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 understand her feelings.

I'm planning to quit my job and go independent soon. Hate my job and they're a terrible employer.

Recently very fortunate to come into about 20k which should be a perfect way to get started, but can't get my head around suddenly having it.

I know it sounds stupid, but it's ruined my financial plans, as I feel that I have to "protect" this money now.

So I've bunged it in Premium Bonds and will go back to the drawing board over the holidays so I know what I'm doing.

Bloody nice holiday and a couple of house jobs that we’ve not had the spare cash to do yet, then put the rest in a high-interest savings account so I don’t spend it all on shit courtesy of my ADHD.

Easy peasy.

£10k on driving lessons and car / insurance for a year
£5k on a big shopping trip a La Pretty Woman style ( but not on Rodeo Drive obviously)
£10k on holiday for joint milestone birthday
£10k in pet fund to cover any vet expenses / insurance etc so I can justify getting a rescue dog(s)
£5k on Christmas / family etc
£10k in house improvement fund.

I certainly wouldn't blow it on rubbish, I'd probably put it towards our next home or potentially an extension on the current one (we would still move though so that might seem like a waste).

A new kitchen and hall flooring.

5k to charity
5k to family (holiday or financial gifts to nieces and nephews)
40k mortgage

We (well DH) inherited a large sum recently. Its shocking how quickly its gone down, but it was a bloody lifesaver.
Spent £13k on getting the garden /side bits of the house done and getting a pedestrian door cut into the garage. What once was an unusable weed pit is now a landscaped wonder.
Spent £15k on a new car for DH. He has a dodgy left ankle so we needed an automatic. His old car bit the dust big time and wasn't worth fixing, so the money came just in time.
Paid off all loans. That was probably about 13k. The feeling of not having to pay a huge amount off every month (excluding the mortgage) is unbeatable.
Spent about £750 on a second hand mobility scooter. Brilliant thing that let me get about when walking was just too painful. I just had a new hip, so I can use it to nip down the shop safely as won't be driving for a while.

The rest is just sitting there because we want it to be available for the DC's when they finish school and if they go to uni. We could pay off some of the mortgage with it instead though, I'm not sure what's best. I have been nagging DH to put it somewhere 'useful' instead of just sitting in the bank.

Exactly the same

Buy a piece of woodland

I'd use it to finish my house renovations. Any left over would go towards the mortgage.

Mortgage payment…every penny!

Big family trip to Disney and a new kitchen!

Driving lessons
Car
Couple of holidays.
Few K each for kids savings
Murphy bed for living room
Decorate house

I rent and that wouldn't be enough for me to buy somewhere in a decent area on my wage as a single parent.

Probably have a lovely holiday, stick some into my pension and put some away for DS in savings.

Savings

I won a similar amount a few years ago. I put down a deposit on our first house, cleared all debts, went on a once in a life time holiday, had 2 smaller holidays and learned to drive. It was lovely.

30k home improvements
10k holiday fund
10k savings

Toss up between £25k on a garden room & £25k off mortgage, or all off the mortgage

This!

I recently received an inheritance of a sum a bit larger than this one, and it's taken me months to decide what to do with it!

My main priority is retrofitting my house and getting air pump central heating with underfloor heating. Combined with solar panels and a battery, I can make my house so energy efficient that it'll cost £0 to heat, so a good investment I think.

After that, I don't know because it depends on what's left.

I would max out premium bonds initially, whilst not a long term solution, that amount may produce an income in prizes, the remainder into a cash isa (already have holiday plans this year) ultimately would use it as a post retirement trip of a lifetime fund, plan to circumnavigate the world overland and blog it!

Buy a new Skoda as mine is very old now (19 years) then pay over overdraft and put 2k into my bank account as a safety net. I'd get a plumber in so we can have heating. Then I'll put the rest in premium bonds....50k is a perfect amount to win.... enough to change and make life easier but not too much ....

Kitchen extension

Credit cards = £15k
Garden = £10k
Holiday= £4k
Mortgage overpayment = £5K
2 x ISA = £6k
Joint savings = £3k
3 kids = £1500 (total)

solar panels.

I'd put it straight into my retirement savings after paying £1,500 for something I really want for my antique collection.