![]() Consider putting your lump sum in an easy-access account or a current account that pays interest. Having some emergency savings is a great way to prepare for unexpected expenses. ![]() Be aware that repaying debts might affect any claim for means-tested state benefits if you did not have to repay the debts and did so at least in part to increase your benefits by reducing your savings. Check if there are any early repayment penalties on debts you are thinking of repaying in full. Use our Budget Planner to work out how much you will need each week or month, and how long you can make the money last.Ĭlear debts, if this will bring spending down to a more manageable levelĪim to clear any priority debts as quickly as possible. ![]() Supplement your income until you get a new job While you're deciding the best way to use the money, here are some things you might want to consider. You may have received a lump sum redundancy payment. ![]()
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