What would you spend £50k on?

[lucky2020]

Before I start I'd just like to say I'm not trying to gloat in any way and I realise how incredibly lucky I am to be in this situation, I've also name changed but MN can back me up on that.

I'm soon going to be receiving approximately £50,000 and I'm starting to think about what to spend it on/how to save it, I'm only young (23) and don't want to waste it. I still live with my parents so obviously the first thing will be a house deposit but I already have £17,000 saved myself so I'm thinking even though I could put the whole £67k down on a house do you think I should save some for other things? My savings goal to buy a house was £30-40k (15-20% deposit where I will be buying) but maybe I should put down as big a deposit as possible now?
I took out a bank loan 6 months ago to buy a car for £6000 so I think my first step will be to pay that off, other than that and money for a deposit I was thinking of maybe keeping £10k back as savings which would cover things in the future e.g. a wedding (I always wanted a tiny cheap wedding but maybe not now that I won't have to slog away to save for it?). I save £600 p/m at the minute and don't intend to stop by the way.
What do you think? How much would you keep back for a house deposit and how much in a savings account?
Thanks

I think what you’ve said sounds sensible. I’d buy an extension and go on a road trip in America with my family.

Pay off all debts
Six months expenses in savings
House deposit
Holiday

In that order

Kitchen extension and holiday!

Sounds like a good plan!

I would probably have a big holiday, put some towards my mortgage and put some in savings.

I'd also put a deposit down on a car that I'd pay monthly.

It's sad that although it's a lot of money it doesnt go very far once you've got a house!

I think what you've said sounds sensible. Make sure you blow 5k on an amazing holiday / travel. You won't regret it!

Furniture/Decoration budget for your lovely new house?

I would have a loft conversion and luxury bathroom with proper shower and separate loo

I already have a once in a lifetime holiday in May which is booked and paid for, but I REALLY want to fly somewhere business class just once so I think I'll be finding somewhere to go next year/2022 which we could do business class . Thanks for the advice I wasn't sure if I should be saving more/less or using more/less for a deposit so it's good to hear other peoples opinions

I’d put 30k on house, invest and holiday

I can tell you now...you will more than likely kick yourself if you waste money on business class flights...honestly the seat reclines more and you get champagne and normal cutlery!! Don’t waste the money on that!!! Just book a nicer holiday.

@Ted27 I've actually started looking at possibly buying more of a 'do-er' up now I have this money coming in, something liveable but that maybe has a dated kitchen/bathroom (does such a thing exist?!) so obviously that would change the ratio of deposit to savings kept back. I probably still won't be buying anywhere for 18 months ish so plenty of time to think it through though!

Don’t pay for business class out of inheritance! Once you’ve had a taste for it it’s hard to go back! If 50k is a life changing sum then use it wisely.

Put the bulk of it away right now in a deposit, or hard to get at account. I say that as someone who came into £120,000 about 8 months ago. I bought a decent car, had a fabulous holiday, paid off debts, repaired things in the house and lived comfortably for a while. I have £90k left. And very little to show for that 30k. I have a property that is derelict and will need at least 90k to be liveable/rentable so I think even with the comfortable cushion I had I should have been more cautious.

Id finish house renovations, have a long holiday with my family and buy a newer car.

I’d say to earmark max 10% on treats like a holiday or a fancy handbag etc.

Other than that, I’d be getting onto the property ladder. You’ll have the flexibility of either a larger deposit or having money set aside to do up a fixer upper.

Business class a waste of money and AWFUL for climate change!!! Buy something beautiful for your home with the money instead

id pay a huge chunk off my mortgage, have a short holiday, and some in savings

would not waste any on business class!

I'd do a house extension and buy a camper van and a holiday. Don't put money aside for a wedding. Savings, yes, as a safety net, but don't spend it on a wedding. Such a waste of money. Go for something small and simple and beautiful instead. See a mortgage broker to see how different deposit amounts affect interest rates you can access and monthly repayments.

Ok I'll scrap the business class idea I've always wanted a small wedding but I think this money has just got me thinking, I can't bare to waste money though and always think big weddings seem a waste of money!! I think that's why I'm so worried about getting this money as the last thing I want to do is waste it (my DDad has worked so hard for it after all), I know someone who has just has a £12k insurance payout and spent £3k in a week on hair extensions etc . I know I'll probably start treating me and my BF to nice meals out (we have been saving so hard for our holiday/house deposit) but I'm going to make sure I still save £500 p/m, as I also won't be paying my £160 bank loan each month.

In your situation I’d put it on into the house . Then I’d use my earning to enjoy myself .

Personally I’d probably save it . If I was to spend some of it , I’d change my car , buy a beautiful wool rug for my hallway , redecorate my sitting room and go on a cruise .

In your position, to include your existing savings, I’d pay off the 6k loan, use 50k for a house deposit, earmark 7k for wedding and honeymoon/holiday, and keep the remaining 4k in an easy access savings account that pays close to 1.5%.

Personally, with 50k, I would put 25k into my mortgage, invest 10k into long-term stocks and shares, 5k for home improvements, and use the last 10k for holidays for the next two years, freeing up monthly disposable income.