What to do with that hefty sum of cash you...

What to do with that hefty sum of cash you received as wedding gifts? Save it? Spend it? Don't rush, experts advise, take your time and think about what your goals are. Credit: iStock

Your wedding day is history. It was more beautiful than you imagined, and it's sweeter still because of the hefty sum of cash you received as gifts. Save it? Spend it?

"Don't rush into anything. Take your time and think about what your future goals are," says Kevin Peters, an AXA financial adviser in Lake Success.

Where is your greatest need? Use the money there. "Pay off credit card debt or reduce student-loan payments," says Joseph De Sena, a certified financial planner with Ameriprise Financial Services in Melville.

Put some money aside for the unexpected. If you have little in savings, use it to establish an emergency fund, says Stacy Francis, president of Francis Financial in Manhattan. Estimate at least six months of expenses and sock away that amount if you can. Keep that money in short-term investments like money-market funds, adds Jim Knox, managing partner of Life Planning Group in Uniondale.

Save for a house. You don't have to put all your money away for your future home, but opening an account for that purpose will help give you the commitment to finish what you start.

Says Peters, "Don't waste the cash gifts on frivolous items. You don't need to go out and buy a car that depreciates in value. Don't go on multiple vacations after the honeymoon because you think the money needs to be spent. This money is something you should consider as a gift for your future."

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