Receiving an Inheritance
Getting an inheritance can be bittersweet.
On the one hand, it could be an amazing boost to your finances – perhaps helping you get your foot on the property ladder, out of debt, or a step closer to your other goals.
On the other hand, you might find yourself feeling miserable due to the circumstances in which you’ve received the money, guilty, or weighed down with the responsibility of what to do with it. This could really cloud your judgement and block you from doing anything fruitful with the money you receive.
SpringGen’s 3 steps for how to cope if you receive an inheritance are…
- Embrace it
Firstly do try and avoid feeling guilty about what you’ve received. This is easier said than done, but try and turn the situation into a positive. Your inheritance could really help you push towards your own goals and dreams. If it has a positive impact on you, that’s something to be grateful and happy about.
- Don’t rush it
If you’ve received your inheritance as a result of someone close to you passing away, don’t feel like you need to rush into any decisions with it. Take your time to come to terms with the situation first, so you can deal with the finances with a more level head later on.
Any snap decisions are likely to be based on emotions and could lead to regret later on.
- Be constructive with it
Maybe you received your inheritance for a specific purpose, or maybe you’ve just received a lump sum of cash. If so, it’s normal to feel overwhelmed. Take time to think about what might be the best use of the money. Make a plan with it, chop it up and earmark it for different things, move it around to where it needs to be. If you aren’t sure what the best thing to do is, ask SpringGen for help.
By taking these 3 steps, hopefully you will come to feel happy when you think about your inheritance, and how you have used it positively to improve your own situation and financial future.
If it would help you to talk to someone outside of your immediate family for a neutral viewpoint, contact SpringGen.
Jenny Madhoo
Founder & Creator, SpringGen Advice Ltd
V1 08/03/2021
