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    Hey

    A bit about me, my parents don't work and are on income support. I get EMA, and free lunchs. I am in the first year of a school Sixth form, looking to do a computer science degree at Southampton or Cambridge.

    Anyway I'll cut to the chase, I have recently learnt that in a few months time I will be inheriting almost £30 thousand pounds. And to be honest I have not been myself recently. I wouldn't say I am struggling to cope, but it is worrying me. I don't know what to do with it?

    Do I save it? Or spend some of it? I don't want to just waste it, as this is a once is a live time opportunity, my family and me have never know so much money. I don't know whether to buy anything for my family, to help out, or what? I mean if I saved it when would I use it, I mean when I get my degree I will hopefully get a job straight away, so I really don't know how best to help my life.

    And it has been in trust until i turn 18 in a few months, and my aunt died about 4 years ago, so I am struggling to think what she feels would have been the best for the money.

    I am sorry for the long post but I could really do with some advice, I don't know what to do. And sorry if this sounds a bit stupid.

    Thanks very much for reading and any for replys,
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    Keep it until after uni then pay off the debt when you get a decent job.
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    Use it to pay for university? Stick it in the bank and earn loads of interest?
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    keep some of it for travelling or something fun (say like, a couple of grand). save the rest of it - you'll be thankful for that ready-made house deposit in 10 years time.

    boring answer...but there you go. as far as saving it - i would consider going to a bunch of banks, and seeing which ones treat you seriously, and don't slather all over you at the prospect at such a lot of savings. I had horrible experiences with halifax, good ones with NatWest and RBS (latter quite fawning though).
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    (Original post by Quady)
    Keep it until after uni then pay off the debt when you get a decent job.
    Quady - Yeah you have a point, though with the stupidly low interest rate it seems silly spending it all on the debt, as it won't cover it all, and it doesn't really benefit paying it off early...

    (Original post by Blue_XD)
    Use it to pay for university? Stick it in the bank and earn loads of interest?
    Blue_XD
    Same point as above really, I can get full loan/burserys, so would it be wasting it on uni fees? But yeah banking seems to be the best option.

    (Original post by flying plum)
    keep some of it for travelling or something fun (say like, a couple of grand). save the rest of it - you'll be thankful for that ready-made house deposit in 10 years time.

    boring answer...but there you go. as far as saving it - i would consider going to a bunch of banks, and seeing which ones treat you seriously, and don't slather all over you at the prospect at such a lot of savings. I had horrible experiences with halifax, good ones with NatWest and RBS (latter quite fawning though).
    Flying Plum-
    Yeah thanks, maybe I might spend a v small amount, as it would be nice to have a gap year before uni... And yeah, about the banking thing, in the will a financial planner was paid for, so I can ask his advice in terms on the best interest rates.
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    Don't use it to pay off student loans. They get taken back in such an innocuous way you'll never barely it and it would be a total waste of the money.

    High interest account(s) until after uni. Then it's up to you: use it as a deposit on a first house or something maybe.
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    (Original post by anonguy123)
    Quady - Yeah you have a point, though with the stupidly low interest rate it seems silly spending it all on the debt, as it won't cover it all, and it doesn't really benefit paying it off early...
    Over 4% isn't stupidly low and its bloody demoralising seeing over £100/month being taken from your pay packet.

    Under the new system you're probably right, depends what job you get (which is why I had that as a proviso), but its certainly nicer for it to have disappeared.
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    (Original post by History-Student)
    Don't use it to pay off student loans. They get taken back in such an innocuous way you'll never barely it and it would be a total waste of the money.

    High interest account(s) until after uni. Then it's up to you: use it as a deposit on a first house or something maybe.
    Yeah thats what I was thinking about loans. Thanks for the reply, I suppose it would be a years plus good salary if I got a good computer science job straight from uni, so could be put to a deposit or something...
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    (Original post by anonguy123)
    Quady - Yeah you have a point, though with the stupidly low interest rate it seems silly spending it all on the debt, as it won't cover it all, and it doesn't really benefit paying it off early...



    Blue_XD
    Same point as above really, I can get full loan/burserys, so would it be wasting it on uni fees? But yeah banking seems to be the best option.


    Flying Plum-
    Yeah thanks, maybe I might spend a v small amount, as it would be nice to have a gap year before uni... And yeah, about the banking thing, in the will a financial planner was paid for, so I can ask his advice in terms on the best interest rates.
    Obviously get the grants if you can get them but you have to pay your tuition fees. If you are confident you will earn over the earning threshold so will definately have to pay them at some point I'd pay for them up front- save yourself having to pay interest on loans.
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    (Original post by History-Student)
    Don't use it to pay off student loans. They get taken back in such an innocuous way you'll never barely it and it would be a total waste of the money.

