£10000- what would you do?

[sorbetandcream1]

What would you do with an extra £10,000? Managed to save £10,000. Don't know what to do with it now. At the moment it's just sat in my bank account. No debts. Ideas please!

Buy time. Ask work for a couple of months off and tour round Europe.

House deposit or if already own , I would over pay mortgage with half and keep the rest until I needed it.

Yes, already got a mortgage.

We're hopefully moving soon but have a bit of work to do on our house first to make it more sale-able. So if it were me, i'd probably spend £3k on the house which would get it done, maybe spend £2k towards a lovely holiday and sit on the other £5k ready for moving time.

Premium bonds, no risk to money and maybe win a million

Buy time. Ask work for a couple of months off and tour round Europe.

Well, if you're a traveller I would recommend Asia, much cheaper than Europe.

You'd still have a big chunk left afterwards.

I'd pay half off mortgage if your overpayments pay off capital and keep the other half in the bank (I'm a money hoarder though- I don't count it as savings if you blow it on a holiday; I call that a fund!)

Do you have other emergency money in case you lose your job or have a big unexpected bill? If no I would use it for that. If yes then pay off a chunk of mortgage.

Do you have decent savings and pension provision?

I am very boring and have always saved for the sake of saving so we have paid off our mortgage and have decent savings/pension etc - I really like that security .

If I had an 'extra' £10,000 I would probably have the house redecorated.

Do you need a car for work? If so if your current one may need replacing
save for that and keep the rest for a rainy day

Also what timescale did you need to save it in? I mean could you do the same again providing your circs did not change? In which case I would look
for a good account and make regular payments into now as you will hardly
notice it going and you could get another nice little nestegg!
Or just pay off your mortgage with it which may be better given the low
savings rate at the moment.

Pay it onto your mortgage , we've recently overpaid £25k to help get rid of it .

I saved that amount recently and spent it on a new kitchen. Once I save a bit more again I'm doing the garden, but also want to save for a big holiday sonewhere further afield than we normally go

Utilise your ISA allowance.
Make a mortgage overpayment.
Make a lump sum pension contribution.

Keep some funds easily accessible for emergencies - this is why I am a fan of offset mortgages!

We've finally paid off our mortgage (technically) and no plans to move unless it's to downsize in the future and it's liberating enough for me to let myself go and splurge more on our holidays - including skiing and travelling long haul as a family.