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Original poster

What to do with £6k

44 replies

Rainyshowers · 04/02/2018 13:34

I am being gifted £6k. I am a home owner and are fine paying the mortgage. I would like the money to be saved/ invested for the best possible return. I would like to access it in around 5 years to put into moving house. This may not happen but s a possibility.

I have very minor savings. Say £1k.

I am not financially knowledgeable so any advice as what to do would be great. I'm a SAHM but will return to work in a few years. I voluntarily pay £50 month into an Aviva pension too.

OP posts:
Original poster
Rainyshowers · 04/02/2018 17:09

I'm not sure it is sensible together married. We are tenants in common and I have a large sum in the house which is in my name only. I am written as his pension beneficiary should the worst happen. We don't have wills but I am going to sort that asap.

OP posts:
Original poster
Rainyshowers · 04/02/2018 17:12

If we were married and later divorced I would loose 50% of my money that is in the house. It is my safety net whilst being a SAHM.

OP posts:
MyBrilliantDisguise · 04/02/2018 17:17

But you are only his beneficiary for as long as you are together, OP, whereas if you married and divorced (sorry for being depressing!) then you would legally be entitled to a share, rather than just relying on his goodwill.

Original poster
Rainyshowers · 04/02/2018 17:24

But if we marry and then divorced then I would loose half my lump sum in the house. Its £100k in the house. His pension is like 10k.

OP posts:
TalkinPeace · 04/02/2018 17:41

Marriage is really irrelevant to the OP's situation.
Pop the £6k in the premium bonds and be done with it.

littlebillie · 04/02/2018 22:12

www.nsandi.com/premium-bonds

Do some into Premium bonds your mortgage will be paid off over time anyway, keep cash for emergencies and some into pensions is never a bad idea. No one was ever sad about having a big pension. Also if you need the premium bond money you can have it back in a month.

Good luck and enjoy your new financial security

littlebillie · 04/02/2018 22:13

Never let money or tax rule your life. If you love him marry him good luck

littlebillie · 04/02/2018 22:15

Sort out life cover and critical illness too so you have real financial security. No one is ever sorry they had cover in the event of a claim

PaintingOwls · 04/02/2018 22:21

Also if you need the premium bond money you can have it back in a month.

No, you get it back right away.

OP, I would invest in P2P but then again I am a risky person. Lendy or funding circle or something like that.

littlebillie · 04/02/2018 22:23

Painting owls that's high risk advice especially with money she wishes to preserve. Most of these scheme are unregulated and she could lose the lot

Almostthere15 · 04/02/2018 22:26

Given that you have a really low amount of savings I would put at least half into a cash isa. Yes the rate isn't amazing but it's good practice to have at least three months payments available as savings, and if you do move in the future you can use it then. I would do a small one off over pay in the mortgage as it does make a big difference. But Id also treat myself to something I wanted, just a small amount like a couple of hundred because it would make me really happy.

TryAgainAndAgain · 04/02/2018 22:41

I wouldn't recommend Premium bonds. Take a look at Martin Lewis's MoneySavingExpert website for info.

I'd look to take advantage of some of the higher interest current or savings accounts. Some have great introductory rates. INFO - on Money Saving Expert

Original poster
Rainyshowers · 05/02/2018 07:18

Great advice thank you.

I don't want to keep any back for spending as having some financial security will make me far happier

OP posts:
TalkinPeace · 05/02/2018 22:02

D'oh
I forgot the best an simplest option

open a Santander 123 account and move some of the direct debits for your utility bills across to it ....

decent interest
nice cashback
FSCS
instant access

MaggieFS · 05/02/2018 22:13

Stocks and shares ISA, or cash ISA as long as you get interest above your mortgage interest rate.

First rule I was always taught about personal finance was to use your ISA allowance up before worrying about any other types of investments.

specialsubject · 06/02/2018 10:10

Two tesco current accounts, paying 3% on £3k each. Best you'll do.

Oddbutnotodd · 06/02/2018 10:21

Pension. Read the pension thread if you need persuading. You'll be glad you thought about your long term future.

Original poster
Rainyshowers · 06/02/2018 12:23

Oddbutnotodd can you link the pension thread? I can't find it.

OP posts:
Oddbutnotodd · 06/02/2018 13:38

Sorry don't know how to do links but there was a thread last year 'How much in your pension?' in the Money section.

There are also a couple of threads on Gransnet about how much you need for a comfortable life in 'Legal and Money' section.

If I want to find out about anything on Mumsnet I just do a general search with a key word through the whole site.

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