It’s highly unlikely that you’ll make a bundle winning the lottery, but a significant windfall from an inheritance, a severance package or life insurance is not uncommon. For example, a windfall of $100,000 won’t make you independently wealthy but, if managed properly, it could put you on a path toward financial security.

Upon receiving a windfall, put the money aside, preferably in a separate account. Avoid impulse spending and take some time, maybe a couple of months, to think about how you can best use this money to meet your long-term goals. Create a plan that will fill in the gaps and shore up your unique financial situation.

Below are some priorities to consider:

– Have some fun! Depending on the amount of your windfall, it’s reasonable to spend about 5 percent to 10 percent on some fun for you and your family. Include a specific amount in your plan to treat yourself – don’t go crazy – and try to stay within this limit.

– Prepare for emergencies. You should always maintain an emergency fund of three to six months of expenses, depending on the stability of your job and consistency of your income.

– Pay off high-interest debt. You have a special opportunity to pay off high-interest debt. Money that was previously going toward interest payments can be used for something more productive. Focus on paying down high-interest debt, not low interest rate, tax-deductible mortgage loans.

– Take care of your health. Schedule medical and dental check-ups or procedures that you may have been postponing because of financial concerns. You may also have an opportunity to improve your insurance coverage.

– Make necessary repairs. Crucial home and auto repairs along with routine maintenance should be addressed. Expensive remodeling projects may not be your highest priority or reap the greatest long-term benefit.

– Career development and education. This may be a good opportunity to get the education and training needed to progress in your career or to move into a more rewarding career.

– Invest and save for retirement. Secure your future by maximizing your employer plans or self-employment plans and IRAs. After maximizing your retirement plans, invest in taxable investment accounts.

– Charity. Depending on your personal values, charitable contributions can be a wonderful use for some of the windfall, assuming other financial needs are met. Just like the oxygen mask on a plane, take care of yourself first so you are in a better position to care for others in the future.

– Education funding. If your retirement plans and other financial goals are on track, consider using some money for college expenses for children or grandchildren.

– Mortgage. Decreasing or eliminating mortgage payments can free money up for other uses and can provide you with greater peace of mind. A major windfall can help you reach your financial goals if you create and follow a plan to use your money strategically.

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Email questions to certified financial planner Jane Young to Gazette@itsnotjustmoney.com.