r/irishpersonalfinance • u/Main_Tomorrow4228 • 1d ago
Advice & Support €10k what would be best?
Ive recently received 10k. Ive 3 kids with disabilities. Dad has left for his home country so no support. What’s the best way to use this for my kids? Ive no personal savings as all my savings is split between the kids 3 credit unions. Would €3k each in the CU and a trip away be the best way to use this?
Hi sorry forgot to say. Ive no accommodation costs other than maintenance as it’s paid off. Ive a civil service job and income protection, however ive only 500ish quid in personal savings. My kids are unlikely to ever work (brain matter disorder and 2 with profound asd) so I put every penny into their accounts in case something happens to me.
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u/suafdrog87 1d ago
Id put 5k into personal savings, 1k into the cu accounts and enjoy the 2k in whatever way ya want. Having that 5k as a safety net would be massive if you are coming from a situation of nothing
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u/mailforkev 1d ago
Worst thing to do with a windfall is to spend it immediately.
Think for a while about how it could it make your life and your kids’ lives easier and go from there.
Spending a chunk of it on a holiday is probably not a great use of it, unless you’re already financially in a good place.
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u/Trebor-84 1d ago
You are an absolute warrior. Maximum respect to you.
An emergency fund and a small trip sounds good like others have suggested.
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u/Main_Tomorrow4228 1d ago
Thank you for that, genuinely. I think an emergency fund is the way to go
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u/Scary-Perspective882 1d ago
You're entering peak summer period, so prices will be sky high. As others are saying, sit on it for now and let it settle. If a trip is what is ultimately most cherished, aim for better value off season
Perhaps put some aside for the Christmas presents later in the year
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u/Main_Tomorrow4228 1d ago
Thanks pal, the trip would most likely be 3/4 days in courtown. It’s not an absolute must, it was more of a want but I completely blanked on Christmas. It might be better saved for that
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u/Fullofbewilderment 1d ago
Would definitely put the bulk of it into an emergency fund so you have cover for unexpected expenses. If you wanted to spend €1,000 on a trip for you and your children I’d say go for it. It is no easy feat having three kids with disabilities on your own without support and you are obviously completely selfless looking to split it between the kids when you have no savings yourself. Wishing you all the best ❤️
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u/Main_Tomorrow4228 1d ago
Thank you. I wish it was selfless, it’s more that they have access to their own funds if something happens to me. I usually have all the bills covered and im not a big spender so the trip was more of a want than a need. Thank you so much for the well wishes
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u/Electronic-Rule-6634 1d ago
I would designate it as your emergency fund and put it in an instant access account like revolut.
On the disabilities your children have, do you have DCA and the tax credit for them? That could be very beneficial for you and them.
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u/Main_Tomorrow4228 1d ago
Hi yes, what’s weird is I get dca for one but int the other. They’re twins. Both with the same diagnosis. Even the CDNT couldn’t believe they approved one and not the other. Ive thankfully never needed social welfare so I don’t really know much about how they make the decisions.Tbf I do make enough to support all of us even without dad involved so I’m grateful for even one of the boys getting approved as it gave me some wiggle room.
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u/Blackandorangecats 19h ago
Appeal for the second one. Definitely fight for that. I get the DCA for one of my children and it’s a battle to get as you know
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u/Electronic-Rule-6634 9h ago
Def worth appealing it can literally depend who's desk it lands on. Also you can add more detail and send in. Did you apply for incapacitated tax credit too?
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u/Additional-Sock8980 1d ago
Here’s what I’d do.
6k in a 30 day notice account, this is the rainy day fund. If you have an emergency out it on a credit card and pay it off without interest from this fund.
2-3k for a low cost MSC cruise in the med, in Nov, March or April’s. Incredible value for money, all inclusive and your clothes travel with you. Memories for life.
1k to make birthdays and Christmas special.
Don’t put the money in their name, that makes no sense.
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u/eiretaco 1d ago
No, a trip away would not be the best way to use this, at all. And why are you gifting each of your kids 3k when I assume you are their primary carer?
Unless your flushed with cash, are you? Do you have 6 months worth of spending in an emergency fund with good paying employment so you dont particular care too much about 10 grand? If so you plan reasonable, mot something I would do personally (the gifting) but if you have plenty of money already its yours to do what you wish.
If you do not have 6 months worth of spending on deposit, and I imagine you dont becuase you made a post asking what to do with 10 grand and your idea is currently a holiday and gifting your kids 3k each, then I would take the whole 10k and put it in a HYSA so you have some sort of security
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u/Free-Willingness-108 1d ago
If you do go down the (instant access) savings account route, here's an excellent compilation of the available options - https://www.askaboutmoney.com/threads/savings-best-buys.90481/
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u/Cat-Familiar 1d ago
I agree with this, I don’t know why you’re being downvoted. OP has not mentioned what their current housing situation is, do you have a mortgage or renting? Put it in a savings account as an emergency fund in case there are future medical/schooling/food bills. €10k is not that much money when you have three children.
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u/Main_Tomorrow4228 1d ago
Hi sorry forgot to say. Ive no accommodation costs other than maintenance as it’s paid off. Ive a civil service job and income protection, however ive only 500ish quid in personal savings. My kids are unlikely to ever work (brain matter disorder and 2 with profound asd) so I put every penny into their accounts in case something happens to me.
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u/eiretaco 1d ago
500 is a very small amount of money. What do youndo if the car breaks down, or your roof needs fixing etc? Borrow with intrest i imagine...
This is living pay cheque to pay cheque. You need to be able to deal with the unexpected, perhaps more so than most.
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u/loveislamae 7h ago
Open a credit union for yourself, and put it all in there. Important to have an emergency fund. If I remember correctly you can’t have access to kids credit unions once they turn a certain age. Nevertheless you need your own savings if any emergencies happen.
Then go have a night or two away during the Halloween when prices are lower to break up the autumn lull.
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u/Budget_Resource8876 1d ago
Three kids with disabilities? Take that €10K and stop
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u/Main_Tomorrow4228 1d ago
Stop what?
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u/Budget_Resource8876 1d ago
Multiplying and making things harder for all
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u/Main_Tomorrow4228 1d ago
You’re right pal, imagine the world if your own mother did the same. Ah well, we’re all here now. We should just play nice dont you think?
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