What would you do with £5000? (Nothing mortgage or savings related!)

[Teabee]

Dh and I have been left £5000 by an elderly relative. It's not really enough to make a dent in our mortgage but we want to do something with its rather than it just be eaten into with day to day expenditure.

We haven't discounted a nice holiday but any other suggestions would be welcome!

Thanks

Why not put it into a separate savings account until you think of something you need / want ?

I would have to use it for Disney holiday. Is there any work you need doing in the house? Or any hobbies you have always wanted to start but never had the money x

Honestly, I'd put it towards the mortgage - it's lovely when you have chipped away enough small amounts to begin to see it start shrinking - I don't get that 'it won't make enough of a dent so we won't bother' thinking
but if it had to be on something frivolous, then it would be travel / holiday for me.

Pay off some of your debt and save all that long term interest.

Sit and calculate the interest repayments on that £5000. Treat yourself long-term.

I would put it towards taking my family to New York and an East Coast holiday.

I'd spend it on my money pit house. New bathroom probably and if any left over a new bed too.

I would very sensibly put it towards the mortgage. If not, home improvements are the next best thing.

Maybe allow myself £1000 for a holiday treat for the family.

Holiday or summerhouse for our garden.

Id spend some on a holiday and the rest in an isa as an emergency fund

I'd split it a few ways
ie

Something for the house or garden that will be enjoyed by you all. A statement light fitting or garden item for example.

A family treat - maybe a holiday, maybe life membership to English Heritage or similar for family days out.

Something off the mortgage or into a rainy day fund - because it's sensible, and you were proportionately sensible.

New bathroom!

Backforgood -it's not that we wouldn't put it to the mortgage because it won't make a difference but rather we want to do something special with it. We try and overpay our mortgage every opportunity we can. We are thoroughly dull sensible about that sort of thing usually!

A great holiday somewhere different/luxurious
Piano
Maybe piece of jewellery that can be enjoyed and handed down. Diamonds are good. Rolexes tend to hold their value very well too as do some Cartiers. You can get advice on this. Would steer clear of modern fashion brands, these do not hold value.
Home improvement that you will all enjoy (new kitchen/bathroom/garden makeover).
A statement piece of furniture that you can keep pretty much for ever - Chesterfield sofa (modern varieties are amazing and can be recovered time and again).

I would go here on holiday.

And I would have my eyes lasered so that I wouldn't have to wear glasses any more.

Save most of it but spend some on an extra special holiday. Or spend it on home improvements.

Could you spend it on experiences over the next five years? Every year at a designated time do something you have never done before.

So maybe go and learn to scuba dive, another year learn to drive a boat, another year go and stay one night at the Ritz in Paris, the next year buy a piano and learn to play or whatever it is you would love to do/try/experience.

I think it would be lovely to do things completely out of the ordinary and which wouldn't happen unless you were left that money. If I was leaving money to someone I would love that idea!

Holiday and a fabulous no expense spared Christmas?

Was going to suggest the same as LifeOfPo - some good furniture that will last you a long time and a painting; you could one commissioned if you can't find anything you like.

Buy some art

I'd give most of it away. If it was unexpected and unlooked for,then I would rather it did good for someone who really needed food/shelter/safety.

Dh's DGM left us money. We bought an item to remember her by, and gave rest away.

weegiemum who did you give the money away to?

Lovely idea Weegie - however the entire estate of the relative has gone to charity so I'm going to assume that this bit of money is just for us!

Beach bum - I LOVE that idea! I'll put that to dh.
Also, really love the art idea. Wouldn't know where to start on that front, any ideas?

If you're anywhere near London try the Affordable Art Fair in Battersea Park. There are loads of different artworks for sale at varying prices (some not so affordable! ).

Even if you don't find the perfect painting it might give you some ideas and you can always go and visit the individual galleries whose work you like.

Or if you have children, you could have a portrait of them commissioned. I'm sure there's a good directory online but I can't remember the name.