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Money That Come Unexpected
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Money That Come Unexpected

by immenseplatformJuly 22, 2019

Whether you finally landed that big client or you finally won the lottery, an influx of surprise cash is always a good thing. And it also requires some planning. Here are my thoughts on the best ways to allocate that extra money, in order. Money That Come Unexpected:

Put the majority of the windfall towards your biggest financial goal

A windfall is a great way to fast forward yourself towards a big financial goal. Whether youโ€™re working on paying off debt, saving up for a down payment, or budgeting for a round-the-world trip, use your extra cash as a shortcut.

If you donโ€™t have any financial goals right now, set some of the windfall asideโ€”in a savings account, a money market account, or a brokerage accountโ€”so youโ€™ll have that extra financial padding when you need it.

Put another chunk of the money into savings and/or investments

See above. (Also, I totally recommend investing even if you are anxious about market fluctuations. Money That Come Unexpected )

Spend a small percentage of the money on something fun

Putting all of your extra money towards your student loans might be the most financially prudent thing to do, but if you drop your entire windfall into a pit of debt it can leave you feeling… well… kinda like you stood on the edge of a pit and watched a bunch of opportunities drift away from you.

Spend at least some of the money on someone else

Whether youโ€™re making a charitable donation, supporting your local library, or taking your parents out to dinner, make sure you spend some of that money on someone who isnโ€™t you. Chances are, a lot of people helped you get to where you are today. Now that you have some extra cash, itโ€™s time to pay it backโ€”and pay it forward.

Consider buying more time

Remember that study from a few years ago that suggested the best way to turn money into happiness was to buy back your time? Consider using some of your windfall to outsource your least favourite time-suck, whether itโ€™s food shopping, housecleaning, or doing your own laundry.

Or, if your windfall is large enough, use it to move to a house or flat thatโ€™s closer to the places you usually go (or the places youโ€™d go more often if it didnโ€™t take so long to drive there). Commutes are often the worst time-sucks of all, so see if you can use your extra cash to reduce or eliminate them.

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