My grandmother recently sent me a chunk of money—of the five-figure variety—in the mail! I was definitely surprised. 

She explained that her financial advisor had suggested she send my sister and me our inheritance now as a way to ensure we don’t pay huge taxes on it after she’s gone. It’s sad to think about, but couldn’t have come at a better time.

The old me would have gone directly to Chanel and dropped upwards of $2,000 on a classic quilted bag. But today I can’t justify being that frivolous. (I can’t believe I just called Chanel frivolous – I am changing!)

I know I should use the money wisely, but I don’t know exactly what that entails, so I visited Money Sense in search of some guidance. As I perused the site, I came across a link to Schwab’s personal finance website, MoneyWise, clicked through to the “Setting Goals” page.

Schwab suggests writing down financial goals in three categories: short-, medium- and long- term. Here’s my list:

Short-Term (the next 1-4 years)

• Pay off the remainder of my high-interest debt (anything 10%+)
• Build an emergency fund
• Move into my own apartment
• Save enough during the year for an annual vacation or summer house rental with friends

Medium-Term (5-9 years from now)

• Buy/lease(?) a car and pay for a garage
• Replenish what I didn’t save in my 20s
• Get a dog
• Save enough for two vacations per year

Long-term (10 years+)

• Buy a home somewhere

I estimated the costs for each of my goals, but I think I need more advice to reconcile it all. I’m talking to some experts on saving and budgeting and will be back to share their tips. Stay tuned!