You’re checking your balance one day, expecting to see your mortgage payment has left your account. Instead, there is more money than you expected to see in your bank account. A lot more money.

It turns out that you were due an automatic tax rebate – but you didn’t know. Or you had an inheritance payment come through – that you didn’t know about. Or perhaps your boss has given you a hefty bonus – that you were not expecting. Money that comes out of nowhere is unexpected and unusual to receive, but now you have to decide what you want to do with it.

Money that comes in that you didn’t expect can be overwhelming. You may not have seen such a large amount before, and you must be intentional about it. It would help if you used it correctly in a way that will benefit your future. You cannot squander a windfall, which means you also need to think before you go with your heart with your choices. This is a financial windfall that you want to be careful about. This means that you want to make good decisions about where it has to go – and you need to take your time about it, too. You didn’t have this money before now, which means that you have the luxury of time to decide what you want to do with it.

When it comes to using this amazing money, you need to be wise. It would help if you thought about the long-term and not the short term gains. You want to make sure that when you look back in the future, you know that you spent it right. You want to use this money for a good thing for you and not fritter it away. So, let’s take a look at what you can do with an unexpected windfall of money.

Smash Those Debts

The first place any additional money should always go is on debts. If you are using your hard-earned money to pay off debt every month, use the windfall money to clear a whole bunch of it. It may not be enough to clear the debt completely, but if you can eliminate some of those credit card payments you’ve been making, then you’re going to have so much more room to breathe.

Make It Work for You

The best thing that you can do if you plan to invest your money for a passive income is to discuss it with an investment management team. You can find out how to do that and make your money grow without having to do much. An investment team can help you to decide the best place to put your money, and you can then choose how much you want to invest and where you would like to do that.

Buy a New House

You don’t have to own property to know that a house is a good investment. Even if you chose to buy a new home and use it to be a landlord, you are going to have your money building for you. One day, you could choose to sell on that same property and get back more than you put into it in the first place. A large down payment can help you to get rid of renting for good, as you could then choose to move into your new house and that will make a big difference to the future for you. A new home is going to give your family a future, as if you choose not to sell it one day, you can pass it to your children for them to do something with it instead.

Figure out Long-Term Growth

Investing your money with the right team beside you will mean that you can choose to boost your future net worth. You may not need the cash flow right this second, but you do need to think about what you want your money to do for you in the future. If you have the windfall correctly invested for long-term growth, then you can choose something that will 100% be valuable in the future. It’s okay if you have no idea where you want that money to go right now. The future will instead be brighter than you could ever have hoped it could be.

Invest in Your Education

Are you a college student? Well, even if you are middle-aged and have been through that rodeo, you can still invest in your education and learn more, do more than you thought you could do. If you were looking for a way to break into a new career, you’ve just been given the key to do that. Most of the time, a career change requires you to get that elusive degree or piece of paper that will qualify you to do it. Well, with a windfall of money, nothing is stopping you from chasing that dream. If you’re happy with your education, then put it away for any future children you may have – college education is still expensive!

Put Money Into Your Retirement

The future is only as bright as you want it to be, and your retirement savings plan may be looking a little lean right now. With your windfall, you can have the power to change that. Putting money into your retirement pot may feel like letting go of cash that is readily available for fun things, but that isn’t the case. Future planning is so important, and you can cover your bases right now because of this windfall. It’s not a waste of “fun money”, it’s security in your future and what you want for the rest of your life.

It’s always lovely to find money in your bank that you didn’t expect to see, but you should always double-check the originator so that you know that you are free to spend it and it wasn’t a bank error! Your future cash is in question here, so make sure that you can answer that question carefully!