Inheriting £50k... WWYD?

[MamaFrey29]

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

I'd put it all in a high interest savings account

Lol, good luck.

It is rare to have a big lump of money in one's lifetime

Therefore, I would suggest take your time & decide what to spend it on. No rush

It's easy to spend £100 here & there & the money could deplete easily, without buying something more substantial

Personally I’d pay £30k off the mortgage (leaving us with a tiny mortgage) and finish the house with the rest.

£25k off the mortgage. £5k new windows and sorting out a small patch of damp Derek creates. £10k each one the kids savings.

I wouldn't buy gold, the prices are very high at the moment
I wouldn't splash on a holiday at 10k
House improvements if needed
Ide sit on it in premium bonds

We win at least £75 am month or more with ours

I'd pay off some of the mortgage, maybe change my car (although I'm pretty happy with my current car if I'm honest!), do some redecorating and help my sister with paying for her wedding. I'd also seriously consider a breast reduction. I've just been clearing out my underwear drawer and it seems F cups are a bit small.....

Pay off Mortgage.
Or to fund further education.

This was me a year ago and I still haven’t decided! I chucked it all in premium bonds which have given me a return of £50-£100 per month over the year.
I do want to spend it on extending the house but when the money came through I had just taken a 3 year break from work after having a child so, although we didn’t have any debt except for a small mortgage, we also didn’t have any savings so I said I wanted to hold onto it for a year and save in the usual way from our jobs, which we’ve done. I was on the verge of calling architects when Covid-19 came into play.
So at the moment, it’s just nice to know we have good backup if we have no jobs at the end of the pandemic.

I currently don't have any debt and have about 20k in savings, so I'd pay 30k off mortgage, 10k home improvements, 5k to my sister and 5k for a holiday

You could

Retrain for new career
Start a Business
Work PT instead of FT
Give some to family, friends, charity
Pay into pension
Spend some, save some

@Marmite27 I’m very curious about the damp patch that Derek creates!

I’m mortgage free now (pensioner) but when younger I would have used it to pay down debt. Now I would use it to help fund DGCs education.

Put it in Premium Bonds. Max is £50k. With that in you should win £25-£100 most months

Yes I should have said, when I receive mine (hopefully in next couple of weeks) after paying off my £5k loan and putting £5k in my easy access savings, the other £40k is going in premium bonds until I need it for a house deposit, better than any savings account currently due to dire interest rates.

£30k off the mortgage, £10k home improvements, £10k Disneyworld. The dream 💕

Are you going to give us any clues as to what your financial position is now ?

Someone who owns their own house / mortgage paid off

is a very different situation to

someone who owns no property, had thousands of ££ of debt

Someone who is retired is very different from someone who is 20

Someone happy in a rewarding career is different from soemone frustrated and long time been dreaming of doing something different for a job.

Someone earning £15K a year is very different from someone on £150K a year.

Give us some clues OP.

5k holiday
10k on the house & garden upgrades
35k to chip away at our mortgage.

We already have a good chunk of savings, otherwise I’d throw some into that.

I had about half that. No mortgage so some has gone into ISAs for the DCs and the rest is earmarked for home improvements which we were going to do this summer. Looks like home improvements are now on hold and we'll also wait to see how the employment situation bears out before we actually spend anything else.

@LovingLola don't have any debt

Was thinking of buying another investment flat!

@peachy

Yes we have a home and an investment house as well which is rented out.

It's a gift of £50k. No tax implications.

@me109f our whole house renovated last year.

@PomBearsyummy sounds like a good plan!

I’d add it to my retirement fund and let it grow.
I supposedly have enough now, so any extra could grow and be inheritance for my DCs fifty years down the road.

@@backforgood

Sorry, I have a new baby - so have been busy.

We're in a really good financial position. No debt, money in the bank. Have a couple of houses, both renovated.

Thinking a new flat?! Thoughts?