A few months back, we asked you Tip Heroes for advice on what to do with a substantial windfall. Bankrate.com can now weigh in on the subject since they’ve come out with this helpful article. The great thing is a lot of their professional advice is right in line with your previous suggestions!

Let’s take a look at some of the different approaches they suggest for spending and/or handling a significant windfall.

Take the 3-Pocket Approach

With this method, the goal is to focus on 3 strategies. Divide your money into thirds as if you’ve got 3 pockets. With the first pocket, pay down any debt that needs to be paid down, i.e. your child’s education, your debt, your mortgage, etc. With the second pocket, save for something in the future like your next car or home, a vacation or your retirement. Then with the final pocket, do something nice for yourself. After all, you deserve it!

Save and Slash Debt Simultaneously

This strategy is great if you have debts but essentially no savings. First, throw at least $10,000 into a savings account. Then spend the remaining money to eliminate or at least pay down all of your debts, concentrating on the highest debts first. If you have savings and no debt, consider low-risk investments like a money market fund.

Credit Cards and Home Repairs

Using the money to simplify your ongoing financial responsibilities will make life much easier. After you pay down that credit card debt, look after your number 1 investment. The pros suggest focusing on home repairs or equity-generating improvements. You could also, for example, reduce ongoing monthly utility bill expenses by installing energy-efficient appliances. The goal is to take your money and leverage it.

For more great advice, be sure to check out Bankrate.com’s 8 smart ways to approach a hefty windfall.