How to Spend a Lottery Win

We have all had that incredible dream that we’ve won the lottery and can pack-in our jobs and spend the rest of our lives travelling the globe in leisure. It’s only human nature to imagine a future where all financial pressures are lifted from our shoulders. For a lucky few, they manage to win the jackpot and all of their concerns are over – if they are sensible, of course.

The multi-million-pound jackpot is the prize that everyone is after – although any lottery win is welcome. Even amounts in the thousands can make a huge difference to a great number of people. You can play the traditional lottery to achieve this, or there are alternatives online such as playing the Irish Lotto, which offers the chance to place bets on the outcome of draws.

It works in the same principle, but allows you to alter your stake rather than the simple fee of paying for your ticket in the traditional lottery. Thereby you can raise your stake on one number at odds of 6/1 and hope that it is indeed your lucky day. It’s still a gamble, but it’s a quirky way of pursuing small gains rather than that large jackpot that is oh-so-elusive. If you win thousands, you might wonder what to do with it. Let’s take a look at some scenarios.

1. A Win Of £5,000

It’s not a huge amount of money in the contest of life, but it’s more than enough to make a difference to your financial well-being. The first thoughts after winning a surprise windfall would be to book a holiday, which you most certainly could do with this sum. Your mental health is perhaps the most important aspect of your well-being. Taking time to relax in a location of your choice is a positive way of spending a £5k win.

You may even have money left over after the fact in the region of £1000-2,000. That amount could allow you to get things fixed around the house – replace that old TV with a new 4K model or something nice for the back garden such as a pizza oven!

2. A Win Of £20,000

A windfall of £20,000 would be very welcome for anyone. It would allow you to have a good think about what you really want to do in your life. It is a significant amount and it would take time to consider what aspects of your life that you would like to improve.

It is a sum that would allow you to take that holiday of a lifetime – Florida, New York, Australia, New Zealand, that calibre of destination. Or even buy that new car that you’ve wanted, although a sage word of advice is to never buy a new model from the dealer – it loses value as soon as you drive it off the lot! It may even allow you to get that dream sports car you’ve wanted, especially if you buy a used one that’s a few years old.

3. A Win Of £50,000

This sum is truly life-changing and can ease more than a few worries. You can really think about your future without using too much of the funds. This could be an appropriate time to take stock of your situation and in life and determine whether you’re in a good position regarding your life after retirement.

It could be the perfect time to set £5-10k aside to invest in a private pension or a long-term investment that could more than tide you over and calling it a quits from work. There are good, secure deals to be found to generate further funds for the future.

No one knows what life has in store for them, be that financially or any other way. But it certainly can’t hurt to have the odd day-dream of winning some money; or to have a would-be plan of how you would spend it!

About Charles Knox 1393 Articles was established to deliver accurate financial information that can help anyone that wants to take control of their finances achieve financial freedom. My Finances is your go-to place for online news. This site gives you an exceptional variety of news and information that helps you make the right financial decisions. We provide features, guides, access to companies offering professional advice & comparisons for smart money choices.