Just married? 5 ways to make the most of your cash gifts

When you say “I do,” you may be lucky enough to receive a chunk of change from generous well-wishers. If you’re newly married with a windfall of cash as gifts, start your journey toward wedded — and financial — bliss with these strategies.

Whether it’s medical bills, student loans or a credit card balance , chipping away at debt is a savvy use of cash. Remember, not all types of debt are created equal, so be sure to take a close look at how it affects your overall financial picture.

Knowing you owe money can be stressful, but that doesn’t mean the process has to be painful. Work together to develop a payoff strategy that works for you, your goals and your lifestyle. It’s even possible to pay off debt and save at the same time. And remember to allocate some funds for fun. Once you’re debt-free as a couple, you can keep moving toward your other shared dreams.

If you and your spouse have not yet merged your finances, a sudden influx of cash is the perfect opportunity to open a joint bank or savings account together . A joint account can simplify money management and may help maximize your FDIC coverage . It’s important to remember that just because you share a bank account, that doesn’t mean you have to split all your money. You might opt to share some expenses but still have some money that’s just yours. Every couple is different, so find the budgeting style that suits your personalities and priorities.  

With an Ally Bank Savings Account , you can take advantage of smart features like buckets and boosters to make the most of your cash gifts. With buckets, you can organize your savings toward a number of financial objectives. For instance, you might have one bucket for a backyard pool and another for a new car. Boosters help you accelerate your saving so you can reach your goals faster. 

A savings account is just the beginning. To pursue other opportunities, consider investing. You and your spouse plan to grow old together, so take steps to make your money work for you and prepare for retirement .

Don’t know where to start with investing? First, brush up on the basics, including managing risk.  If you are looking for help, consider using a  robo advisor , which offers automated portfolios based on your goals and risk tolerance through a combination of human input and technology.

If you and your better half are ready to buy a house, you can use your cash to fund a down payment. Weddings can be expensive, but the money you receive from loved ones can prevent you from having to choose between marriage or a mortgage .

You can even explicitly ask your guests to help you reach your goal of homeownership by setting up a down payment fund they can contribute to in lieu of a wedding gift. If you need a bit more money when the time comes, consider these strategies for sourcing a down payment.

In addition to getting to spend the rest of your life with your best friend, tying the knot can come with a lot of perks — including cash as gifts. To start your union off on the right financial footing, decide together as a couple how to best utilize the money you receive. Whether you pay off debt or save toward a big goal, work together to make your first wedded money move one you're both happy with.