It’s the race that stops the nation and you wait with bated breath to see if the horse you placed a bet on will be victorious.
By chance, you picked the right horse and you’re now the lucky recipient of a tidy sum of money.
What will you do? For some, it is easy to get caught up in the excitement and to spend it all at once.
While there is nothing wrong with shouting your friends a drink to celebrate, there are a few simple steps you can take to make sure your winnings last longer than the race itself.
Here are our top tips:
Deposit some of the winnings into the bank
Whatever dollar amount you win on the day, you should try and allocate a portion of it to your savings account. At the end of the day, any additional cash will bring you a step closer to your financial goal. It is also worth noting that Melbourne Cup falls on a day when the banks are open – so why not pop down to your local branch after the race and before you get caught up in all the merriment.
Leave some in your wallet
We may be becoming a cashless society but it is never a bad idea to pocket some spare cash. If you have two pockets in your wallet, put the winnings you don’t want to splurge in the pocket you don’t currently use. Alternatively, put it in a different pocket in your suit jacket or another part of your handbag. By removing part of your winnings from your ‘spends’ for the day, you will be less inclined to blow all your dollars in the one afternoon.
Pay off any debts
It might be nice to spend big on Melbourne Cup Day, but it’s even nicer to reduce any outstanding debts that you may have. How about paying off that parking fine that’s been hanging over your head? If you have any bills such as a mortgage, consider using your winnings on those. Unfortunately, while Melbourne Cup only lasts a day, your debt will stay with you until it’s paid off. So, why not making paying down your debts a priority.