29 January 2016, By Mandy Paterson
5 Realistic Ways To Spend $25,000
3 min read
Playing lotto is a favourite pastime for many Australians, and many lotto players have certain habits about how and when they play. When the jackpots can grow as large as $70,000,000 or $80,000,000, it can be easy to dismiss the smaller jackpots such as $2,000,000 or $3,000,000, which are the minimum for Oz Lotto and Powerball respectively. But these are still significant sums of money! A single lotto player who wins Division 1 in these draws would still become a multi-millionaire.
It’s nice to dream about what we’d do with such a windfall, but it can be hard to imagine such large amounts of money. For many Australians, even a small lotto win could help turn their dreams into reality – and some dreams are closer to home than you might imagine. In the spirit of positivity, here are 5 realistic ways you could spend $25,000 – which happens to be the major prize in the current Prince of Wales Hospital Foundation Lottery! Get your ticket online now.
Pay off debts
Financial freedom often goes hand in hand with ending your dependence on credit and the seemingly endless cycle of repayments. $25,000 could go towards paying off a multitude of debts, from personal loans, car loans and study loans, right up to paying a lump sum off your mortgage. Imagine being free to choose how to utilise your income rather than being beholden to a bank! It can never be a bad idea to focus on paying off debt before considering a spending spree with your winnings.
Provide for your family
Australians these days are faced with the twin struggles of providing for their growing children and caring for their parents in their old age. Balancing the needs of two vastly different age groups can put enourmous pressure on the family budget. $25,000 could cover school fees, equipment, excursions, uniforms, extracurricular activities – for young kids, the list seems endless. At the other end of the scale, it could also go towards the cost of in-home carers, medical services, or simply returning the quality of care shown to you by your loving parents.
Put a down payment on a house
Home ownership is still one of the great Australian dreams – a marker of adulthood and a rite of passage for many. While $25,000 might not get you quite far enough, it could go a long way towards the all-important deposit needed to purchase a house. You could also buy a block of land in a desirable location and build your dream home from the ground up (if you have the time and patience!). Good things take time, and $25,000 could help you kickstart your savings in order to reach your goal.
Renovate your house
Investing in real estate is practically a national pastime. The golden rule of real estate is ‘location, location, location’ – which sometimes means that you end up with a less-than-ideal house on the perfect block of land. $25,000 could allow you to get started on all those home improvement plans that might increase the value of your property. From backyard landscaping, swimming pools, outdoor kitchens and herb gardens to air conditioning, solar power, NBN upgrades and smart home automation; you would just need to decide where to begin.
Start a business or course of study
Major life changes usually require a safety net in case of failure. $25,000 could provide you with the capital to start your own business and become your own boss, whether it’s hairdressing supplies, carpentry tools, or dance hall rental costs. It could also cover your day-to-day expenses while your pursue these worthy goals. $25,000 could also go towards funding the cost of higher education if you want to learn a trade, switch careers, or simply indulge in your love of learning.
As always, this list is suggestive in nature – please consult a financial advisor in the event of a lotto win.
Could you be Australia’s next millionaire? Buy your lotto tickets online now.