Please Help Me...i've inherited my parents money what should i do

fonzyg

Hi everyone..

My parents passed away last year and left me,my brother and sister £40,000 each... my sister used her money to buy a house and also to pay for her wedding and the same goes for my brother...now for me im married and have 3 kids bought a house and have £20k left. My partner been made redundunt last august and my job is not stable.... does anyone have know any ideas what i should do with 20k before it goes.we are heavily struggling and dipping into my inheritance money every month since last august and im only 29, i mean i have been thinking but i just dont know what to do...

ses6jwg

Whatever you do dont get into debt for the sake of not touching the inheritance money. Its better to be using that money to live off rather than credit cards etc.

Lokolo

Have you done a statement of affairs yet?

http://www.makesenseofcards.com/soacalc.html

That will make it clearer what you may need the money for. Or if you can cut back in places to make financial matters easier.

Katie-Kat-Kins

Can you use it to pay off a chunk of your mortgage and reduce your monthly payments? Will your mortgage let you do that??

Frozenace

I'd keep a big chunk as emergency money.

Children are expensive, and redundancy even more so...

My parents have helped me and are still helping me now, but they've hinted at not leaving me an inheritance.

They can donate it to charity of whatever, it's probably in the millions...

fonzyg

im using the money as an emergency since my partner was made redundant, but the way things are going ill have nothing by next year october, that if i still have a job.i just want to do good for my family

i know that at the end of the day this money was never meant to be and i rather been in debt an have my parents here ive been looking for a better paid job but nothing out there. dunno wether to invest and start a business i dont know.everything is a risk.ive been having all this creative energy for e.g product ideas,internet ideas etc. its all in my head and cant think straight

Frozenace

Might be worth doing up your budgets and downsizing now when you still have the chance.

Eventually I want to have children too, but the way my job is going, I wouldn't be able to afford.

I would work twice as hard, to keep your job and worry about the rest later.

Lock the money away in a 1 year bond or something, so you can't touch it? that way you won't think about it...

Rolandtheroadie

If you havent already done so, have a holiday, even a weekend or a week doing whatever you all enjoy doing.
Then decide what you want from the rest of your life.
Up here, Business Gateway gives advice on starting a business.