What would you spend £43,949.80 on?

[-]

CuratorOfNoise@reddit

Honestly I’d be boring. £949.80 on something guilt free. £20,000 in ISA next week and £20,000 in an all world tracker

Reply

[-]

stickyjam@reddit

Yeah holiday money into S&S ISA wrapped index fund the rest

Reply

[-]

I'd whack half in a savings account and treat myself to a couple of things that I'd quite like. In fact I've done similar recently. Maxed my tax free allowance, matched with premium bonds for a laugh for the time being and I'm having a nice holiday soon with a new wardrobe full of outfits and a new phone. I wont come close to denting the remaining funds for a while so it'll act as a nice safety net or fuel for more renovations.

Reply

[-]

YodasGoldfish@reddit

A deposit for an house

Reply

[-]

iffyClyro@reddit (OP)

With money like that you can have a mini-mansion in some parts of Scotland, a rabbit hutch in London though.

Reply

[-]

EvilTaffyapple@reddit

I just spent a similar amount paying off my mortgage in full. Never have to worry about a roof over my head again.

Reply

[-]

iffyClyro@reddit (OP)

Had to explain to my mate last week why saving/investing his money was better than paying off his incredible lifetime 1% mortgage early. Obviously if you’re paying the current going rate it’s hard to make a case for lot paying it off.

Reply

[-]

EvilTaffyapple@reddit

On paper, sure it is. But that doesn’t account for real life circumstances. I don’t have to worry about a place to live if I lose my job. Paying off the mortgage has given my wife and I extra money each month now from no mortgage. The job market is precarious at the minute. I work in Tech - I’d rather have a home and no mortgage than money in the bank.

Reply

[-]

iffyClyro@reddit (OP)

No. Your home is still 100% safe because you still have the capital and can pay it off if need be. Look at this way. If you put £43,949.80 into a GIA or an S&S ISA it will be worth it will be worth about £56,400 in five years. Over that five years at 1.9% you’ll only have paid £46,109 to the mortgage and it will be paid off. You’re over 10k to the good.

Reply

[-]

EvilTaffyapple@reddit

My mortgage wasn’t 1.9% - not sure why you think it is.

Reply

[-]

iffyClyro@reddit (OP)

I didn’t think anything about your mortgage. You replied to my comment, remember. https://preview.redd.it/yavvqllss0tg1.jpeg?width=1179&format=pjpg&auto=webp&s=946a4b51169751c63494946373ee528f38c3647f

Reply

[-]

unyieldingnoodle@reddit

1% lifetime?! How on earth did he have that? Perhaps worked for a Bank?

Reply

[-]

iffyClyro@reddit (OP)

Correction, 1.9%. Long story short he got when the going was good and had a decent deposit cause before he bought his job included a house.

Reply

[-]

unyieldingnoodle@reddit

Tbf even at 1.9% that’s amazing. I’m at 59% LTV with no adverse credit and still at 4.39%.

Reply

[-]

iffyClyro@reddit (OP)

Ouch.

Reply

[-]

Plenty_Delay_2869@reddit

You don’t have to in the UK anyway (housing benefit)

Reply

[-]

Any-Skill-5128@reddit

Only if you don’t work !

Reply

[-]

Plenty_Delay_2869@reddit

Yeah or retire. Either way it’s still a reason not to worry about having a roof over your head

Reply

[-]

Any-Skill-5128@reddit

If you have money in the bank you don’t qualify

Reply

[-]

Plenty_Delay_2869@reddit

Oh yeah, forgot about that rule! A bloke I know has over 200k held in a trust just so he can continue to claim and have his housing paid for. Jammy git hahaha

Reply

[-]

Any-Skill-5128@reddit

What a scammer

Reply

[-]

YouCantArgueWithThis@reddit

Would chuck it into my pension pot.

Reply

[-]

Maverick_Heathen@reddit

You think civilisation as it is is going to be around long enough to enjoy that?

Reply

[-]

YouCantArgueWithThis@reddit

I am pretty old...

