Would you spend this money?

[SandysMam]

We have £20,000 in cash savings. Mortgage on house with 60% LTV.
I am NHS, part time, lowish pay but steady income. DH is self employed, not steady income and we try to keep our costs low to ensure they can all be covered by my wage. I have a health condition which means I can’t work full time. We are 40 and have 20 years left on the mortgage.

We would love to make some home improvements that would seriously improve our quality of life. Like seriously improve. The difference day to day could be huge.

Would you spend 10k of the savings to do so? I know it is essential to have an emergency fund but should you suffer day to day in order to have the money sitting in the bank?

I am so torn between wanting to enjoy life and being careful, especially in times like this. It would take us a few years to build these savings up again but we would still have 10k in the emergency fund.

What would you do?

Spend the £10k 🙂

If your DH was out of work and had no income for a few months, how much would you need saved to get through (allowing for your salary continuing)? If it's less than £10k I'd spend the money, otherwise not.

What sort of changes?

How much £ left on the mortgage? Tbh I’d bust a gut to keep saving and pay off the mortgage as early as possible.

Thanks for the replies! Still got 150k on the mortgage, seems endless!! Also, have reduced life expectancy so probably as long as I have left to live!
The changes would be new bathroom, current one is pretty gross and depressing, general spruce up and turning the garden into something useable as currently very wild. Would have a new patio and seating area for socially distant entertaining
All costs can be covered by my salary if DH earned nothing at all but they are low as apart from mortgage we are very frugal. House is very modest indeed.
I have accepted we will never be like the usual mumsnet demographic but we are happy with our lot and feel grateful. I just worry I have crossed the line into hoarding for a future I might not even have.

If £10k would see you through 18 months of DH not having an income I'd spend the other £10k.

Hording money that is...not loo rolls!!

As all your costs can be covered by your salary alone - def spend the money

Spend it! Life is too short for a horrible bathroom that gets you down

For goodness sake do it! Life is too short to not make it enjoyable and lovely for you both. I think it's a no brainer!

I'd do it for sure.
I'm a cautious, non gambling, saver type of person, but you are in a very comfortable position in terms of you income and outgoings, even without the £10K you'll still have in your bank after doing this work.

Do it. If all your outgoings can be covered with one wage surely you can get rid of that mortgage much quicker with DHs earnings?

Overpay!

Yes spend it and I am a BIG money hoarder! But sounds like it would make a huge difference and would still leave a very healthy 'time' worth of fall back

Not right now.

Spend it. Enjoy life now and you will still have a buffer

Thanks everyone, I appreciate your replies. I have spent my life being really cautious, saved like buggery for the house and to afford maternity leave, always denying myself stuff and getting the cheapest and worst stuff for me so I can squirrel a bit more. This Virus has made me reevaluate a bit. I won’t suddenly become a shopaholic but I need yo drawer a line somewhere and live my life.

Shop around to get the best price on everything, update the house and enjoy it. Then throw everything you can into pensions and at the mortgage to pay it down asap. Then without a house payment your stress levels go right down. Although if you absolutely do have low life expectancy make sure you budget for a couple of holidays a year, they can be as cheap as chips but still something fun to create wonderful memories, such as a renting a neighbors caravan and towing it to a beauty spot

Great advice Womanlywiles

I would compromise and have the bathroom done only. Then either wait a while to do the garden or chip away at it myself

OP - you sound like a lovely, thoughtful, sensitive person.

You are clearly money-savvy and have thought this through.

We spent a big chunk of money making our garden a very useable, happy place to be and have not regretted it once. Our quality of life improved enormously, and during lockdown it's become a haven.

Use your money to create a special place that will make you happy. It will could also add value to your home (as could the bathroom) so consider it an investment too.

I hope you do it and enjoy choosing everyone for your new happiness projects ❤️

Ah thank you everyone for your input. @EinsteinaGogo that made me cry, thank you for being so kind.
I think mumsnet can be a hard place to figure out where you sit financially. Everyone seems to have ridiculous emergency funds and be mortgage free at 25. No one really talks about money in real life!!
My motto in life is “it’s not about having what you want, it’s about wanting what you have” and I think this is so important in such a materialistic world.

We have spent a happy weekend making plans but also shopping around for deals etc. Thank you all!

Ah, I'm so glad you've decided that, OP 🙌🙌 - In fact, I was just sitting the garden thinking about your post!

I would just try and make sure Your budget doesn’t creep up and end up taking up most of the other 10k