Don't know what to do with money

continualdiamond

Same old same old, you struggle with money and then when you have some you struggle with what to do with it cos you have soooo many options.

I really am hating this so wanted to post and get some thoughts off you all.

Ok so have come into some money (£3,000) and do not have a clue what to do with it.

1st thought, flat. We've been here 5 years and cannot afford to move (negative equity, assumpation though), however its not like we cannot afford the mortage. Sooooo 1st thoughts of what we could do to the flat, replace front windows, new floor down in lounge or replace kitchen etc etc.

Then 2nd thought, sell car that is becoming expensive to run and get 2 cheaper cars (i currently walk to work/relie on a lift when weather is rubbish). Have totalled up cost per mth to run our current car and said if we had 2 it had to equal our current cost or be less as otherwise pointless.

3rd thought visit my family in Australia (I am Australian) and be a year later honeymoon. We never had a honeymoon, couldn't afford one and my husband has never been to Australia. At the moment for me that is a big big draw as I haven't been home in 5 years, though I did see my parents & sister last year as they came over here for 5 weeks and for my wedding.

Also the 3rd thought is more tempting because we want to try for a family next year and in 2014 is when I do want to go to Australia for def as its my dads 60th. So could possibly have 1 visit without any children.

Yet I feel extremely guilty for wanting to spend the money on a holiday when our flat needs things doing to it. The thought of not using it in a practial way just doesn't seem right (yes I'm the ideal wife who doesn't spend money on clothes or handbags etc and my husband is forever telling me to buy things when I go out shopping with my friends, but I'm just terrible and find a reason to not buy something)


Arghhhhh

HappyMJ

Pay off debt and stick the rest in a savings account for future emergencies. No need to spend it and that much is exempt from any benefits means testing if you need to claim benefits due to sickness or job loss.

Pre-pay any expenses upfront such as annual insurance, annual car tax (rather than six months) and so on...Pay some more onto the gas/electric account so you are in credit. Pay some onto the mortgage and get out of negative equity. Doesn't sound very fun...I know but it will make you more comfortable than if you waste it....

January20

If you have no debt other than your mortgage, then I would say stick it in a savings account and use it to go to Australia at a later date. Your flat can wait. Walking to work keeps you fit. A chance to see such close members of your family who you haven't seen in so long should not be wasted. You should not see it as just a holiday as most people get to see their parents and siblings every week.

j.e.j.

I'm tempted to think visit your folks in Oz and save the rest. Would it use up the whole £3K? (sorry, I've not a clue how much it costs to travel these days!).

How urgent are the refurbishments you were thinking of doing to the flat? Is what you already have getting to be un-useable, or would it just be to add value to the property..

I'm not sure about the selling 1 car and getting 2 option.

gunsandbanjos

j.e.j. wrote: »

I'm tempted to think visit your folks in Oz and save the rest. Would it use up the whole £3K? (sorry, I've not a clue how much it costs to travel these days!).

How urgent are the refurbishments you were thinking of doing to the flat? Is what you already have getting to be un-useable, or would it just be to add value to the property..

I'm not sure about the selling 1 car and getting 2 option.

Return flights to Oz are about £1k+ per person generally:eek: Unless you find a crazy good deal.

JodyBPM

Honestly, £3K isn't a lot of money in the bigger scheme of things. I'd want more than that in savings as a contingency fund, so if you don't already have a comfortable amount of savings, then I'd put it in the bank.

And actually, even if you do have savings, why spend it if you don't *need* to!

So my, very boring, advice would be to save it. Just because you have been given some money, doesn't mean you need to spend it right away.

Put it in the bank, you know its the right thing to do!

continualdiamond

I have no intentions of wasting it, I want it accounted for rather than let is sit and slowly get used up and have no clue on what.

I work in a school so majority of the money would be used on flights to Australia as of course we would be travelling in summer holidays. Its why my parents & sister visited last August with me being off work/why we got married in August because they were visiting.

The things we want doing to the flat aren't urgent, we just don't like them. Front windows could be repaired (condensation between double glazing). Kitchen is very very old, 80's I would think.

I have no problem in walking to work, I did it to save bus fare and loose weight (lost 8.5 stone). Unfortunately I had the car for work and husband was able to drive home his work van, work put a stop to all that and work vans stay in the depot.

I hate not having a car, especially when I want to visit people or go to my exercise class and my husband is on a night out due to driving hrs being up and our car is sat at his work over night 30 mins down the road and I need it.

I know what people suggested doesn't sound very fun and I know it is the most practical thing to do.

But I really really wanna visit home. Ok so I saw my immediate family last August, but the rest its been 5 years and at the moment its all what if I don't visit when I had the chance and then my grandparents who are 80 this year pass away. I know, I know all what ifs, but when you're far away from everyone its a different way of thinking than saying well I saw them last week etc.

I'm not saying I need to spend it straight away, its just I will never have this chance again.

HappyMJ

If it's been 5 years since the last time you went to see family in Australia then I don't see why not. I haven't been back in 8 years and do miss it as well. Skype helps tremendously though as I see them every week over a video link. Unfortunately the pound doesn't buy many Australian dollars these days so the money will go rather quickly whilst you are there.

continualdiamond

I have been using skype since my parents & sister went home end of last August. Finally convinced my parents to set it up and it has definately made a difference.

Having the money makes your heart pull towards it more cos you have the chance to, well it does for me. I miss them and sometimes it hurts a lot more than other times.

Especially this Sunday with it being mothers day and I really missd them when it was my 30th.

It might be ok, I might win euromillions tonight, lol

peachyprice

Ah, I'm going to go against the grain now.

To me, people are more important than anything material and money in the bank. In your shoes I would visit family. You don't know what curve balls life will through their way, if anything happened to them and you hadn't seen them when you easily could have that money in the bank won't mean a thing. Life's just too short.

I missed my mum like crazy when she lived in Oz, I'd have gone to see her in a heartbeat given the opportunity.

continualdiamond

See peachy this is the way I am thinking.

Keep thinking if I replaced my lounge room floor and then something happened to a family member I'd hate that floor, lol etc etc.