What to do with lump sum
Hello guys. I am a complete newbie to the rest of this site so apologies if I've done/said anything dumb.
In some time I will be able to claim a considerable amount of money from the courts, to the tune of £3,000-4,000.
My question is what would be sound in terms of spending/managing this amount? Should I just keep all of it as savings/emergency funds?
I'm considering using some of the amount to fund driving lessons over the summer (I'm not 100% sure my parents will be able to do the same)
In some time I will be able to claim a considerable amount of money from the courts, to the tune of £3,000-4,000.
My question is what would be sound in terms of spending/managing this amount? Should I just keep all of it as savings/emergency funds?
I'm considering using some of the amount to fund driving lessons over the summer (I'm not 100% sure my parents will be able to do the same)
Original post by Dwyfor
Hello guys. I am a complete newbie to the rest of this site so apologies if I've done/said anything dumb.
In some time I will be able to claim a considerable amount of money from the courts, to the tune of £3,000-4,000.
My question is what would be sound in terms of spending/managing this amount? Should I just keep all of it as savings/emergency funds?
I'm considering using some of the amount to fund driving lessons over the summer (I'm not 100% sure my parents will be able to do the same)
In some time I will be able to claim a considerable amount of money from the courts, to the tune of £3,000-4,000.
My question is what would be sound in terms of spending/managing this amount? Should I just keep all of it as savings/emergency funds?
I'm considering using some of the amount to fund driving lessons over the summer (I'm not 100% sure my parents will be able to do the same)
There's no right answer to this - it depends on your personal attitude to savings, debt etc. Now is certainly not a bad time to "save" as interest rates are relatively high and are expected to fall over time as inflation comes down. But no-one can predict exactly when - the Bank of England has been pretty hopeless with its forecasts so far!
My own personal rules of finance are:
(1) spend less than you earn;
(2) save more than you spend.
So in your position, for example, I might save 2100 out of 4000 and spend (up to) 1900*. Then I know I'm not in debt and have some money saved for emergencies etc. But it depends on lots of factors - e.g. are you expecting significant expenditure in future? do you need to save for college / uni? Are you anticipating some future employment income in the short term that can replenish anything you spend?
I'm sure others can chip in with some suggestions...
* Not suggesting you spend all of 1900 in one go of course! You might anticipate buying a car, or needing a new laptop in the near future. The numbers are just an example!
(edited 1 year ago)
I don't know which part of the country you live but driving lessons are so expensive and can add up to quite a lot
Work out what you think you need for your lessons - summer is just around the corner and put that money into an easy access account. Treat yourself with some and save the rest unless you have something that will need that money soonish. Good luck 
Work out what you think you need for your lessons - summer is just around the corner and put that money into an easy access account. Treat yourself with some and save the rest unless you have something that will need that money soonish. Good luck 
Original post by Dwyfor
Hello guys. I am a complete newbie to the rest of this site so apologies if I've done/said anything dumb.
In some time I will be able to claim a considerable amount of money from the courts, to the tune of £3,000-4,000.
My question is what would be sound in terms of spending/managing this amount? Should I just keep all of it as savings/emergency funds?
I'm considering using some of the amount to fund driving lessons over the summer (I'm not 100% sure my parents will be able to do the same)
In some time I will be able to claim a considerable amount of money from the courts, to the tune of £3,000-4,000.
My question is what would be sound in terms of spending/managing this amount? Should I just keep all of it as savings/emergency funds?
I'm considering using some of the amount to fund driving lessons over the summer (I'm not 100% sure my parents will be able to do the same)
The following website is regularly updated with the savings accounts with the best interest rates. Bookmark and keep an eye on the page as the top accounts keep changing:
https://www.moneysavingexpert.com/savings/savings-accounts-best-interest/
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