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!

The euro millions is £123 million this evening....thanks for reminding me 😁

Of £50k - I'd budget about £10k for some new furniture and a holiday, bank the rest

I'd book a UK break for February half term to take DC to Harry Potter studios & visit London (£1k)

Book a holiday for next summer (£5k)

Buy an automatic car as I have a problem with my foot that is likely to get worse over time & changing gear hurts (£5k)

Home improvements (£10k)

Rest paid off the mortgage.

About 10k on a secondhand car.
Redecorate the property. (New flooring, bit of paint and wallpaper etc general stuff nothing too expensive)
7 day holiday including kids, my parents and obviously us.
The rest in savings for the children I think.

I'd do the house and garden up. Loft conversion maybe. It would improve my quality of life no end.

Pay off my not considerable but niggly debts. Buy a new car, book a cruise, buy some ISAs.

Past, present and future. Tip for what to do with a windfall. A third on each:

Past: reducing/paying off past debts, loan or mortgage.

Present: Treat yourself now to a new car, a new kitchen or dream holiday - whatever floats your boat

Future: Save and/or invest to help you through rainy days

Pay off debts(not much tbf) find a babysitter for the baby for 3/4days take the other 2 abroad then put the rest in savings for the next 4/5 years so we could all go to Disney world

A chunk on mortgage.
A chunk on pension.
A chunk in a S&S ISA.
Home improvements.
Electric car and solar panels.

£50k is both HUGE but also doesn’t go far when you think of the above options. It’s not even side return extension money. Maybe I’d just maximise the pension, doing the backdated three years option to get my tax-free money’s worth, and put some aside to do one room of the house really well.

£5,000 to general savings, as they say you should have 3-6 months income easily accessible and I don't.

£5,000 for small home improvements and fun stuff over the next couple of years.

£5,000 to 'good causes'

£35,000 to the mortgage.

Half in savings, half toward replacing the car.

50k doesn’t go very far these days!

Immediately book a builder to add two bedrooms to our overcrowded house.

I would have new windows, new kitchen and divide the rest between my 3 daughters.

A holiday to Japan - £10K
Car - £10K
Van for Mr - £10K
New Kitchen - £20K

Came into just under double that recently.

£70K to pay off 10% of mortgage this year and next. Means the term will finish a number of years sooner and when we remortgage, monthly payments will be lower.

£15K - holidays, inc. a massive once in a lifetime trip.

The rest - home improvements/decorating/upgrading tech/fun and frivolity!

Pay for a cleaning company to come and give my house a deep clean
Buy a new lap top
Holiday for next year paid off
Treat money for the kids

I anticipate I'll need a new car in 3/4 years & we might need some roof repairs so I'll save it for that. We are fortunate our house is in decent condition as we've done quite a lot to it over the last 5/6 years.

love it!!

£20k off mortgage
£10-15k upgrade very old car
£10-15k holiday / paying for DS at uni / general spends / keep for rainy day

I wouldn’t spend it at all. I’d invest I’d wisely.

Would put the whole lot as a payment on the mortgage

Can I be your friend!

I'd pay it off my mortgage!

I wouldn't be rushing to spend it, but off the top of my head.

Having the back wall of the house rendered. (It's already on the to do list.)
New kitchen. (also on the to do list.)
Treat myself and husband to some hobby stuff.
Holiday in a Scandinavian country.

Husband is due to retire soon, so we have no mortgage and no debt. Anything left over would go in to savings.

Nice meal out with the family too.

A second camper van for about 35k.
10k on a holiday for DH, myself, DS and his GF
1k each to my two sisters and also 1 k to my niece
2k on a shopping splurge

I have no mortgage and have savings to cover living expenses for a couple of years.

Extension I think, if it would even stretch that far! We had conservatory quotes early in the year and it was coming out at 40k so not convinced we'd even afford it with 50!