£1500 saving..help from a non saver needed

debs38

I'm new to this forum...hello :-) and seeking some saving advice. I'm 38, a terrible saver predominantly due to health issues requiring finance, divorce, fairly low paid government wages. I'm remarried with a young daughter whom i save over 100 pound a month for her for when she gets of an age when she is able to make use of. I've been given 1,500 as a gift which I've put into my savings account which has 500 pound in. I have always wanted to buy a beach hut but Because of extenuating circumstances i haven't been able to. Would anyone consider on here taking out a loan, minus a deposit to pay for one as i could use this cash gift towards it and whilst i can't give my daughter a house at least it will be hers eventually that at this time is something i can call my own. Or does anyone have any advice? i live near Dorset and beach huts are around 20,000 here!!

robatwork

I'd wait for the gales to finish.


And more seriously I wouldn't consider your plan. You don't mention your other finances in detail but I would keep the money in the best interest savings you can find. What happens if you lose your job?

ChesterDog

On modest wages and with only £500 saved, plus this £1500 gift, I would suggest not going with the beach hut idea. If they were £200 perhaps...

Wilkins

This is far too risky in your current situation. A mother in debt and probably struggling to pay it is not the sort of mother your daughter needs.