What would you do with 10k

[EnglishBloodIrishHeart]

I’ll be shortly receiving an inheritance of around 10k

I am on a very low income (benefits with limited capacity to work) so this money is life changing for me.

I’m not necessarily looking to spend, splash out etc

And I’m not seeking to deliberately deprive myself of assists, anyone who needs to know the money exists will be notified and they will adjust my income accordingly.

I don’t have any debts to settle.

I live in a council house, so whilst some renovation would get lovely, and is needed, I’m reluctant to spend a large amount of renovations a home I only rent.

i wouldn’t qualify for a mortgage so no use keeping it for a deposit

i can’t legally drive so no need for a car/lessons etc

And I can’t think of any education or anything like that which would benefit me that I could pay for.

Obviousky I can just put it in the bank,
But I’d like to do something ‘worthwhile’ with it since I’m never likely to see this amount again.

i’m concerned that if it sits in the bank it’ll be easy to splurge on things and get carried away, and it’ll be gone before i know it.

So, if you received that amount tomorrow, what would you do with it?

I put some money in a stocks and shares ISA, went through a financial advisor, don't plan on touching it until I retire, it's gone up and down due to Brexit and covid but my initial investment has gone up quite considerably.
Im not tempted to touch it because I'd have to go through the financial advisor and it feels like a hassle but I watch my ISA through an app on my phone.
Banks have financial advisors, maybe speak to one at your bank

Do need anything like white goods? New TV?
Do you need things like new bedding or towels? Good quality winter coat? What are your hobbies?
When did you last have a holiday? Where have you dreamed of going?

@Campervangirl Thank you I’d never actually considered investing because I know absolutely nothing about it but definitely worth looking at.

You're welcome, I didn't know anything about isa's, financial advisors etc either.
I'm like you, I was worried I'd fritter the money away.
Definitely worth looking into, good luck

in your situation I would spend a couple of hundred on something lovely you would never normally be able to afford, perhaps a piece of jewellery if the person you inherited from was close?

I’d then spend £3-4k on work on the house. Although rented I assume you have a lifetime, or at very least long term tenancy so it will benefit you and make you happy for years to come.

The rest I would put in the highest interest account I could find (you should be able to get at least 5%) as a rainy day fund.

Invest half keep a buffer and some into pension

I'd put some in Premium Bonds too. You won't earn any interest but you have the chance of winning and not losing your initial investment

I’d spend it on a holiday!! I’m a lot more frivolous these days as we have a healthy buffer and investments now but even years ago when we were less comfortable I’d have wanted to spend it on a holiday.

Investing some of it might be a good idea, but you don't need a financial advisor (not one that you pay anyway) and I wouldn't invest it using a bank.

If you want a S&S ISA, Vanguard or another low cost provider would be where to look and something like Meaningful Money website/youtube/podcasts will give you all the info you need for free.

However, I wouldn't lock it all away because having the money reduces your benefits then you might actually need to live on the money until it falls below £6k, although I don't know how benefits deal with an investment that is likely to fluctuate in value.

So it might be worth spending a decent portion of it on good quality things that enhance your life and/or save you money, eg new appliances from decent brands, furniture, kitchen equipment, that sort of thing.

Put it into a personal pension.

Spend half, invest half.

id spend the half on a beautiful holiday / holidays, for me and my dearest.

life is for living :)

Two nice holidays and the rest in a 4% savings account. I also think upgrading appliances is a good call as new fridges etc use less electricity.

If you really want to know what I'd do with it - pay my vets bills!!

I’d invest a 3rd,put a 3rd into a high interest account (that you can access) and then go on a lovely holiday.

Buy 10k worth of premium bonds

Which benefits you claim will be relevant. If it's UC your money will go down because you have over £6k in savings. I know you are not intending to hide the minty but before you decide what to do with it, find out how much will be taken off your benefits so you can put that aside to compensate.

Keep 6k in savings and for the other 4k either :

Put it in a sipp (half before April and half after April - so across two tax years) as the government will add tax relief of £1k and then you have something for later life.

Or upgrade your white goods to better quality items if they need it or even good quality clothing - basically think things that will upgrade your quality of life and have a longer lasting effect.

Or buy some nice gold jewellery - but try not to get ripped off with retail pricing - if you can’t get a good price on the gold jewellery get gold coins instead.

In your situation I would just invest and save to be honest. And then I would just leave it and rest easy in the fact that I had a nice buffer behind me.

Personally, I’d book for once in a lifetime holiday. Then invest the rest, which may allow you to retire a little earlier than you you’re planning

I'd put most of it in a Self Invested Personal Pension, with a company like Vanguard - choosing global stocks and accumulation. Save a bit for little treats for yourself say £1000.

Gosh...it's hard if you don't want to grow the money....

I'd spread it around.

Some into premium bonds because it takes a little time and effort ( not much) to release the money....

Maybe 2/3 grand. That's your life comfort / peace of mind money and if you can add a little each month as a buffer....even 20 £ fabulous.

I'd put some into a stock and shares ISA.
Again....2 grand? Into perhaps a vanguard s and p fund ...you would be buying a huge amount of American companies eg Apple/alphabet...

Rings fence 2 grand for life comforts now eg new duvet/ pillow's/mattress.../TV... dishwasher...

That takes us to 6 ish. .
2.5 grand into a self invest personal pension eg. Sipp.

Again an index funds...again index funds are lots of companies.....so if one fails it's replaced. I had some marks and Spencer shares at one point worth £6 eadh. Do you remember m and s had major problems zthe share price tumbled and they went to less than 1 eadh.rhe company dropped out of the fste 100.
I lost money there'. However....of I own the whole FTSE 100 then if mark's and Spencer drop out...it's replaced by the next one....self cleaning.

1 grand left for absolutely anything??

Personally I have more than this and would never ever splurged on one 5 grand holiday!! I'd rather have a few smaller holidays including the odd night in a b and b or youth hostel....over the years than one splurge.

@EnglishBloodIrishHeart

A little holiday perhaps?

This.

How old are you? I would definitely put a lot of it into a pension fund.