What to do with £500....

Mimi_Arc_en_ciel

I have had a payment of £500 that was unexpected and im not really sure what to do with it

At the moment i have no savings/isa etc. The only debt i have is: £200 to my dad (who is in no rush for me to pay this back so i am paying it off in monthly installments)

and a £1000 on a CC that is 0% until dec (again, being paid back in installments. I can afford to pay this off by October)

So what to do with the £500..... ??

Pay debts / save and if saving isa/account ?!

Completely clueless :eek::o

jabba42

I would fill up my 2 cars, take the wife to dinner, do a weeks shopping and it would be almost gone.

500 pounds is not really investment grade capital.

Mimi_Arc_en_ciel

I agree - its pittance - but I gotta start somewhere right?

Idelly, once CC is paid I will be able to save up more

But until then I still have £500 with no idea what to do with

planteria

i'd give £200 back to your Dad, even if he's in no rush, and tuck it into your current account for a bit more 'buffer'....if your current account earns interest, all the better.

pjread

planteria wrote: »

i'd give £200 back to your Dad, even if he's in no rush, and tuck it into your current account for a bit more 'buffer'....if your current account earns interest, all the better.

I tend to agree with this, for what it's worth. I suppose you could look at e.g. FD regular saver but it's probably not worth the hassle for maybe enough interest for a pint after a year...

Glen_Clark

I cannot imagine why you would consider not paying your dad back now you have the money available.
He says he is in no rush but thats no reason to take advantage of him.
What would you think of someone who borrowed £200 from you, then got £500, and was looking for somewhere else to invest it instead of paying you back?

atush

I would pay your dad, then save the other 300 for your next emergency as part of your new emergency savings pot.

Are you paying off 0% cards monthly? you can carry on doing this, or save the payments and pay it off in one go once your 0% deal is about to end.

John1993_2

As above, I'd say that the right thing to do is to pay back your dad. He's not in a rush, but why on earth would you take advantage of this by holding onto the money yourself?

Look at iit this way, if the money sitting there in your accouont feels nice, or has value to you, then it'll do the same to him.

sabretoothtigger

I would go food shopping. Commodities investment if you will

but I gotta start somewhere right?

50 every month for the next 3 to 5 years is a start

[Deleted User]

Pay your dad back (he's not a bank) and put the £300 in a rainy day fund. it's not enough to invest.

atush

Besides, you should never invest if you don't have a cash buffer