Managing large sums of money

Make the most of your money

You may receive a big payout, inheritance, compensation payment or land royalties. Make the most of the money now so that it can help you and your family in the future.

Pay off your debts

If you have a lot of debts, work out which ones to pay off first. Some will cost you more than others over time. Talk to a free financial counsellor about what you owe and what debts you should pay first. If you’re not sure if you owe a debt, get all the details before you pay it.

Open a high-interest savings account

If you put money into a high-interest savings account and leave it for six months or a year, it will earn interest. Interest is extra money on top of the money you put in.

Find out how to set up a savings account.

Deposit Application Form

Spread your spending over time

If you come into a large sum of money, it can be tempting to spend it all at once. Spread your spending out to give yourself a little bit extra each fortnight to spend on things you need. A  or financial capability worker can help you plan how to do this.

Invest your money

Investing is when you put money into a managed fund, shares or property that might make your money grow. There can be risks with some types of investments, and scams that mean you can lose your money.

Before you invest your money, make sure you understand what’s involved. See how to invest for tips on where to start. You can also talk to a licensed financial adviser to get help with investing.

Your will gives your  and money to the people you want to have them when you pass away. A will is really important when you receive a big payment. If you pass away without a will, the court will decide who gets your assets. This can take a long time and be expensive.


Share this: