“Put it in the bank and forget about it.”
That’s the advice most people get after inheriting money.
It feels safe. Responsible. Mature.
But what if there’s more to it?
That was the exact question a client asked me a few weeks ago when he walked into my office, visibly overwhelmed by a sudden and unexpected windfall.
“I’ve never had this much money before…”
He had just inherited €125,000 in cash and a family home worth around €450,000. His grandmother had passed away, and while the money was a blessing, it also came with fear.
He looked at me and said:
“We’re doing okay as a family. We work. We pay the bills. But we’ve never saved properly, let alone invested. What do I do now? Should I just put the money in a bank? Will it even grow there?”
I nodded — because this is more common than you might think.
Step 1: Let it settle
Before anything else, give yourself time to process the emotional side of the inheritance. Grief and money don’t mix well. Rushing into a decision out of guilt, excitement, or pressure can lead to long-term regrets.
So, first: breathe.
This money represents someone’s life and love. It deserves a calm, thoughtful plan — not a quick reaction.
Step 2: Define your new money goals
I always say: money without a mission will find its own path — and it’s rarely the one you’d choose.
Sit down with your partner (or by yourself) and journal or talk about:
- What kind of life do we want over the next 10 years?
- What would financial peace of mind look like for us?
- What are we saving for — not just how much?
When you align your money with your purpose, every euro becomes more powerful.
Step 3: The boring bit… that actually matters
Let’s talk about how to grow your money in a bank — safely, sensibly, and without locking it away until you’re 80.
Banks offer more than just your standard savings account. While those earn less than 1% interest, you can grow your money more meaningfully by:
Exploring:
- High-interest savings accounts (often 2–3% in digital banks)
- Fixed term deposits (which reward you for not touching the funds)
- Money market accounts (a mix of accessibility and growth)
These won’t make you rich overnight — but they protect your capital and help you grow it gradually. That’s a great first step, especially when you’re still unsure what to do next.
Step 4: Don’t just park it — use it
Now that your short-term money is safe and growing slowly, let’s talk about the rest.
- Could you pay off your mortgage faster, freeing up monthly cash?
- Could you use part of the inheritance to buy an income-generating property?
- Could you invest in yourself — skills, a business idea, or a long-held dream?
One of my clients used €10K of his inheritance to launch a freelance side hustle in his spare time. Within 8 months, it was generating €1,200 per month — almost replacing his full-time income.
Saving is great.
But growing your money starts when you’re willing to act intentionally.
Step 5: The unspoken gift
Many people feel they need to “preserve” the inheritance, like it’s a museum piece.
But I believe this:
The best way to honour the person who left you the money… is to use it to build a better life.
Not just by saving it.
Not just by investing it.
But by living more meaningfully because of it.
Final thoughts
If you’ve recently inherited money and feel overwhelmed — that’s okay.
Start with security.
Understand how to grow your money in a bank (not just let it sit).
Then go beyond the basics and use it as a stepping stone to the life you’ve always wanted.
Want to make your bank account work harder for you?
Book a discovery session with me here and let’s build your personalised strategy together.
———————— About the Author: Luca Caruana
Hi, I’m Luca, a Certified Money Coach, dedicated to helping individuals break free from limiting beliefs and build lasting wealth.
My proven strategies empower clients to break free from financial constraints and confidently navigate the world of money—whether it’s managing budgets, making savvy investments, or pursuing new financial opportunities.
With over a decade of hands-on experience in personal finance and mindset coaching, I’ve guided countless clients through the process of transforming their financial narratives. My approach combines deep psychological insights with practical financial tactics, ensuring that each client not only learns how to manage money effectively but also develops the mindset necessary to truly thrive. I’ve seen firsthand how a positive money mindset can be the game-changer that propels you toward financial freedom and a more fulfilling life.
Let me show you how to harness the power of your beliefs to create a future filled with opportunity and prosperity. Let’s talk and start transforming your financial future today.