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'd stick it in premium bonds, invest in a pension or pay a chunk off my mortgage.

A deposit on a buy to let in a holiday location so I can airbnb or holiday let out.

Passive income is the biz.

I'd pay for my roof to be replaced as it needs doing desperately. Leaking water into my kids bedrooms. That would cost £25k probably. Then I'd do up the garden get a nice car and go on holiday.

New car and the rest onto my mortgage.

Don’t have a mortgage anymore but if we did thats where it would go. I would put it in the pot for pensions. We are pretty comfortable and 50k would be nice but not life changing. We both come from more modest backgrounds and things have turned out well so being financially secure is important to us. I know, we are boring.

I love imagining things like this!
If that happened to me right now I'd:

• Pay the last £2000 off credit cards
• Pay for a final round of IVF treatment upfront
• A couple of home improvements, nothing drastic but paint and carpet in my sons room and a wardrobe for him as he doesn't have one at the moment.
• Put a chunk by for a once in a lifetime trip to USA
• Save the rest

Split 7k between my wedding fund & my bathroom reno fund.
Put another 15k away for other work on the house and a honey moon
3K or so to help DP pay something off
5k between a couple of people who could do with a cash boost in our lives
20k in savings.

If we didn't have most of the above maybe 40k in savings, 5k on a honeymoon and 5k to others. With a bigger amount I'd definitely give to quite a few charities.

£20k to clear debt
£5k holiday
£5k car
£20k in Premium Bonds

Newer car
holiday
pay off some of mortgage

I'd love a slightly bigger house. Need 1 more bedroom so my kids don't have to share as they are getting older, and really want a utility room as I'm sick of having the mop/bucket and hoover in the living room and cat litter tray in the bathroom....

I got a payout of over £50,000 from an employer who discriminated against me, and walked into another job 2 months later. I kept hold of that money for 2 years in case anything else happened job wise, so that I would have that protection. Also because I needed time to heal from the trauma of what happened to me. After 2 years, I'm in a great permanent job, I feel much happier, and I've spent £30,000 on a new kitchen, an outdoor office, some work on the garden and a holiday. I have put the last £20,000 into savings. I did consider spending the entire amount on private education for DD when she was being bullied, but she wanted to stay in her state school and fortunately things got better.

New cars and a holiday. And then anything left would go on the mortgage.

Give 10k to shelter, 20k each to my sons.

Have the heating on

House renovations, specifically new bathroom & kitchen.

I’d invest it.

I'd overpay the mortgage by 40k (half the amount we have left to pay) and hold 10k back for treats - a nice holiday, or a newer car.

Oooooo fun thread! If I had a spare £50K I would spend it like this…….

Redo our dreadful drive
New (second hand) car
Some on to the mortgage
Tuition for our DC
A few thousand to a friend who’s temporarily in a very tricky situation but I’d want to do it anonymously as would not want to change the balance of our friendship
An amazing holiday next year
The rest into savings

I think I could spend it (and more) very easily!

I’d book a holiday to New Zealand next summer to see Dgd and her dc and use the rest to bridge the gap between retirement and getting my state pension.

£5k to each of the kids, then the rest on big family holiday for all of us. That went quick, didn't it? 😣

Right now, it would be a certain make of a new ULEZ compliant car.

I saved up that amount and what we did, was give up work and buy a house in France as soon as my OH could access and transfer his pension to give us regular income and 3 days later we moved here. I appreciate I am mid 50s but but we overpaid out mortgage for years and saved up as much as we could in the hope that we could retire early and do something other than keep working.

So in her instance I'd save it in the highest interest account I could find. You don't have to spend it at all.

We're currently on a low income and renting. We hope to relocate in a few years and buy our first house. So most of it on a deposit plus paying for proper movers/packing and buying furniture. Need to replace vehicles and would like to buy a caravan as we go to events with family that require camping, so would make that easier to do from 300 miles away.
It would definitely be life changing, but it wouldn't last long!!

I could easily take 6 months to plan exactly how best to spend it as we'd likely never have that much money at once ever again.

Holiday
Some city breaks
Give some to my mum
Decorate my bedroom and do all the annoying little jobs that need doing

That's what I did when I won similar 😀No regrets to this day.