If you are a single mom, then you will know just how important every penny is – let’s be honest about, bringing up a child on your own isn’t easy. So, when we win big, be it at the local bingo, on a lottery ticket, or even if you’ve been left some money in a relative’s will or your boss has given you a bonus, it’s important to spend it wisely. The question is, how should you go about doing that? What would be a wise way to spend any money that you’ve come into?
Take a vacation
Spending some of the money that you’ve come into on a vacation might seem like a waste, but it’s not if you’ve never been able to take your little ones abroad before. The chances are that you’ve been dreaming of taking your kids on a proper summer vacation for years, but until now have never been able to afford it. As long as you don’t spend all of your money on a vacation, there’s no reason not to take one, after all, nothing’s more important than quality family time.
Add value to your home
Another option for spending your money is to use it to add value to your home. You see, by adding value to your home, you can increase how much it will sell for in the future, giving you a better profit. There are lots of simple ways you can add value to your home, from increasing the size of the property with an extension, attic conversion, or a conservatory, to making it more eco-friendly, it’s just a case of deciding what would be the best option for you. Because as well as adding value to your home, you also want any updates that you make to positively impact yours’ and your children’s lives. So, say you want to save money, then you need to think of ways to do that, such as by transforming your home so that it uses less energy, for instance. The first step to doing that is undergoing a free energy analysis, so that you can see the best options for cutting costs, such as by installing solar panels or a smart thermostat, for instance.
This might be the most boring option but if you want to ensure that your children have the best possible future, save the money up. Open a high-interest savings account and put all (or the majority) of your winnings in there, so that when your children need money for college, their first car, or maybe even for a deposit on a house, they have something to help them. Saving the money might seem boring, but there’s nothing boring about being mindful of your children’s future, now is there?
Start a business
Do you hate your job? Have you always dreamed of starting a business of your own? Then now could be the perfect opportunity to do so – you’ve got the money, all you need is an idea. Perhaps you already have an idea that you’ve been thinking about for years? Either way, if you’ve always wanted to start a business but have never had the funds to do so, now could be the perfect time to take the leap and go for it.
Won big? Make sure that you spend it wisely and don’t just waste it.