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What to do with some redundancy money?

Last post Sun, Oct 07 2012, 11:56 AM by cashinda. 2 replies.
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  •  Sun, Oct 07 2012, 11:56 AM

    Re: What to do with some redundancy money?

    I was made redundant several years ago and had a lump sum similar to yours.

    The things I wish I had considered are:- Pay off credit cards and store cards with high interest rates.

    Clear mortgage. Use balance for property deposit (buy to let) or start a small business so that redundancy never happens again.

    • Post Points: 5
  •  Mon, Sep 10 2012, 7:58 PM

    Re: What to do with some redundancy money?

    Before you think about savings,make sure that you have paid off any expensive debt eg credit cards
    • Post Points: 5
  •  Mon, Sep 10 2012, 2:21 PM

    What to do with some redundancy money?

    Hello,

    I've recently taken a voluntary redundancy package and would appreciate some advice on some idea's for what to do with the money.

    I have around 40-50k as a lump sum, but I don't currently have a job to move to, so I will be drawing an amount each month down from the lump sum to pay bills, food etc. My expectation is that by January I'll have found a new job but that's not guaranteed so I can't lock it up long term.

    I was thinking about a cash or stocks ISA for some of it, as I don't have any of those, and putting the rest into a savings account, using my Amex card (for air miles) during the month and then paying it off with transfer from the savings account. Is this a good idea, or are there better places to put my money.
    • Post Points: 35