Free £10,000.. what would you do with it?

In all seriousness, it'd get dumped into my pension, I'd chuck it into an interest bearing account and then get the tax benefits by increasing my voluntary contributions by £1000/month and taking £1000/month out of the interest pot and adding it to my usual monthly pots.
 
IvanDobskey said:
Overpay a chunk off the mortgage :)

Boring answer I know :p
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Imagine how cool it'd be though if tomorrow every household mortgage was instantly paid off :eek: I mean it's got to be the biggest drain of "the everyday person's" finances so imagine everyone suddenly having all that monthly mortgage payment available to save/spend instead, that doesn't sound boring to me :D
 
ianh said:
Imagine how cool it'd be though if tomorrow every household mortgage was instantly paid off :eek: I mean it's got to be the biggest drain of "the everyday person's" finances so imagine everyone suddenly having all that monthly mortgage payment available to save/spend instead, that doesn't sound boring to me :D
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I think the banks would go into a panic from the lack of income from the interest and internal lending between banks.. and the government would go into panic from the reduction in taxes… imagine everyone reducing their taxable income by 1k (their mortgage payment) and sticking it in their pension instead.
 
Whitewater said:
I’m not sure how many people would take the opportunity to put up their pension contributions versus the number taking the opportunity to drive a brand new luxury car every 3 years.
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Easy peasey for me, I'm really not in to my cars!
I only change cars when one properly breaks / becomes a money pit. Had my previous car for 18 years.

Given £10k I wouldn't see any benefit as the Mrs wants a new kitchen and I think our kitchen is fine so wouldn't appreciate any change.
 
Jack_green said:
10k is too low to do anything useful in the western world. …
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I don’t think 10k is too low, offering someone 100k or a million as a life changing amount is far too easy.

10k takes imagination, creativity and some thinking about.

someone could use it to replace an old beat up car that’s on life support with a newer more reliable one.

It could be a year’s tutorial fee or a few professional courses/certifications.

The dream holiday that they haven’t had the chance to take.

Help start a small business..

I think most people are thinking about their mortgage as it’s currently headline news.. and in fairness for me it’s either that or into the stock market on a tracker.

10k off people’s mortgages and allowing them to pay off a 5 year mortgage in 4 years at 4% is effectively £11,735.01.
 
Jack_green said:
10k is too low to do anything useful in the western world. But if you had a mortgage well I'd pay the whole amount towards that off first. It would cut down my working time by £10k plus interest.
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10k may not be life changing, but it's still a nice sum of money. It would chop a third off my remaining mortgage, buy me a decent second hand car or the grail watch I've always wanted :)
 
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