€10k gift - what to use it for

[Wishimaywishimight]

We are being given a gift of €10k.

Mortgage just under 20k. We have a flexible offset mortgage, have been overpaying all along, due to be paid off in 12/13 months (8;years early).. We can overpay/pay off early without penalty.

The other option is to use it on the house, the garden needs an overhaul,carpets need replacing,, new windows etc.

For context, we are both early 50s in secure jobs, no children and have other savings of c. €30k.

What would you do?

I'd do the work you want in the house in your circumstances, given that if things changed you have enough saved to pay off the mortgage anyway.

I would prioritise the windows if they are old and leaky - if they are going to get done anyway better to do them before we get winter with extortionate fuel costs.

Split it into 3 pots. Splurge 1/3. Save 1/3 and spend 1/3 on the home.

Imo.
I once got 10k inheritance the year I left dh. Paid off debts (he had accrued in my name unbeknown to me). Fresh start!
Enjoy your money op!

Thanks all. My initial thoughts were to cut a lump off the mortgage but I do think now that the work on the house would be a better immediate use of the money, especially the windows @FourTeaFallOut - they are not leaking (yet!) but there are quite a few draughts so I think it would be worth investing in good windows and possibly a new front door - that will take care of a good chunk of the money I'm sure however these are things that we will probably / hopefully only do once so may as well do it properly.

Going on holidays next month so will splurge a little while away too!

Thanks @Maydaysoonenough , we have had a very rough year with 3 bereavements so nice to have something to look forward to and give us a bit of a lift (the money is not an inheritance or anything, just an unexpected gift).

Have a lovely holiday and or/pamper day. Get the few jobs you need done on the house done too if you can. You’re in a good position with your mortgage nearly cleared and you’re in your 50’s.

I did mean leaky as in letting the warm air out, not letting the rain in. I really need to start using more words 😁

I've never regretted money spent on home improvements. Improving your living environment is a benefit you enjoy every day

@FourTeaFallOut Ah, yes of course, you are absolutely right - given the current increase in energy costs that is definitely a priority!

@BeeLady15 I like your way of thinking! I plan to go for a massage soon, going to get my hair done for my holidays and have some spa treatments while I'm away. I am definitely looking (beyond!) my age this past few months so really want to look after myself a bit (as well as the house)!