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!

Alaska. I'd go to Alaska. Then a new to us car and do the garden up.

That, with my savings, would give me enough to pay off the mortgage and have a chunk left over. So I would do that. I think I could then afford to go part time at work so it would be life changing from that perspective.

We have a Little Owl nesting in an oak tree in our local park 😍

Really nice holiday, new car, rest in savings towards house move.

Hmmm. In an ideal world I'd like to just stick it all in an investment account and forget about it.

But we do need a new car, so I'd probably spend £5-7K on that. A fair few things in the house quite badly need doing, so probably £10K there. Then whatever's left, I'd put away.

Not particularly exciting, sorry!

New bathroom, new soffits/fascia/guttering, lots of insulation in the loft. Family holiday and then the rest (is it optimistic to say £30k?) in Premium Bonds until we need it.

Ha thanks, I mean I doubt I'll ever be lucky enough to need the knowledge but I can keep 🤞🤞🤞🤞 can't I 🤣.

And in that case I would probably go on a great, much wished for holiday for me & DD and then kit us both out in decent stuff, do some stuff in the house and then save the rest for the future.

Probably five £10k holidays over the next five years. Or possibly starting them in a few years once the kids are at a better age to enjoy them. Also they probably wouldn't be every year due to the annual leave that they would need. So maybe every second year for the next 10 years.

Australia, south East Asia, as many African countries as we could manage, probably the US for Disney......not sure about the final one.

The money that I would normally spend on holidays (much less than that) I would put towards overpaying the mortgage,

Add it to my pension fund.

I feel depressed to say, that isn't a very large amount. I'd blow 1k, and spend the rest on debt/bank it

Ooh clever! This is like wishing for more wishes!

I'd chip a little bit off my mortgage with it. It's not life-changing money for most people. It deoends entirely on her circumstances. If she isn't a homeowner and lives in a cheap area, it's a house deposit.

New mattress 1k
New carpets and flooring throughout 3k (tricky job and part of that is I'd move out for a week while it was done)
Solar roof panels 7k
Decorating 1800 (already got this on our list)
1k gift to each immediate family member 6k
Pay for a business class flight for DH home at Christmas 2023 plus spends, 3k
5k between 2 dog rescue charities
26,800 spent.

Rest into a pension. Possible second hand electric car (phev). Fun list, but lots of grief involved (getting work done in house is a pain).

I’d save £20k then spend the rest on a new back garden, new drive, and a holiday. Anything left would go on house improvements. Boring answer, sorry 🤣

Yes I'd immediately put it into pb whilst deciding what to do.
I would definitely open a sipp ( self invested personal pension) for each DC wirh a few 100 in.
Pay something off mortgage. Not huge amount but maybe 5 grand.
Boost savings, personal sipp ( DH as well of course).
Boost stock's and shares ISA.
Some new windows for the house, a long haul holiday and keep it as a cushion.

Oh and sign DC up to some lessons in music or something.

40k stocks and shares isa to hopefully pay off mortgage at some point! 10k great holiday

You'll find on here £50k means vastly different things to members.

For example there's people with a household income of well over £100k a year, so 6 months wages isn't going to change their lives that much .

However, if you're like me and have got a couple of hundred in savings and live on an overdraft, it's an astonishing amount.

£10k car upgrade
£5 k two holidays booked for next year
£20 k home improvements
£5 k paying off loan, cards , overdraft
£10 k savings and the peace of mind that brings.

New kitchen! Nice holiday.

this thread has me a little entertained as I would love to know the statistics around the answers. Those of you who admit to spending the lot on a holiday and car etc, Do you already have ample savings? Why does it always have to be spent? My dh has a theory that there are some ppl who will always be “broke” no matter how much you give them! This thread has me thinking he’s right!

Put some aside. Redecorate. Visit a loved one with my family.

A once in a lifetime type of holiday/tour to a few faraway places for a few weeks for me, DH and the kids - - real memorable experience with lots of bucket just stuff ticked.

wouldn’t tell anyone how much we’d won and would be sensible with anything left and pay towards mortgage or put in savings etc.

we’ve always financially helped both of our wider family and still do, but this amount would be just for my little family ❤️

Put the heating on all day long.

I'd pay off debts and take my family on a holiday abroad. That would account for about 25k so I'd put the rest in savings account for emergencies as I have zero back up at the moment

Having just paid a large inheritance tax bill I would say spending money while you are alive is probably very wise.