r/ukfinance

I’m anticipating receiving around £30,000 very soon via inheritance. I’m going to use £5,000 to help out with personal finances, pay to go to my sister’s wedding abroad for a week, and a ski holiday. That leaves £25,000(ish) to spend sensibly. Am I best off putting it towards my mortgage? Putting it into saving, or stocks? Or just have fun with it as I don’t know what the future holds (I really want to go to Iceland and Hawaii)?

Hello, I'm 34 and just about to open a lifetime isa. My dilemma is I don't know which type. I have been looking at money box either stocks and shares or cash.

I am not sure if it will be for a house or retirement. As far as I can tell I can open one and it can be used for either?

I'm not sure if I will ever buy a house although it's absolutely a possibility. I was filling out the details for a stocks and shares one and I read that there are accountant charges so I thought a cash one might be simpler.

My partner has a £4,800 credit card at 32% APR.

She’s had the card since her early 20s and, unfortunately, never really paid attention to the interest rate until recently. We have constantly paid it off + reused it. Recently just paid off £2500 of it.

We also have another £1,200 credit card at a much lower interest rate, which will be fully paid off by the end of August.

We need a second car (it’s a necessity rather than a want).

We’ve been offered a £10,800 personal loan from Monzo at 11% APR over 12 months, £950 a month which is more than affordable - and no early repayment penalties.

The plan would be:

Pay off the £4,800 high-interest credit card immediately and close it.

Leave the £1,200 low-interest card alone and clear it as planned over the next two months.

Use the remaining ~£6,000 to buy a reliable second-hand car.

The alternative would be to avoid the loan, keep paying aggressively towards the 32% card, and once the £1,200 card is cleared, redirect those repayments to the expensive card. The downside is we’d still need to find a way to fund the second car.

Does the loan seem like the sensible option in this situation, or would you approach it differently? Are there any pitfalls I’m missing?

Thanks!

I've already got this year's ISA maxed out. I've also got about 40000+ in NS&I that I'm not super keen on moving as I've been lucky so far, and a bit of play money (1200ish in stocks). I've also got about 70k in savings

I have credit card on 0% which is about to run out but I’m no longer eligible for any new 0% as I now have a part time job and 2 toddlers. What would happen if I just put my old details in being on 28k with 0 dependants, I still make every payment?

For example, should you set aside 20% of your standard monthly wage etc?

I am looking to take out a personal loan for a car and pay it off within 4 years. If that amount is more than what is recommended then I will not buy it.

Almost 20 years ago I bought a flat by myself. In the interning years I left the country and got married. But I kept that flat, letting it out.

We have now decided to sell the flat. I expect there will be a positive difference between the original purchase price and the selling price, on which I will pay capital gains tax. ChatGPT suggested that I should add my spouse's name to the title deeds, as this will double the personal allowance on capital gains tax.

So here's my question: How long would I reasonably expect to wait between adding her name to the title deeds, and putting the property on the market? Will HMRC complain if it's a matter of weeks?

My dad is in a carehome after a stroke(self funded) he's due to inherit 230k from my mum's estate after she passed in December, probate has just been approved so I can move the money

He wont need this money for another 3/4 years, he owns a house which is being rented and he had a 300k in a pension plus other savings, his isa hasn't been used this tax year

What do I do with the money to make it work. I'm very risk adverse with my own finances and i've never had to handle is amount of money before.

Do I speak to a financial adviser at the bank, I have a finance lpa so I can handle his finances

I am 30 years old and have little to no financial security or investments to help me in the future.

From 19-29 I was in a LTR with a financially controlling partner- I worked full time, but had no savings and at the time I didn't put anything into retirement, we bought a house together and then a year after, it all fell apart, I was kicked to the curb, and now have nothing of worth from those 10 years together apart from 6k from being removed from the mortgage (even that was fighting tooth and nail for it).

I have actively started saving £12 a week into a pension pot, separate from the percentage take from my payslip for my work pension, the money from the house has gone into a savings account at 2.5%-

But.. i really have NO idea where to go from here, im working full time again now, so want to build more savings from here, but how to I improve elsewhere? Where do I start to research?

MSE seems very information heavy but I don't understand even the basics yet for it to be helpful.

Please help advise in any way you can guys

Hi

Got 4-5k that I’m happy to lock away for a while in a S&S isa

Any thoughts on a place to put it please?

So I've been told I'm going to get about 30k in inheritance once everything is settled. I have 20k from a previous inheritance that is sitting in a Barclays savings account because I haven't got round to actually doing something useful with it because it's way more money than I have ever seen and it hit my bank so I just put it in a high interest account and.. kinda forgot about it. Now... There's more.

My partner and I have been talking about putting it into an ISA (he also has some inheritance which is significantly less and specifically has to be moved to an ISA).

I have no problem with putting my money in, just make sure my contribution is known if we do use it towards a mortgage. We don't know where we want to live so putting it in an ISA isn't ideal.

But this is crazy money, I earn less than 50k a year and I'm suddenly going to have access to that...

I absolutely will not be using this as spending money. This is "get a mortgage" "pay off student loans" "invest in something", its practical money. Might take a holiday because the inheritance came from people who loved travelling and hearing about my travels when they weren't able too but it's fundamentally practical money.

But what would be the best way to save it? I don't want it linked to my day to day bank account.

I was reading about potentially splitting it across different accounts to get the best interest rates. Can you do that across different banks or the same bank? What would be the best options?