Reply

[-]

Maverick_Heathen@reddit

I think you'll be surprised at how quickly things are gonna go to shit 😄 it sounds awful to say lucky you'll miss the worst of it! 😄

Reply

[-]

YouCantArgueWithThis@reddit

Yes, we are on the highway to hell, i know. Still, i am hoping to get a good 40-50 years in peace... I'm a dreamer.

Reply

[-]

PracticeNo8733@reddit

I'd stuff £20k into an ISA immediately before the 6th unless you've already used your allowance for this year.

Reply

[-]

iffyClyro@reddit (OP)

I have used most of it but it won’t matter cause it won’t have the money for a few weeks.

Reply

[-]

i_enjoy_silence@reddit

Inheritance?

Reply

[-]

iffyClyro@reddit (OP)

God no. I won’t inherit a single penny from anyone.

Reply

[-]

nickymoo@reddit

If you have any loans or credit cards, pay them all off if you can.

Reply

[-]

iffyClyro@reddit (OP)

Depends what rate of interest you’re paying on the debt vs the interest you can gain from saving/investing.

Reply

[-]

nickymoo@reddit

Put it all on red.

Reply

[-]

dbxp@reddit

Have you paid off your mortgage? I'm planning on shoving some money into it plus maybe battery + solar

Reply

[-]

iffyClyro@reddit (OP)

I’ve not and I don’t intent to. I pay 3.8% on my mortgage but see about 17% coming back to me across savings and investments so I’d be losing money if I paid it off my mortgage.

Reply

[-]

dbxp@reddit

What are you invested in which gets 17% a year? I guess you should put the 40k in the same place

Reply

[-]

iffyClyro@reddit (OP)

Spread across S&S ISA a Cash ISA and a LISA.

Reply

[-]

Derfel60@reddit

Travelling

Reply

[-]

iffyClyro@reddit (OP)

That’s a lot of travelling.

Reply

[-]

Derfel60@reddit

Yeah, i hate flying so id quite like to do Canada, America, Peru and the Galapagos in one go to avoid flying home. 40k should just about do it.

Reply

[-]

96JY@reddit

I'd invest it all.

Reply

[-]

nothingnew09876@reddit

In coke and hookers?

Reply

[-]

McLeod3577@reddit

Depends on how your retirement planning is going. I've got nowhere near enough to retire early, so I'd be saving/investing as much as possible. A bit of a shame you didn't get 20k in to the ISA last month as the limit just started again for the new financial year.

Reply

[-]

rositree@reddit

The ISA limit refreshes at midnight on 5th April, not sure how that works with our current world of instant online banking and the bank holiday closures though.

Reply

[-]

kamemoro@reddit

yeah you're generally right but as the tax year end fell on easter this year, and banks are unfortunately not instant and month take a while to clear these things, iirc the folks over on the personal finance sub were advising getting everything sorted before yesterday. you could still put in 20k in next week, then invest the rest (GIA, premium bonds, even a decent savings account)

Reply

[-]

McLeod3577@reddit

My mistake I thought it was 1st. Academic for me as I don't have anything spare to put in this month.

Reply

[-]

iffyClyro@reddit (OP)

I’ve managed to pay in my LISA allowance the last couple years and managed to top the S&S up so I’ve not lost out too much.

Reply

[-]

vibes000111@reddit

Not quite yet - April 5th is the last day of the tax year.

Reply

[-]

Behold_SV@reddit

Partially pay off mortgage

Reply

[-]

iffyClyro@reddit (OP)

What rate do you pay on your mortgage?

Reply

[-]

Behold_SV@reddit

Can’t remember exactly. Somewhere around 4%. But when I did a remonstrate my payments went nearly 25% up.

Reply

[-]

Ryansdad123@reddit

House near the equator some farm animals and some solid stocks

Reply

[-]

RelationshipLife6739@reddit

I would put most of it in savings and leave it for a rainy day / compound interest. At my current point in life I need to stay looking at getting a mortgage so maybe put 15-20k of it on a deposit for a 2-3bed in my area.

