Inheriting £50k... WWYD?

[MamaFrey29]

Inheriting £50k. What would you do with the money?

£15k house improvement. £10k holiday. £25k savings (as we have none). If we had savings then pay chunk off mortgage.

What’s your current financial situation?
Have you expensive debt?
Or are you comfortable off with lots of savings and good regular income?

Depends very much on your current financial situation doesn't it?

I'd add it to my existing investment portfolio.

I’d pay £40k off the mortgage and put £10k towards dream holiday for the family.

Depends on your circumstances though?

Depends on your financial situation. If you have debt then I would pay that off.

If it was me, due to having no debt, I am would invest it, some to my SIPP and some in my S&S ISA. Given limits of both of those due to my income I may not be able to use all of the £50k that way, so remainder may sit for up to a year in something nice and safe like Premium Bonds or something else from NS&I.

£10K fab familk holiday
£10K home improvements
£5K frivolous spending, clothes, tips out etc

£25K Save

Do you already own a home?

Pay off the mortgage, which is about that much.

Also it depends on how you are actually getting the money.
You might have inherited £50k but it might be from a relatives pension scheme, so it might not get paid to you in one go. There may be tax implications, there may be adviser fees.

Buy gold

Put some in a savings account

Donate some to a charity that can do some good at the moment - probably food bank or similar

Pay my debts and take my kids and boyfriend on an amazing holiday

Right now? Save it. God knows what the next two years have in store for us.

Pay off loan. Have some decorating done on the house (I hate doing it!) holiday, savings.

Get rid of smaller debts (catalogue and credit cards), pay in cash for my surgery rather than use finance. Take the family on holiday.

Half to pay down mortgages as it's interest only, the rest in education fund for my daughter (and that will only pay for about one year of fees). Maybe a little bit for a holiday.

Pay off any credit card debt or bank overdrafts for you and a partner if you have one.
If you own your own home, put into maintenance and get everything made good. Decorate, fix fences and broken tiles, guttering, plumbing , electrics. If in sore need, treat yourself to a new kitchen, bathroom and anything else that is tatty.
Refresh furnishings, carpets beds etc.
Then spoil yourself, a better (not new ) car, if necessary, for comfort and reliability. Research well and then buy quality.
If you don't have your own home, now is the time to organise one.
I there is anything left, save some and indulge yourself with the rest.

I'd just pay off the mortgage. Recently we looked at btl but I don't want to take a big commitment at this point.

OP I'm very luckily in the same situation although it's not inheritance as such, I'm using £30k for a house deposit (already saved £20k prior to this), I've got a loan which is £5k which I'm going to pay off and the other £15k is going to be used for a coupe of nice treats (new bike, £600 a night hotel I've always wanted to stay at, a city break) and then the rest as savings for renovations/furniture when I buy my house and generally rainy day fund.

Probably half towards overpaying mortgage, and half saving, but I’d probably splurge 5k on other things.

I’d save it

A reliable car, pay off loan and treat the kids to some new play equipment for the garden, the rest would be put into savings.

At this moment in time.
£30k FTSE 100 stocks
£10k AIM stocks
£10k just chuck into the bank account

Would normally have said £10k on holiday of lifetime with kids rest mortgage... But in current situation £45k mortgage, £5k current situation... Hoping don't need and can also go on mortgage...

What are your options op?

I'd put it all in a high interest savings account, until I had definitely decided.

I'd pay 30k off the mortgage, spend 5k building a front porch and downstairs bathroom, 3k having the garden landscaped, 2k towards our holiday next year. 10k upgrading the car.
We already have emergency savings. If we didn't I would bung 5k in an account not to be touched.