HELP me decide what to do with my money!

Loop

Im just about to get a cheque for £4700

It might not osund MUCH to some but its prob the most I have had in one lump sum before.

I dont want to waste it, and am petrified I will...

My car is quite old (its a P reg Golf) and has been getting expensive to repair recently, I have not had a proper holiday since 2003 and that was only a 4 day break to barcelona.

I need stuff for the house (bedroom furniture, storage cabinet, new lino in the kitchen)

I need new clothes so do my kids and partner is desperate for new Jeans.

I have a shopiing addiction so I afraid to even go anywhere and buy ONE of the abouve incase I blow it.


HELP!!

Anyone got any good ideas? I dont want to save it forever just to spend it wisely.

Oh and I have debt which needs clearing off which prob totals £2k

I know I need to clear it off but I will feel really down if I do that and end up with only half left, and £2k isnt much to have is it?

C'mon peeps knock me into touch!

mattbass

I think you know what you should do with 2k of it.;) Will save lots in interest payments.

Loop

Yes you are right....

anyone else? I have a savings account with the Brittania which isnt BAd interest rate but theres better im sure...

HELP!

busydaffodil1

If it was me.......I'd do :-

£2,000 - pay off that debt
£2,000 - trade in car using £2,000 to upgrade.
£600 - Ikea shelving & storage and lino etc
£100 - family day out somewhere!

Loop

Yes I could trade the car in I guess...good idea didn't think of it like that.

ta peeps, whats the best savings rates right now for a couple of thou?

masonic

Loop wrote:

whats the best savings rates right now for a couple of thou?

Looks like it might be Birmingham Midshires for the moment.

Loop

wow thats a good deal huh!

Thanks so much guys xxxx

fatbob78

Or you could make full use of your annual ISA allowance.........

Loop

Would an ISA offer a better return? I have not used any allowances for them.
Thanks

Lou xx

Sapphire

Loop wrote:

Would an ISA offer a better return? I have not used any allowances for them.
Thanks

Lou xx

Yes, it would, because it is completely tax free. I have one with National Savings - currently 5.30%, which is pretty good. You can invest up to £3,000 a year in a cash ISA.

humfer

Agree with all the posters above. Pay off your £2k debt. Then look into an ISA as they will get you 5%+ tax free. Make sure you treat yourself though as well