Reply

[-]

i_enjoy_silence@reddit

ISA 20k into index funds. Come back in 20 years or so. I really don't know what to do with the rest. Not bothered by holidays or material goods. Bit sad really. Probably live a little less frugally.

Reply

[-]

AmazingRedDog@reddit

Half a tank of petrol at next weeks prices. 🚗

Reply

[-]

spoo4brains@reddit

Will fill my car with petrol.

Reply

[-]

hotchy1@reddit

I tried. My entire towns currently ran dry... good news is iv got 17 more miles in the tank 😅

Reply

[-]

EndPsychological2541@reddit

There's loads in my town, just drive over here?

Reply

[-]

PayApprehensive6181@reddit

Living just 18 miles away

Reply

[-]

BalthazarOfTheOrions@reddit

What you gonna do with a half tank?

Reply

[-]

Drath101@reddit

We're looking at getting our first mortgage so I guess my deposit just got £43949 bigger and then the 80p can buy me a drumstick at the corner shop

Reply

[-]

Did_OJ_Simpson_do_it@reddit

Pay off my debt and buy a car

Reply

[-]

EndPsychological2541@reddit

Let's say it was winnings or inheritance.. I'd take my kids on holiday - somewhere warm and with a pool. Then a good chunk into their savings and a chunk into mine.

Reply

[-]

SavageRabbitX@reddit

A galvanised ex army Land-rover Titan

Reply

[-]

Frequent_Field_6894@reddit

add to my GIA.

Reply

[-]

vibes000111@reddit

I’m trying to sell my home. It’s been hard so I might use the £43949.80 as a buyout of sorts and lower the asking price by that much.

Reply

[-]

Mondaycomestoosoon@reddit

Fuel

Reply

[-]

Fine_Analyst_4408@reddit

Adapt my flat to my needs. I'm tall and disabled and all the surfaces are too low down.

Reply

[-]

BenidormBarry@reddit

all into stocks.

Reply

[-]

CoconutBandita@reddit

I'd probably buy a more reliable car for £10k, put £10k in a S&S ISA in the hopes of it growing enough for me to retire a couple of years earlier (currently 40) and then the rest into cash savings / premium bonds to save up for house renovations/ extension.

Reply

[-]

MrValued@reddit

Puting it in an index fund (s&p500) is ur safest option. Leave it there for 40 years at a yearly average compunded 10% return and you have **£2,360,133.41.** Good time to buy aswell as markets down. But obviously do this at ur own risk, your situation is different to mine, you might not have that much time to compound.

Reply

[-]

Amazing-Visual-2919@reddit

Is it £43,949.80 or £43,959.80 ? I'm confused.

Reply

[-]

CoconutBandita@reddit

Interest rates are pretty good at the moment. It went up a tenner between writing the title and the post.

Reply

[-]

mailywhale@reddit

Yeah the tenner discrepancy is so baffling I can’t possibly answer

Reply

[-]

Pius_Thicknesse@reddit

15k on a garden office 10k on a fuck off holiday Invest the rest

Reply

[-]

_tym@reddit

All on Red and then ask Reddit what to do with £87,899.6 or £0

Reply

[-]

NoHat8361@reddit

I would get a car and also move into a nicer flat, paying a year up front in rent so I wouldn’t have to worry

Reply

[-]

AutoModerator@reddit

**Please help keep AskUK welcoming!** - When replying to submission/post please **make genuine efforts to answer the question given**. Please no jokes, judgements, etc. If a post is marked 'Serious Answers Only' **you may receive a ban for violating this rule**. - **Don't be a dick** to each other. If getting heated, just block and move on. - This is a strictly **no-politics** subreddit! Please help us by reporting comments that break these rules. *I am a bot, and this action was performed automatically. Please [contact the moderators of this subreddit](/message/compose/?to=/r/AskUK) if you have any questions or concerns.*

Reply

Reply to Post

79 Comments