If you're lucky enough to enjoy a financial windfall, from lottery winnings or a business investment, it can be tempting to spend it on things you don't really need. But if you do your research and weigh your options, you might make better financial decisions and discover a great opportunity to make that money work for you.
Your first move might be to pay off your credit card or other debts with high interest rates. Reducing your outstanding debt eliminates costly interest payments and may help you qualify for a lower-interest rate card as well as improve your credit score across the board. Another area you may want to focus on is your emergency fund. It makes sense to be sure you have three to six months’ living expenses in an account that is easily accessible to pay for life’s inevitable unexpected expenses. If you're looking for an investment strategy for your lottery winnings, consider talking with an investment professional who can guide your choices based on your individual goals and needs.
Ally Bank gives you a number of ways to save, including the No Penalty CD, the Online Savings Account and the Money Market Account—all of which offer competitive interest rates. Our site helps you easily make smart choices, whether you're setting up an emergency fund or simply saving toward a specific goal. Learn more by visiting Allybank.com or call live, 24/7 customer care at 877-247-ALLY (2559) today.
Ally Bank, Member FDIC