With all the increases we are facing this year in our day-to-day bills, gas and electricity increasing, food prices, don’t even speak about petrol, more and more people are feeling the squeeze of it all on our finances and wallets…and purses.

Inflation is at one of its, if not its highest peak in years!

So how nice would it be to suddenly….come into some money. A windfall.

Maybe you hit the lottery, or sadly a long lost relative passes on and leaves you some money. What to do with this extra cash?!

Save….Pay Off Debts….Holiday of a Lifetime

Our advice in the past has been depending on how much of a windfall you receive as to what to do with the money.

If you can, paying off your debts is always a good move; in part due to the interest the debt(s) cost you. If you have balance of £2,000 on a credit card with a high interest rate, your minimum payment may be £100 or more of which almost £60 could be interest!

If you have a mortgage on your home, paying this off, if you can, is a huge relief and good thing to do. Knowing you own your home outright, is a great feeling!

There also is the issue of having some savings, an emergency fund. That way should a financial emergency arise, and they will, you do not need to rely on credit.

Again, this will depend on how much debt you have, and how large a windfall you receive.

Then there is the “let’s treat ourselves”, the holiday of a lifetime, or a new car, a new house, a new (insert materialistic object here).

To do all of these, becoming debt free, saving money, and treating oneself, are all good. Again, it all comes down to how much of a windfall you receive, and what your situation is.

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