If you were gifted £30k, what would you do with it?

[CatteryCatz]

I think I’d put £15k aside for home improvements, would overpay around £6k on our mortgage, deposit £1k/£2k into my pension and would use the rest for a holiday and a few treats.

What about you?

Home repairs and update.

We were recently gifted £65k. We put £20k on the mortgage and the remaining £45k will go on home improvements - new kitchen, downstairs toilet, boot room and two new bathrooms.

Retraining

Facelift

28k into my savings then 2k for a holiday :-)

We need £45k for home renovation so it'd go straight into that pot... would save asking the bank to borrow ££ at remortgage time!

Nothing exciting.
£10,000 each to fun, mortgage overpayment and premium bonds.

That's a lot of home improvements for £45k. We spent that much on our kitchen remodel without replacing any appliances.

That sounds like money well spent! At least that work will last a long time 😊

I’d sort out the front and back gardens and possibly redo the kitchen. Might make my 10% overpayment to the mortgage first tho

Do patio get solar panels.

Ok … well, it’s paying just fine for ours. All costed up. Includes knocking through two walls and all new applicances and flooring. Maybe location pricing differences.

Fabulous!!!

In terms of home improvements, we need a new bath and shower, front door, staircase and new flooring in the lounge. I highly doubt we’ll be able stretch the £15k to cover all of what we need doing.

I expect we’ll use the £15k to sort our new bath and shower and the front door. Then we’ll have to continue saving for the staircase and the flooring in the lounge.

Beach hut!

I would opt for the bathroom too if making the choice. It’s so lovely to have a nice bathroom. And a new front door will make a difference as it’s the first thing you see when coming home.

I'm thinking about this at the moment, as there's a legacy of about that size coming in at some point soon. I'm planning £15k towards 2-3 big holidays, £5k for nice but not essential items around the home (like a new sofa) and the rest in the savings account so that when my second hand car finally snuffs it I can buy another one. I'm lucky enough to have paid off my mortgage already, and the house is in relatively good nick as I've spent quite a lot on it over the last 10 years.

10k on a holiday to Costa Rica for me and DD. 20K to either mortgage or savings.

That must be a luxury kitchen! We’ve just had a new kitchen with remodel and a wall removed for £25k all in.

To answer the OP, I’d use £15k for home improvements, £5k for a holiday and the rest into savings.

It's not enough to.make a serious difference, so either stick it in the bank and eke it out as a supplement to.income over the next few years, or blow it all on a good holiday (probably a safari).

Anything to legally avoid paying tax on the interest. I’m already at FH with Premium Bonds and have maxed my ISA, so would spend £5K on a holiday in Australia, and pay off student loans with the rest.

I think the point is that her kitchen will be bigger and finished to a higher standard than yours. She's considerably richer than you, basically.

Put it towards an extension we really want but can't afford