Spare money: what even is that? We’re in the middle of a cost of living crisis and naturally, there isn’t a lot of extra cash in the bank for most people. However, there are circumstances where people do unexpectedly receive a windfall of money, such as an inheritance from a death in the family, a sold asset or a payout.

Receiving an unexpected lump sum can be bittersweet, because while it’s exciting, there can also be a bit of confusion as to what to do with it. As we know, you can only spend money once. So what’s the best way to make the most of your new financial situation? In this episode, I’m taking you through some options and what I think is the best way to approach it:

Identifying your financial goals
Paying off debts
Saving for property
Lowering your mortgage
Superannuation and investments

Ultimately, the best choice for your lump sum will depend on your personal circumstances and aspirations. Whether it's providing for your family's needs, saving for retirement or ensuring your children’s education, these strategies are not one-size-fits-all. However, they all follow one golden rule: make your money work for you. Use it with purpose, and you're likely to see it multiply in value and opportunity.

So, reflect on these options and decide what truly feels right for you. You just might find that unlocking the potential of spare money could lead you to a bright financial future.

Links

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You've received an inheritance - here's what you could do with it...

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