So, you've come into an inheritance, won the lottery or your boss has given you an unexpected bonus. What are you going to do with it?
There are plenty of things you can do with the extra cash. Before you go out on a spending spree, it pays to think about what else you could use it for.
A windfall gives you an opportunity to free yourself from some or all of your debts and put some money aside for the future.
Take the time to do some planning and you may benefit from your windfall for years to come.
 | Keys - You may save a significant amount of money in the long-term if you use a windfall to pay off your mortgage and other debts.
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Windfalls can give you an opportunity to make lasting improvements to your finances but the money can easily disappear through unplanned spending or hasty investments.
It's a good idea to think about the bigger picture and how the extra money can assist you to achieve your financial goals. Depending on the size of the windfall, you should consider paying off your personal debts and even your home mortgage.
Start with the loan that charges the highest interest. You can save money if you pay off your most expensive loan first. You may have to pay a fee for early repayment of a loan but you will save on interest payments.
Preparing for the future doesn't mean you shouldn't take other opportunities your windfall will bring. There's nothing wrong with treating yourself to a holiday or a new car. You may also want to donate to charity. But take the time to plan first before you spend up big.
If you have money left over from paying off bills and putting some money towards your loans, think about investments that will put it to work for you.
If you're new to investing, it pays to do some research before deciding where to put your money. There are several government and community services which provide free information and advice about how to plan and manage your finances. You can get more specific advice on investment from a licensed financial adviser or financial planner. You will more than likely pay fees for their advice. See Investing and Getting information and advice.
When you are making investment plans, it may be worth thinking about making a personal contribution to you or your partner's superannuation. See Superannuation.
More information
There's more that you can find out about receiving a windfall. See More information.