April 15th and we all have tax season on our minds. For those of you receiving a refund read this first. And for the rest of you, consider this as planning ahead for the next time unanticipated or "bonus" money comes into your lives.

Most people tend to fall in one of two camps when unexpected money arrives. The first camp holds the "happy-go-lucky" mindsets. They are the ones who think, "What can I buy?" And proceed to spend the newly arrived money on something they want in the moment. The second camp says "how nice" when the money arrives. And then burdened by debt and haunted by their monthly payments they send the full amount and anything else they can scrounge up toward their credit card, home equity or whatever overdue bill is close by.

I propose a better way, a new and improved mindset for the tax refund, job bonus or a surprise financial gift from great uncle Henry. The "thirds approach" is a simple idea and can be start of a new way of handling your money. By encompassing the concepts of financial planning and taking care of yourself, this system allows for immediate and long-term rewards.

I advocate the thirds approach because it is a balanced approach. The first thing you do is divide the money into thirds. So if it is a $900 check, recognize that you have three amounts of $300 to apply to this concept.

The first amount goes toward paying down your debts. Any one debt or combination of debts you choose. The payment will go to the principal. This should not replace the monthly payment. Send this check in and consider a bit of your past taken care of for the moment.

Your second amount is earmarked for the future. A future goal such as retirement, college education, or a large house project you are saving towards. This money will be building something for you and your family in the long run. This way you are looking forward with your money.

Finally, the last third is for the present. Yes, you may get a present for yourself to enjoy and appreciate the gift. You deserve to do something nice for yourself. And besides you have already taken care of other goals. So think of this as part of your vacation, next shopping spree or that new computer you have been craving. Knowing that money is to be appreciated and enjoyed is essential to handling your money well.

Having this three-prong purpose for your money creates a more realistic view of money in your life. It will remind you of the division of responsibility that money holds in life: taking care of a variety of needs and wants in your life. You also have a planning tool from which to make smart decisions for future unforeseen income flowing into your life.

There are a few twists and layers that can be added to this approach and that involve some additional saving and charitable donations. I will discuss those details in future issues. For now, take a moment to make your money plan for your unanticipated income or immediate tax refund. If you have a spouse or partner, sit together and come up with the three areas to have your money work best for both of you according to the "thirds approach."

A year from now, you will still have something to show for your windfall. And as time goes on and debt dwindles you will have more money to take care of the present and your future.

C.D. Moriarty is a financial speaker, writer and coach. She is dedicated to empowering others around their money so they can achieve their dreams. She is living her dreams by residing in the Green Mountains and helping others make peaceful, practical, prosperous financial choices. Her website is www.moneypeace.com.