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How to find the spending/saving balance with your bet winnings

Here, we look at why it's important to try and strike the balance between spending your money and saving it for a rainy day.
By Editorial on Mar 10th, 2018   @freelotteriesuk

So Lady Luck was on your side and you won your bet. Time to cash out! Before you quit your job or fly out, it's a good idea to step back and think about how you're going to use this money. After all, there's nothing worse than looking in your bank account a short time later and realising that somehow, you've frivolously spent all of your money in the blink of an eye. That's why it's important to try and strike the balance between spending your money and saving it for a rainy day. Later down the line, you'll be thanking yourself for leaving yourself a bit of a cushion.

Don't spend it straight away

There are a lot of different ways that you can come into some unexpected money, and with big lottery sites like Lottoz offering easy ways to win from your own home, when it does happen, it can almost not seem real.

Because of this, a lot of people tend to spend their money very quickly without a second thought – but try not to. Take at least a day to get your winnings, place them in a secure savings account and then start to think about what you're going to do with them.

Think about your priorities

It can be tempting to go out and have fun with any extra pocket money, but reality is always around the corner and it’s important to think about your priorities. If you have debts to pay off or are starting a family, it’s wise to put some money towards them for peace of mind in the long run.

Decide how much you can spend

Once you’ve sorted out who or what your priorities are, the next step is to figure out how much you have as extra spending money. After you prioritise where the money needs to go, what remains can be used as spending money. Make sure to spend it wisely on something you’ll actually enjoy and don’t let others pressure you. You can use budget planners like the one on Money Advice Service to do this.

Put the money straight into savings

Take the money you don’t spend and put it in a high-interest savings account. Make sure it’s not too easy for you to access it so that you are less tempted to dip into it and spend the money on anything frivolous. Remember: this money is going towards your future, so it’s important to keep it safe!

Don’t forget to have fun

At the end of the day, no matter how much you’ve won, you’ve come into some money and that enough is cause for celebration. It’s not every day that someone hands you cash without you having to work for it, so make sure you use this opportunity to treat yourself!