I got a big inheritance, and I want to save it, but I also want to travel. How do I do both?

"For Love & Money" answers your relationship and money questions. This week, a reader wants to know how to effectively use a large inheritance.

The offers and details on this page may have updated or changed since the time of publication. See our article on Business Insider for current information.

Affiliate links for the products on this page are from partners that compensate us and terms apply to offers listed (see our advertiser disclosure with our list of partners for more details). However, our opinions are our own. See how we rate products and services to help you make smart decisions with your money.

• For Love & Money is a weekly Business Insider column answering relationship and money questions.
• This week, a reader wants to know how to effectively use a large inheritance.
• Our columnist says it's good to pay off debt first — and it's OK to splurge on travel.
• Got a question for our columnist? Write to For Love & Money using this Google form.

Dear For Love & Money,

I recently received a $25,000 inheritance. I want to make the most of it and stretch it as far as possible, but I also love traveling. Any ideas for somehow doing both?

Sincerely,

Lucky, and Hopefully Smart

Dear Lucky,

I am sorry for the loss that precipitated this inheritance, but what a windfall. I love that you want to make the most of the money while still doing what you love with it. I am confident that with $25,000, you can have both.

First, I wanted to look at ways you can stretch your dollars. To help you toward this goal, I reached out to Justin Rush, a certified financial planner who specializes in tailoring his clients' financial plans to their unique needs.

When it comes to investing, Rush says everything comes down to personal circumstances and preferences, but he offered a few considerations to help you design your situation to your ideal specifications.

Rush says that the amount of your windfall you should designate for paying off bills will largely depend on interest rates. If you have any debt actively accruing large amounts of interest, those should always be the first things you address. Getting ahead of a 25% interest rate will always be your best bet when it comes to saving money, both now and later.

Since you didn't mention paying off any debt in your letter, though, I also asked Rush the best way for you to tailor your investment strategy to make the most of this financial gift. Rush says it all comes down to time and individual risk tolerance.

If you are willing to wait at least two or more years to access a portion of this money, investing is a great option — although Rush reiterated that investing always comes with a level of risk.

Hiring a financial advisor to help you navigate your risk exposure and find the best investments for you will give you both a sense of direction and peace of mind.

However you choose to invest your money, I hope you set aside a solid chunk for travel. Not to get too cliché, but the time you enjoy wasting is not wasted. You can also apply this wisdom to money. Every time we spend our money, we are buying something. Whether that thing is tangible, like a car or a new pair of jeans, or intangible, like the experience of travel, it's easy to see our tangible purchases as investments.

Talk to me after a solid Target run, and I will give you a TED Talk on the importance, nay, the necessity of every single item in my bag. Worst case, as I often say, I can resell my newfound junk on Facebook Marketplace.

But when we purchase things that we can't hold in our hands, point to in our driveways, or pull up in our portfolios, it can feel like driving down the interstate with an open bag of cash in the back seat. Money just floating out the window in our wake, gone with nothing to show for it.

Not having anything to show for your money, however, does not equate to frivolous spending. You still made a purchase. You bought standing at the top of a mountain, staring into the eyes of the Mona Lisa, or witnessing the great wildebeest migration in Tanzania. These are once-in-a-lifetime experiences that, despite their price tag, are absolutely priceless.

Besides the joy of travel, however, there are also financially strategic ways to maximize the money you spend on seeing the world. With the right travel rewards credit card, you can earn points that can go towards your next big trip. Some travel cards have big sign-on bonuses. If you spend a certain amount of money in a short timeframe, you automatically earn a ton of points.

If you pay off bills with a portion of your inheritance, use your travel card to do it and earn those sign-on bonuses. This will allow you to pay for your flights with money you had to spend anyway. Then, once you've reached your destination, use your card for all your purchases and allow your travel now to pay for your travel later.

Another thing to keep in mind as you move forward with this inheritance is that while $25,000 is a lot of money, it's not enough to quit your job and retire to Fiji. So, don't put that kind of expectation on it. Instead, treat it like you landed on Free Parking in Monopoly — a pleasant surprise that you didn't have to work to earn and, therefore, don't need to stress over spending.

This isn't to say you shouldn't use your money to make more money. That's always a good idea. But make sure you enjoy some of your inheritance without trying to be practical over every cent. As Rush said, financial goals, life goals, and long-term plans are all subjective. The best balance between spending and saving is the balance that is right for your individual values, dreams, and goals.

Wishing you safe and spectacular travels,

For Love & Money

Looking for advice on how your savings, debt, or another financial challenge is affecting your relationships? Write to For Love & Money using this Google form.