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President Trump has pledged to give every adult citizen $5,000 if Republicans keep control of Congress. It's a controversial plan with various political and funding hurdles, but we'll leave those debates to Capitol Hill.

The question for you is: If that kind of cash does come your way, how would you capitalize?

"It's tempting to spend a windfall, but you're better off putting it to work," said Brian Walsh, a Certified Financial Planner® and SoFi's head of advice and planning. "Direct it toward your most pressing financial need."

Depending on your circumstances, here is how financial advisors recommend using that kind of cash.

Pay down high-interest debt

If you have credit card or other high-interest debt, paying that down (or off) is one of the best ways to use an extra injection of cash. Not only is the average credit card rate over 20%, but even the interest accrues interest.

Josh Price, a financial coach at Capital Choice in Greensboro, Ga., recommends the "debt snowball" strategy of knocking out your smallest balance first. Seeing a zero balance on the first card can make it easier to stay motivated with your next target.

Save or invest

If you don't have high-interest debt, building a cash cushion helps things stay that way. A solid emergency fund acts as a financial shock absorber, keeping you from turning to high-interest plastic when life throws a curveball. Advisers generally suggest keeping the equivalent of three to six months' worth of basic living expenses in cash.

Once you have that safety net in place, a windfall is typically better used to build long-term wealth. Although the stock market doesn't come with guarantees, history is on your side: The S&P 500 has averaged about a 10% annual return over time. At that pace, a $5,000 investment today could potentially grow to over $36,000 in 20 years.

"Any money that is received outside of a normal pay cycle is a great opportunity to save," said Scott Hanson, co-founder at Allworth Financial, a financial planning firm based near Sacramento, Calif. "Take these dollars and put them into an IRA, Roth IRA, 529 plan or other long-term savings vehicle. Your future self will thank you."

Cover everyday expenses

It's easy for financial advisers to talk about building wealth, but with inflation squeezing household budgets, many families would simply use that $5,000 to offset rising gas and grocery bills.

Real-world data shows that's often the case when the government doles out cash. For instance, a 2020 Census survey found that the vast majority of respondents used their COVID stimulus check on food and either housing or utility payments.

Have (a little) fun

Blowing an entire windfall often leads to buyer's remorse. In fact, two out of five Americans in a recent survey said they regretted how they'd used a past tax return, pointing to dining out, gadgets, and clothing as the biggest mistakes.

If you're dying to spend a windfall, Nyle Bayer, CEO of Up Capital Management, a Roseville, Calif.-based investment advisor, recommends devoting 10% to yourself instead.

"A small, guilt-free slice makes the rest easier to leave alone," he said.

Related Reading

Trump Promised $5,000 Checks If Republicans Win the Midterms. How Would That Work? (PBS)

Trump's Proposed $5,000 Election Dividend Checks Could Fuel Inflation, Economists Say (CNBC)

Financial Windfall: Definition and Ideas on Use (SoFi)

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