I've recently had a windfall of around 20k, a huge amount of money in my eyes, as I normally live month-to-month, and struggle to afford a mortgage at times that consumes around 40% of my salary.
Im trying to figure out the best approach here on what to do with the money and make life easier all round.
Firstly, I've got 2 young children, so I was planning to put a sum of money away for each of them for when they are older. Are there any specific saving schemes / accounts that might be recommended for access when they are older and possibly gain some interest over the nexy 10+ years?
The other 2 options I was considering was paying off a car loan or pay a larger lump sum off my mortgage.
Which of these would be most beneficial, pay of my car loan (which would allow me to, in-turn, put those car repayments off the mortgage?) Or pay a lump sum off the mortgage?
Any advice or thoughts on the above would be much appreciated.
Many thanks,