9 Things You Can Do With Your Money

It’s exciting to come into money that you weren’t expecting. Whether you have a bonus from work, or you have won a new account in your business and your profits have gone up, it doesn’t really matter where the money comes from. What matters most is what you plan to do with it next. Managing money – especially large amounts of money – can seem overwhelming. But if you maintain a good relationship with that money you’ll be able to use it to your advantage.

Trying to decide what to do with it is actually the hardest part. Some people will tell you to hold it in a savings account with a high interest, others will tell you to look for gold for sale or buy some stock so that you can invest your money in an asset. The thing to remember here is that this money has to service you and your needs, which means you need to find the best reason to use it and ensure that you’re doing it right. If you treat your money well, that will come back to you tenfold! Here are nine things that you could do with a windfall of money.

Make a budget – but make sure that you use it.

Coming into a lot of money is overwhelming, and you have to learn how to manage that money in a sensible way. Budgeting is for everybody at every income level, which means that even after you get your windfall of cash, you’ll be able to use a budget that you created. You can then be clearer on where your money comes from and where it’s going to go.

Set aside an automatic deposit to savings.

Once you work through your budget and you know what your surplus amount is, start with an automatic payment straight to your savings account. Schedule this on the day of or the day after you get officially paid, and you’ll be able to ensure that your savings are going to the right place every month. Using a high interest savings account that somebody has recommended to you? That’s a smart decision.

Pay your debts.

If you have a windfall, use it to pay debts back. Not only will you free up your income every month, it will take the pressure off your shoulders and all the worries that you have had on where you’re going to get the money to pay your debts will disappear. The consolidation will also up your credit rating and lower your outgoings.

Have a look at your credit score.

Coming into money will help you to determine whether or not you are able to get yourself out of the red and into the black. You need to know what your credit score is and where all of the places you owe your money are. When you know this, you’ll be able to manage your money effectively.

Pay into your retirement account.

Let’s say you don’t have any debt, and you already have some sizable savings going on. What could you do with a chunk of change then? Adding more money to your retirement account is a very smart decision. Not only should this be separate from your savings account, you then have some money to get you going when you do decide to finish working.


Whether you choose to speak to somebody about the stock market, or you choose to speak to somebody about precious metals, you should work on a way of investing your money. You can even invest into a life insurance policy. It may not sound like much of a tool for wealth building, but it’s critical to protect your wealth that you are building and it gives you a legacy to pass on to your family. Life insurance differs depending on the company that you use, so do some research on it.

Invest it in your family.

A good thing to do with the windfall of money is to create college and living accounts for your children and your partner. Knowing that you shared the wealth can help you to avoid massive taxes and payments on that money, and you can set them up for life. It’s a great way to ensure that your family is secure and safe. Investing in college and education, including paying off your own student debt, will really help.

Find a planner.

A good financial planner is going to be one of the best tools that you have for managing your financial windfall. They are somebody who knows how to look at the situation from a distance and helps you with how you can manage your money in a way that is good all round. While it’s a nice idea to pay down debt and to build college savings, if that’s going to rinse all of your money it’s probably not a great financial plan. Choosing a fee-only financial planner is a smart choice, as they are somebody who cannot sell products or and commissions, which means that they are paid to do a job that involves helping you. If you want to grow your wealth and keep your money, and you want to make sure that your money is going to work for you, a financial planner is the best person for the job.

Make sure that you get some targeted advice.

Whether it’s investing your money, or moving it into a college account, you need to speak to people who know what they are doing. Setting up an appointment with your bank is a good start. Your money is your money, so when it comes down to it it’s up to you how you spend it. Just make sure you’re not going to bankrupt yourself by trying to do things for other people. Estate planning is important, and if you get targeted advice about how to manage your estate and your money, you’ll be able to make sure that everybody is sorted including you.

If you have come into money, why not learn how you can manage it and spend it right?