    High interest account(s) until after uni. Then it's up to you: use it as a deposit on a first house or something maybe.
    £125/month is barely noticeable?
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    (Original post by Quady)
    Over 4% isn't stupidly low and its bloody demoralising seeing over £100/month being taken from your pay packet.

    Under the new system you're probably right, depends what job you get (which is why I had that as a proviso), but its certainly nicer for it to have disappeared.
    Wow okay sorry I didn't know it was that high. And yeah I'll be paying back under the new system, which if I had a 25k a year job I would pay back about £400 a year. And yes it would be nice to have it lifted, but my debt would probably be much higher than what I have inherited.
    Uni fees 9k a year
    Maintenance loan - 7k a year
    thats 48k over three years.
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    (Original post by Blue_XD)
    Obviously get the grants if you can get them but you have to pay your tuition fees. If you are confident you will earn over the earning threshold so will definately have to pay them at some point I'd pay for them up front- save yourself having to pay interest on loans.
    Yeah same thing again, I can't cover the cost of my whole loan. Thanks for your reply
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    I'm in a similar situation; I inherited £50k just before leaving for university. I've decided to buy a house with it, a small place using the inheritance as the deposit. The mortgage I'm taking out is more than covered by the rent (It's a buy-to-let property) which means I get £350 a month into a separate bank account, with this account I either dip into for repairs on the house or at the end of the year i'll use it to pay off some of the mortgage. This has the benefit of giving me a decent credit rating before I come to get my own house.

    IMO, don't use it for uni as there is already an excellent system in place in order to fund university whereas getting onto the property ladder is a far harder.
    Try not to let the idea of all that money get to you, carry on your life as if you hadn't suddenly been given access to £30k and you;ll have a clearer head when thinking with what to do about it
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    spend a little (like a few hundred) just to have some fun... and save the rest to do whatever you want to in the future...!!! Thats what I would do, although I'd probably be really tempted to spend it all. Don't worry, i'm pretty sure 30 grand will be useful!!!!!
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    ISA, ISA, ISA. Notice how everyone comments on how you should spend it, if your parents deserve the financial help you should, if they're on income support because they're lazy don't.
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    (Original post by T.Reid)
    I'm in a similar situation; I inherited £50k just before leaving for university. I've decided to buy a house with it, a small place using the inheritance as the deposit. The mortgage I'm taking out is more than covered by the rent (It's a buy-to-let property) which means I get £350 a month into a separate bank account, with this account I either dip into for repairs on the house or at the end of the year i'll use it to pay off some of the mortgage. This has the benefit of giving me a decent credit rating before I come to get my own house.

    IMO, don't use it for uni as there is already an excellent system in place in order to fund university whereas getting onto the property ladder is a far harder.
    Try not to let the idea of all that money get to you, carry on your life as if you hadn't suddenly been given access to £30k and you;ll have a clearer head when thinking with what to do about it
    Did you buy a house to live at at university? and then change you mind and rent or did you always have renting in mind? Plus do you have enough time whilst doing your degree to be looking after the property/ dealing with any problemspeople living there may have? And it sounds like a good plan, so long as you always have someone who wants to rent it, if it came to a year in my degree and they dropped out, I would be in deep trouble...

    Yeah I agree with you in terms of not using it for uni, and thanks, those words at the end really helped. thanks for your reply :-)
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    (Original post by Quady)
    £125/month is barely noticeable?
    How much are you earning over £15k for that to be taken out?

    Any figures I've seen have led me to believe that if I'm earning enough for it to be taken out, then I'm going to have enough for it to be largely irrelevant to me.

    I could be misinformed though I suppose.
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    Have a bit of fun with it or something, go on holiday or buy something youve wanted for a while, but save the rest, youll be glad you did when important things come up throughout uni that you couldnt otheriwse afford and esp after uni when youre going to want to start looking for a house and a car!
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    (Original post by minnie23)
    spend a little (like a few hundred) just to have some fun... and save the rest to do whatever you want to in the future...!!! Thats what I would do, although I'd probably be really tempted to spend it all. Don't worry, i'm pretty sure 30 grand will be useful!!!!!
    Yeah i may, I don't want to be in the cituation where i just keep spending a little more then a little more etc. And yeah its such an amazing amount of money for me, I'm really grateful.
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    (Original post by Wasted Wrath)
    ISA, ISA, ISA. Notice how everyone comments on how you should spend it, if your parents deserve the financial help you should, if they're on income support because they're lazy don't.
    No, my dad is disabled so cannot work, and my Mom is his career. I hinted about spending some on them/ helping out and they were dead against it, saying it was mine and was to help me out. But I would feel bad not helping out I think.
 
 
 
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