Don’t Let A Windfall Blow Away In the Breeze: What To Do If You Come Into Some Money
Put the Money to Good Use
Start dumping debt, especially if you do decide to take the money all at once. “Lump sums are great motivation to eliminate debt. Apply windfalls to outstanding balances, excluding the mortgage, in order from smallest to largest. Keep the process simple. Ignore interest rates and focus on the bottom line. Reducing the total number of payments to creditors will provide better control of your income,” advises Husbands.