What would you do with a surprise $5,000? First, don't spend it all in one place. And since it's not every day that you wind up with an extra pile of money, try not to blow it on frivolities.

Depending on your financial status, it is probably a good idea to be conservative with this money. Chances are, if you have loans or credit cards, the finance charges you are paying are much more than what you could earn by putting the money into a regular savings account. The national average interest earned is .10%, or one-tenth of a penny. Meanwhile, your student loan interest rates could be as high as 7% and your finance changes on a store credit card might be as high as 25%. If you pay down your debt now, you will save money down the road.

If you don't have a lot of debt but still don't want to risk losing the money, look for a high-yield savings or money market account where you can earn as much as 1.8% annually. These accounts keep your money safe and easily accessible if you need funds in an emergency; however, most money markets restrict how often you can withdraw funds.

If you are not worried about needing to access the money, consider investing in certificates of deposit, which can earn you 2% for one year and up to 2.6% for five years. If you cash the CD in earlier than its term, you can forfeit interest and may have to pay a fee. All of the above options are safe and insured by the Federal Deposit Insurance Corporation.

Thinking more long term? Help prepare for your future, or the future of your children and grandchildren, by investing in your 401(k) retirement fund through work, investing in an individual retirement account or opening a 529 college savings plan for your kids.

If your employer matches your pre-tax contribution to a 401(k) retirement account, increase the amount you contribute from each paycheck and use the windfall money to make up the difference in your take-home pay. If you don't have a 401(k), then now might be the time to open up an IRA at your local bank and contribute the maximum allowable. IRAs can be drawn from without penalty once you are 60-years-old, and have no fees during your retirement years. You pay tax only on interest. Most employer-based 401(k)s have similar options. If you invest money into a 529 savings plan and it doesn't get used for your child's future education, you can withdraw the money and pay taxes only on the interest.

Now, if you are a bit of a gambler at heart (no, I'm not going suggest you go to a casino) and are willing to take a moderate-risk option for high-yield gain, the world is wide open to you. Buying fractional shares of stocks allows you a diverse platform, which could easily mean higher profits. You could also invest in mutual funds or ETFs (which may come with a low management fee) and have robo-advisers make your investments.

Another moderate-risk investment with a possibility of high returns is joining a peer-to-peer lending club. These clubs allow you to provide microloans to others, and no one borrower will get all of your investment. Returns are as high as 9%. Keep in mind that if a borrower defaults, then you could lose that part of your investment. Though, in some states, you would have the option of limiting your funds to highly qualified borrowers. A similar investment strategy is to put your money into real estate. Purchase notes in different real estate investments and craft a portfolio of multiple real estate investments with returns as high as 12%.

The older you are, the safer your investments should be. Unless you are rolling in extra dough, pay down your debt, have emergency savings and invest in your future before taking high risks with your funds.