£10,000 pounds what do i do??

Hi people i just recieved £10,000 and dont know what to do with it?, spend and have a good time for me and family or tuck it away into a savings account, dont have a clue about ISAs or stocks etc etc, please help...

Replies

  • Without knowing any of your financial circumstances its difficult to say
    Dont wait for your boat to come in 'Swim out and meet the bloody thing' ;)
  • Obvious first question = have you got any mortgage or debts?

    The assumption is that you havent - and this is genuinely "spare" money.

    But - it needs to be asked - so "Have you got any mortgage or debts?". In which case - the answer would be obvious - ie pay them off first.
  • SpendlessSpendless Forumite
    22.6K Posts
    Part of the Furniture 10,000 Posts Name Dropper
    Forumite
    I read in a mag once that you should apply the 1/3rd rule.

    1/3 for the past - cc debt, pay off loans
    1/3 for the present- holiday, something done to the house
    1/3 for the future - savings

    But really we'd need to know more about your circs. The above isn't relevant if you on the brink of bankruptcy for example.
  • I'd say start by paying off any debts - highest interest ones first. If after that you've got any of it left, then's the time to think about investing it or spending it, and while you decide, find the highest interest account you can stick it in so it earns a bit for you as you're waiting and thinking. Most of all, I'd say take your time to think about what you spend it on, though if you do decide to invest it, try looking at Solar Panels as a way of investing. a 2.4kwp system will cost you between £7-9k and with the current FIT scheme will pay you back (in electricity savings combined with FiT payments) around £1000 per year for 25 years.
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