WWYD £70k

[missfliss]

This is absolutely not a stealth boast, but a plea for advice.

I'm about to inherit £70k - it's under sad circumstances and relates to the death of a parent 20 years ago, and a step-parent 4 years ago.

Situation has been very hard for a few years and I am currently the sole earner supporting a husband who is coming to the end of a PGCE and a young son ( just 7) with ASD. As a result of the tough few years of mental health problems on his side resulting in time off work, then retraining we have approx £20k debt ( on 0% credit cards and a car loan). I have stepped up, went back full time to support the family and after a redundancy last year I now earn £50k in a new role having previously been on £40k. We have had lodgers etc to make ends meet, but my son is now too big fir the tiny box room and so needs the larger second bedroom meaning future lodgers out if the question.

My husband is due to qualify as a teacher, and will hopefully get an NQT job in September for £23k.

We have a mortgage of £190k, equity of about £220k ( live by sea in sussex). Mortgage is £895 pcm.

The question is this. I am finding current role really stressful to the point where it is beginning to affect my mental health. In addition I feel my son needs more time than I can give him. Things will be a bit better when my husband starts earning again, and I would like to find a way of generating an income that allows me to be less stressed and have some more time with my son.

WWYD with the £70k to facilitate this?

I'd say - pay off the debt, then use the remaining £50k as a cushion. And you'll need a cushion, because working as a teacher is not for the faint-hearted. Your DH may actually hate it, especially if he ends up at the wrong school or something. My DP had to change school several times before finding a good one.

In the meantime, step back down to the £40k job - however, that may be easier said than done. Whatever happens though, you can't make any major moves before your DH gets a job offer.

Thankyou leafy fir taking the time to reply.

We would definitely pay off the debt, and I wouldn't do anything at all until my husband is earning again.

I can't go back to my old job as I was made redundant.

I'm thinking of retraining into something skilled that would give me more flexible hours to be with my son. I currently work 8-5 and often more, 5 days a week. The pressure is significant and takes a toll on us all. I am looking to achieve a better balance so I can be a better parent to my ASD child ( and less miserable in myself)

It sounds like you are coming to the end of a tunnel! This is excellent!

I'd keep most of the 70k fairly accessible for now. Once your DP has his nqt position, can you drop down to 4 days per week? You should still be better off between you (although that depends on how much you are losing by not having a lodger). The money will be there if things don't work out and you need it. If all goes well, once your DP is settled in to a permanent role I'd keep 20k-ish as a good fat emergency fund and look to go down to 3 days (potentially with your DP dropping to 4 too). You can use the headspace to figure out if you want to start a business, and begin to get it going during school hours on your days off.

Thanks messy.

I may broach the reduced hours query with employer, as nothing to lose - but, I know he considers pt to show "a lack of commitment " and I don't think there is anyone else PT in company.

Finding a PT job elsewhere could be an option though, and seems like a sensible midway step.

Put in a flexible working request. Your employer can turn it down for business reasons (though you can appeal this is you think it’s not accurate) but not on the basis that part time workers are not committed! You need to show how it won’t impact negatively/could be good for the company.

If you drop to 3 days you could probably make a business case for taking on a full time junior to support you, thereby getting 2 people for the price of 1.

I would pay off the debt and wait until your husband is settled and earning, then look at reducing your hours. I wouldn't personally retrain until husband is job secure but definitely worth looking into the sums and practicalities for when he is. When your mortgage is up for renewal (if you're on a fixed term mortgage) it might be worth using some of the money to pay off some of the mortgage to get a lower monthly repayment/reduce the term of your mortgage.

Pay off your debts. You'll feel better for that, it's one weight lifted.

Put the rest somewhere sensible for a bit...premium bonds and a savings account and wait tight until DH is out of his NQT year and settled.

Then maybe you can get part time, and use the money to pay off a chunk of the mortgage and reduce your monthly outgoings?

If you do go PT make sure you aren't still doing the FT job in fewer days.... Someone will need to cover your work!