Sold house - not sure what to do with money

BMTH · 25 September 2017 at 12:06PM

Due to personal circumstances I've had to sell my property and the completion is due to go through today.

I've worked out I'm going to be getting around £11,000. A must for me is a car but I'm completley in awe on how much to spend on one (whether to invest in one that is still quite new and will last me) or opt for an older one that will get me around.

I'm also now out of work and back in with my parents for now which I don't mind. Gives me time to think about what career I want to pursue and potentially invest in that?

And with anything that's left over I'd like to bank and save but my current bank is offering awful rates on my savings account at the moment - basically pointless.

Stuck in a dilemma on how much to invest where at the moment.

Wookey · 25 September 2017 at 12:35PM

BMTH wrote: »

.

I've worked out I'm going to be getting around £11,000. A must for me is a car but I'm completley in awe on how much to spend on one (whether to invest in one that is still quite new and will last me) or opt for an older one that will get me around.

I'm also now out of work and back in with my parents for now which I don't mind. Gives me time to think about what career I want to pursue and potentially invest in that?

I would not buy a car until i was fairly sure of a job first, you could end up with a job working from home or with a company vehicle supplied and if it looks like you need a car it is something that can be bought and put on the road within a day or two. Also if you ended up starting your own business maybe a small van would be a better option.

As for investing cash in your situation atm i would only be looking to put the cash into instant access and regular savers in the short term until i knew exactly where or what i was for doing.

Sold house - not sure what to do with money

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