keep £5k for emergencies.

£5,000 fun, £5,000 credit cards, £5,000 savings, the rest of our mortgage. So very boring but it would be lovely.

A owl? Not large?