Tried asking a friend, thought would now ask the audience

Mojisola

PuzzledDave wrote: »

In terms of pension, the other half is fully up to date with state pension contribs and I have invested heavily into my private (DC) pensions, dumping even all of the windfall into won't make a very significant %age increase on the whole.

So your OH doesn't have a private pension?

System

Don't spend it for the sake of spending it. Just put it in a savings account for when you do need it. You never know whats round the corner.

DevilsAdvocate1

PuzzledDave wrote: »

Just letting it sit in the bank seems silly - we scrimp and save each month and now we really do for once have money to burn, we are just lost on what to do with it.

Any suggestions would be really most welcome.

Perhaps instead of spending a lump some on something expensive that you don't really way, you could use it so that you are no longer scrimping and saving each month. So you could spend more on the food shopping for example, or have some days out with the children. Go to a cafe if you fancy it, that sort of thing. Just improve your day to day lifestyle.

duchy

OK if you want to mark it ....Before the four year old starts school and you're restricted to over priced school holidays have a really good bucket and spade beach holiday somewhere like Greece or Turkey where there is culture as well as the beachy stuff ...or even one of those really nice but pricey lodges in the UK if you're not fussed about guaranteed sunshine.

What sort of holidays did you both enjoy pre-kids ...or is there somewhere on the bucket list you've always wanted to go ?

Spend a bit -save the rest for when the kids are older and can benefit more from it -like the Disney holiday....or a sports coach ...or a piano ......or whatever their passion turns out to be.

Carer

We were in a similar position and decided to go all out and start our own business with it.

It's still early days and only time will tell if it was a mad decision, but if it all goes wrong we won't end up worse off than before so it's a gamble we were excited to try.

I'm very much a "can't spend it when you're dead" kind of person.

trinity_enigma

The only other thing I can think of that hasn't been mentioned (and to be honest some of the things said would be higher up than this) but I would like to upgrade our ikea furniture for something longer lasting/better fitting etc. I don't know if there are any smaller items that could use an upgrade in your house? Comfier dining room chairs? Better mattress for your bed?

Dark_Star

Try putting it Premium Bonds whilst you work out what to do.


Look at trip to Lapland over Christmas. It's not cheap but is AMAZING - (try Canterbury travel - they are very helpful). For big & small kids there are lots of activities & it's a one off trip that suits all.


Are you near the beach at all? Could you buy a beach hut? Long term investment with all year round use....or perhaps a log cabin or something somewhere?

DigForVictory

Within reason, do a bit of all!

Set a hefty chunk aside on a You Never Know basis.

Then have a potter through the auction houses (the physical ones) & see if any new (old) furniture calls to you.

Check how old your white goods are - fridge feezer etc & maybe replace with seriously reliable (if I had the money I'd get Miele!).

Without swapping up to a flash motor, maybe look at buying the same sort of thing but a few years younger? With some pretty major deal for MOTs & Servicing included...

Finally, passport everyone (ulp!) and go & bucket & spade abroad where there aren't Warnings & there is reliable sunshine & beaches.

Whatever you do, don't blue it all, and don't let the opportunity for a bit of fun get clear past you!

PuzzledDave

Again - thanks for all comments

justme111 wrote: »

You are in this good position because you have a modest life style but precisely because of modest lifestyle you do not know what to do with money .

Exactly this...

FBaby wrote: »

You say that if you were not to be in employment you could last two years with the money.

Sorry, perhaps I was not clear. Without the redundancy money we can last two years -- with no state benefits. With the redundancy money, probably a little over three.

Mojisola wrote: »

So your OH doesn't have a private pension?

No, the OH was never in a job that made this possible. Could start one but it's not a good idea since mine gives a great discount on the charges due to the size of capital already in it. If we divorced then since over 95% of it's been built up since we married the other half would due half of the pension.

duchy wrote: »

OK if you want to mark it ....Before the four year old starts school...

DS1 (4 year old) is already in school, started in Sep. I believe we can take him out for a holiday until he is 5 without penalty, but he *really* loves it there (fantastic teacher and has become astonishingly popular), hate making him miss any days at all even if he is poorly.

Starting a business/buy to let is really not our style... we are just too damn lazy in truth. Using the windfall to supplement our day to day living is possible but I think we really want something that has a bang to it. Beach hut... would be quite fun... but we are in the middle of the midlands :rotfl: Trips to the beach are 2 1/2 hours by car each way.

Lapland looks quite fun Am starting to think of some training courses for the kids when they hit double figures in age, so when they are adults they have (unlike me) a decent knowledge of plumbing, car repairs, simple woodworking & joinery, white goods repairs that kind of thing, paying some local firms to show them the ropes a little.

Mojisola

PuzzledDave wrote: »

No, the OH was never in a job that made this possible. Could start one but it's not a good idea since mine gives a great discount on the charges due to the size of capital already in it. If we divorced then since over 95% of it's been built up since we married the other half would due half of the pension.

And would she get a reasonable sum if you die first? Don't need to answer - just to check.