Is you won £100k, what would you do with it?

[Ticklemycarpets]

If you unexpectedly had an extra £100k, what would you spend it on?
(Saving not allowed)

Pay off credit cards which would leave about £85k. Then look at extending our own property into the loft, get a new drive, get the garden done etc. All jobs we want to do but need to keep saving for

I have £100k left on my mortgage so......

I’d use some of it for a deposit (not all - we live in an area where houses aren’t crazily expensive) and save the other half.

@FabulousIAm

People saying a deposit on a house? What? Where does everyone live where you cant buy at least one house for that amount? Id buy a house with plenty of land for an animal sanctuary and put ten grand away.

Lots to fit your requirements in rural Spain. That's what I'd do with my £100k.

www.rightmove.co.uk/properties/108784157#/channel=OVERSEAS&currencyCode=GBP

www.rightmove.co.uk/properties/84339743#/channel=OVERSEAS&currencyCode=GBP

www.rightmove.co.uk/properties/112356605#/channel=OVERSEAS&currencyCode=GBP

www.rightmove.co.uk/properties/99487805#/channel=OVERSEAS&currencyCode=GBP

@SheldontheWonderSchlong

Unpaid carer and lone parent (disabled dc) on benefits so my benefits would stop until the money had been used up by the cost of living and then I'd be back to square one - unfortunately it just wouldn't be enough to change my life as I have no chance of getting a mortgage so couldn't use it to buy anywhere (expensive part of the country and need to be near family for support). I'm sure if dc father got wind of it he'd refuse to pay any maintenance as well.

Now if I could win 500k please it would definitely be life changing as I could buy a house and have my own bedroom!!

Agreed. As nice as £100k would be, for many people it would not be a life-changing amount - still nice to have though .

It would put you in a difficult position though, because you wouldn't want to refuse it, but there would be unintended consequences like the loss of your regular payments. And as you say, it's not enough to make yourself independent.

I'm renting and even though that amount would make a great deposit for a house, it still wouldn't be enough to buy anywhere outright where I live, nor would I be able to get much of a mortgage being on a low wage, so it would buy a few nice things and give me a cushion, but certainly not life changing in the way that amount would have been 40 years ago.

Half each to my sons for house deposits.

You'd just about be able to buy a 2 bed terrace outright where I live in the north west, so I'd do that.

Pay off my mortgage and car finance. Have a weekend away with the remaining.

Stick it in my pension pot.
Five years off retirement and have a reasonable pension banked but this would pay for some nice holidays and things once retired.

@SpeakingFranglais

Stick it in my pension pot. Five years off retirement and have a reasonable pension banked but this would pay for some nice holidays and things once retired.

That’s actually not a bad idea!

Invest most in stocks, but use some for buying few nice things and a holiday.

Buy a boat.

(I'm currently saving for 1, and learning to sail properly, and have a dream of weekends on the water initially but going off to live aboard and see the world in about 5-10 years time)

Add it to my (early) retirement fund.

Ooh, I love these threads!
£5k for a holiday
£10k for a decent used car
£5k for a medical procedure DH wants but needs done private
£80k towards moving into bigger house (£60k of that would be towards deposit and £20k for kitting the house out)

Forgetting my fantasy land and woodland idea
Literally if I had to start spending 100k today -

1. Wardrobe overhaul. Including shoes and coats. All in pretty sorry state currently.

Get actual decorators in to paint my flat and also Re carpet. Pay for storage and hotel whilst that chaos going on. Sort out a few dental issues (will be expensive). Pay for some great therapy/counselling for lingering grief after losing both parents. Weekly massage. Same mostly for dp and sibling. So give money for similar - ie can’t be spent on anything else. Finally get some landscaping done on dps property and rejuges the kitchen a bit. New tv and fridge - both on last legs.

I actually have this amount of money I could spend but don’t. Been interesting to think well what could I spend it on ? !

People saying a deposit on a house? What? Where does everyone live where you cant buy at least one house for that amount? Id buy a house with plenty of land for an animal sanctuary and put ten grand away I couldn't buy a 2 bed flat for that where I live and I'm not even in London!

We'd move I think or revamp and give some to ds too start him off in his own home.

Have a porch built with a shower and toilet as part of the porch. Have the drive way done and an office placed on driveway. If we are careful we'd still have 2 parking spaces. Also revamp bathroom. To do that well would cost around £50,000 so the balance would go into the mortgage.

Or...

Sink the lot into an extension and have to economise around every stage/decision or take on extra debt. I think we'd easily need £130,000 for the extension.

I would get the bathroom done, replace the kitchen and have our bedroom done (all need doing.....when we can afford it). Then I'd put some aside to cover our share of three lots of uni costs, take the kids on a nice holiday and the rest would go on the mortgage. And buy a diamond ring with the change.

We as a family of 4 could live and pay rent for about 4 years off that amount.
We could safe what we earn (to follow OP's guidelines) and with a bit of luck I could retire at 64.

Oh prok - clever !

Pay debts, renovate kitchen, pay for the masters degree I want to do, save for uni for DC.

Holidays 5k
Theatre 1k
Concerts 1k
New wardrobe 1k
New garage 30k
Garden room 20k
General house improvement 20k
Give children deposits 10k each
Charity remainder

Get the garden done professionally which I think will be about £7K.

Two new to us cars. £25k.

Then each of us would chose a bucket list holiday. Mine is Alaska. DS is Hong Kong and DH would need to have a think.

Then pension advice to see what to do with the rest or invest if it’s not going to work enough in our pension pots.

Having read a very useful timely and depressing thread about pensions annuities and retirement finances I’m afraid my dreams of land, woodland etc would have to wait for my lottery win (surely sooner?). So at risk of breaking ops one rule I’d stash it away in pension related stuff (otherwise known as savings, I know). Hmm

Pay it towards the 180-200k extensions/renovations we've got planned. That would then free up our savings that would go straight into S&S ISAs... I know OP said no saving but mine is indirect 😅