If getting an inheritance or sudden windfall of cash it can be difficult to know where to put it If a lump sum of money perhaps landed in your bank account tomorrow what would you do with it You might be tempted to splash out but if you get a sudden windfall from an inheritance or compensation using it wisely can set you up for the future and boost your savings We asked the experts who told The i Paper what they would recommend for someone who has received a lump sum of cash What you decide to do with a windfall will depend on your current financial situation Paying off any debt for someone with a number of debts that are attracting heavy interest payments should prioritise paying those off while perhaps keeping a small sum for any unexpected expenses to prevent them falling even deeper into the red This could mean paying off credit-card balances personal loans or your mortgage and you should especially prioritise debts with a high interest rate https youtu be KMbhTERwnto feature shared Havin a cash buffer or emergency fund should be another priority If you don t already have a stash of emergency funds you should consider setting some money aside for this This means you ll have a buffer if you need to fork out for things like car repairs home damage or even the loss of your job Ian Batterbee financial adviser at Sterling and Law recommends putting about three to... Login to read full