What to do with £500....

MurrayJ2013

Doesn't sound like much to be honest. If you are serious about investing, why not keep it and try to add to it and then invest? Or enjoy it on one of life's pleasures for now...

opinions4u

Pay off Dad.

Open a regular saver account.

cos_2

Emm . . . I'm a dad. I've got three kids all in the 20s range. If one of them borrowed from me, and I said, "No rush!" I'd expect them to believe me.

In other words, no - don't rush to pay Dad back because he said not to. Trust your father and respect what he says to you!

Ologhai

cos wrote: »

Emm . . . I'm a dad. I've got three kids all in the 20s range. If one of them borrowed from me, and I said, "No rush!" I'd expect them to believe me.

In other words, no - don't rush to pay Dad back because he said not to. Trust your father and respect what he says to you!

I don't know the Dad in question (or at least if I do, I don't know I do), but I would guess that saying 'no rush' is because he cares--he doesn't want to add any unnecessary financial pressure to his nearest and dearest. He wants them to be as stress-free as possible and wouldn't want them to suffer unduly (going without sufficient food, or being in danger of being evicted from where they live, for example) just in order to pay him back. He's full of love and respect for his offspring.

So... why not return that love and respect. If one can pay him back without undue discomfort, why not do it?

John1993_2

cos wrote: »

Emm . . . I'm a dad. I've got three kids all in the 20s range. If one of them borrowed from me, and I said, "No rush!" I'd expect them to believe me.

In other words, no - don't rush to pay Dad back because he said not to. Trust your father and respect what he says to you!

To most people "no rush" would mean "don't get too stressed if you can't find it all in the short term". It'd not mean "even if you have the cash in your pocket to pay me, don't bother doing so".

I'm not sure why you are implying that we don't believe the poster's father, as no-one's suggested that at all.

badger09

I'm a mum and in the past have loaned my son money on several occasions (deposit on flat, towards car purchase & insurance etc so he didn't face big interest charges). Because I could afford it, I was never 'in a rush' for him to repay me but we always agreed the repayment timescale and he always stuck to it.

If he'd had an unexpected windfall, I would have expected him to offer to repay me. I wouldn't have asked him to do so and probably wouldn't have accepted it, but would be disappointed if he didn't offer:(

Sir_Duke

I think everyone is being a little unfair here.

If your Dad is happy with monthly installments then keep them going. I'm sure he'd agree with the idea of you having a little more of a cash buffer either in your current account or to get started with a savings account. I know my Dad would.

Everyone seems to be pooh poohing £500, saying it's a measly sum. Good for you OP! I don't think it's anything to be sniffed at all and you should be pleased you have it. :j

Mimi_Arc_en_ciel

Sorry havent been online until now to reply

The £200 - officially i never asked to borrow it in the first place. I went away and when I came back Dad had done some DIY for me which i offered to pay for. He told me not to bother paying him as it "kept his fingers from twitching when bored" - The £200 was for what materials cost and ive bunged him some beers in the pub for his "time" as he wouldnt tell me how much he wanted.

My dad knows ive had the money as i've told him and he still said not to worry about paying him straight away and to pay it back as i am. My dad has the same mindset as some of you - £500 isnt really that much

If i was going to waste it - then yes, my dad probably would be upset but as I'm trying to do something proactive he really doesnt mind me sticking to to original agreement (and pay a bit each month - I might be able to pay it off in 2 months but am not sure yet)

Dad, however, doesnt know about the CC and would probably tell me to pay that off first but as its 0% until dec I'm going to stagger the payments and get rid of it in Oct

I have 2 Natwest accounts. One is a basic account (only one i could get when i left my ex) and other is a "normal" account with a chq book. I use the basic for everything and only use the chq account for nursery payments (so nothing in or out of this unless it is for childcare. The bill arrives, i transfer the money and write a cheque for that amount) so there wont be any interest etc on there.

I have a savings account with natwest (never use it mind!) which has a really poor rate on it.

I think i should set up an account elsewhere and make a month DD from natwest into the account. Is martin's list still up to date with the best interest rates etc? I know it will be poor until i have a decent amount but as i said - gotta start somewhere

Thanks for the replies everyone

StuC75

Ah the context of the 'treat' from your dad makes more sense.
Hoping the £500 unexpected wasnt just a random deposit into your bank account in error? which could be later chased up..

Mimi_Arc_en_ciel

StuC75 wrote: »

Ah the context of the 'treat' from your dad makes more sense.
Hoping the £500 unexpected wasnt just a random deposit into your bank account in error? which could be later chased up..

no it wasnt lol i checked and rechecked just to be sure