To ask what you did with your settlement money?

[Movingonup2024]

Hi everyone,

I hope you're all doing well. I'm posting to see if anyone here has experience with receiving settlements. Specifically, I’m interested in what you did with the money and how it has impacted your life.

Settlements often come after negative experiences, and I recently received a substantial one myself. Unfortunately, no one in my life can relate or have discussions about this, so I’m turning to this community for insight.

If you’ve been through something similar, I’d love to hear your stories and any advice you can offer. How did you use the money from your settlement? Did it improve your life, and if so, how?

I'm hoping sharing these experiences can help turn something negative into a positive discussion and provide support to those of us navigating this journey.

Thank you in advance for sharing your experiences and advice.

I used it to tide me over while I left teaching and figured out what I wanted to do next. What I realised while doing that was that I needed far less money to get by than I thought i did. So I didn't worry about looking for a job with a good salary, I started my own business instead and haven't looked back!

Used it as a buffer while I found a new role and then did a new kitchen.

Never had one but I’d bank it, use it as income to tide me over until I found something else, and if I get something pretty quickly, I’d put what was left towards some (fairly mundane) home improvements, or look into paying it into my pension.

It’s hard to say without more specific info in Regard to how much money it is, and why you got it, for example wrongfully dismissed, or serious injury etc

i got some money in a divorce settlement. I have put it 50:50 into my children’s accounts and intend to give it to them at 21.

I used voluntary redundancy money to fund 6/10 years off work with my kids when they were young. We budgeted well, lived frugally and it went a long way. And was worth every single penny.

Redundancy payout of 50k. I'd worked full time for 25 years in a very stressful public sector job. So now I have a part time, lower paid job. I can see my kids more and we will use the redundancy pay for when we need to replace the car / holidays etc (not affordable on my lower salary).

Also - if you don't really need it then consider paying it into pension directly which may be more tax efficient.