Hi Mums,
Financially what would you do if you came into 30k
I am going to a Financial planner/advisor for advice but I'd like to look into a few ideas for the smart thing to do with the money.
This is the first time I've ever come into anything like this and want to be smart about it.
Edit* I have a normal wage coming in, that why I'd like to be smart with it and get an idea on what to do with it so its not wasted.
Thanks all x
Money
Money
Posted in:
Life Lessons, Money
3 Replies
I’ve come into that kind of money before, and more - I have always set it aside for my annual bills total and then pay all bills from that account whilst topping it with surplus and saving what I would usually spend on bills.
I wouldn't do anything with it except keep it in the bank and use it to pay for any bills or emergency expenses etc.
The answer will be different for everyone as everyone has different needs and wants. Do you need a reliable car? Do you or your kids need expensive dental or elective surgery in the future? Are you wanting to buy a home in the future or if you already own, do you need to renovate? Are your kids going to a private school? Do you have overseas or interstate family you want to see? Have you got a viable business idea? While it is a lot of money to get as a lump sum it's only about 4 to 6 months of the average wage so it would very easily get eaten up in day to day living if you don't allocate it to something straight away.