Just this week I have inherited £50k from my recently deceased sibling. Quite unexpected and it has left me feeling a little overwhelmed.
To give a little background, I am 52, married with 3 teenaged children. We live in a small but now mortgage free house. DH and I are low earners but managed to pay off the mortgage early by overpaying an offset mortgage (we had a small inheritance 16 years ago which enabled the offset to work in our favour).
No other debt of any kind.
I work 30 hours a week in a NMW role which suits our family set up, close to home and school. I have a very, very small pension which I set up in my early 20s and paid into minimally until I had DC 1 19 years ago. The yearly forecast says it will pay £180.00 per month at 55 (if I want to take it then). I also have some other workplace pensions which desperately need rounding up to take a proper look at. All in all, not much.
Making money stretch to our non extravagant living costs has been all we could do.
I would love a bit of advice of what to do with about £40k of this inheritance.
I'd like a little to make a few home improvements and have a little to spend and possibly go on holiday. Probably not the full £10k but can look at that later.
Would loading an ISA before the new financial year and another after April 5th be a good idea?
I have also looked at the investing options on my Monzo account, but I'm rather frozen by fear of doing the wrong thing. This is a life changing amount of money for me.
Advice and opinions welcomed.