What to do with £50k?

[Hallehills]

I've just received £50k. Which is great but in the grand scheme of things, I know it won't go far. Here's the thing - I'm useless with money. Partner and I have £10k in debt (no savings or investments), want to start a business (start-up costs are approx £100k) and want to buy a house at home point (we live in London). We also have a 2-year-old in case that's relevant (e.g. future school costs?) What's the smartest way to leverage the £50k in your opinion? Would you use it for any/all of the purposes above, or something else entirely?

Pay off the debt then pop it in a cash Isa each until you need it.

Pay off the debt and use the 40k to put towards a house. Unless the business is a no brainer and guaranteed money maker…but I’m risk averse so i wouldn’t plough my own cash into a business venture

Yep exactly that. Housing should be your priority now.

If you're useless with money you probably shouldn't start a business.

What this poster said.

Debt, high interest savings account earmarked for house deposit.

Don't start a business. You need to be on the ball and able to manage a budget.

First comment nails it again - no brainer really

This, pay debt and start saving for a house deposit

Pay off the debt and put the rest in a fixed term ISA to use for a deposit on a shared ownership property.

As everyone else has said. Pay off debt and put the rest in savings for a house deposit and try continue to save.

I think investing any money in a start up business whilst not remotely financially secure, and with a child would be very silly.

Don't start a business if you're useless with money - it'll be a disaster.

I would do exactly as pps have said: pay off debt, save rest for deposit.

if Lifetime ISAs are still a thing and you’re eligible then use that to save towards the house deposit too. Better returns than any other savings account but you have to use it to buy a house or retirement so it’s ring fenced

£10k debt £40k into LISA

I’d pay off the debt first and foremost.

I’d also open a LISA to save for a deposit for your first home. Do you intend to buy outside of London?

If you want to buy in London, however, you will struggle to find a home under the LISA restrictions - the home can’t cost more than £450k.