Tried asking a friend, thought would now ask the audience

Jobseeeker

Save it for a rainy day. Would love to have your problems!!

gerdo

Start a university fund for the kids, university fees are currently about £9000 per year and in 10 - 15 years time they could be double that. And that doesnt include accommodation, travel, books etc

Assuming your kids end up going to uni, would you really want them coming out with that sort of debt?

You may think thats too far ahead, but believe me, it will come around VERY fast !

Noctu

Extension on your house, or a loft conversion? (Depending on the actual sum of course)

burnoutbabe

Pay for a cleaner maybe for a session a week? give you all some more time to do stuff.

It sounds like you just don't LIKE to spend . I mean I like to save and have far too much saved up. But I don't ever think I am "scrimping" each month as i just adjust savings level so I can spend what I want (within reason).

So scrimping each month seems pointless if you have the money. Stop saving the excess each month and just spend that on normal stuff.

neneromanova

Go on, I'm curious How much is this "Windfall"?

Person_one

Put it away in a long term account, god only knows what house prices might look like when your children are in their twenties. A lump sum each towards a deposit might be one of the best things you ever do for them!

daisiegg

gerdo wrote: »

Start a university fund for the kids, university fees are currently about £9000 per year and in 10 - 15 years time they could be double that. And that doesnt include accommodation, travel, books etc

Assuming your kids end up going to uni, would you really want them coming out with that sort of debt?

You may think thats too far ahead, but believe me, it will come around VERY fast !

Student loan is not 'real' debt. If a parent wanted to help out a child they would be much better saving the money to help them with a house deposit, not using it for university fees.

daisiegg

Person_one wrote: »

Put it away in a long term account, god only knows what house prices might look like when your children are in their twenties. A lump sum each towards a deposit might be one of the best things you ever do for them!

Great minds

Sunshinemummy

Congratulations on being fortunate financially but more important being happy and content with your family/house etc.

I have no idea of how much you have to play with, but have you considered purchasing a second house really cheaply and renting this out.

You could put the house in all of your names including the children so they have a nest egg which is tax efficient x

Georgiegirl256

daisiegg wrote: »

Student loan is not 'real' debt. If a parent wanted to help out a child they would be much better saving the money to help them with a house deposit, not using it for university fees.

Totally agree with this. Uni debt only has to be repaid if you are earning over a certain amount, and then after so many years I'm sure it gets wrote off.

Saving money for a house deposit is much more sensible.