A father and son tandem won separate first division Lotto prizes on the same day by using the same family birthday combinations.

The son, who is from Bayside in Brisbane, won $195,000. After he told his fiancée of his prize, she suggested that he share the good news with the rest of his family.

"It was only then that I remembered Dad plays Lotto with the same numbers as me, so he must have won division one as well," the man, who asked not to be identified, told News.com.au.

His father was unaware that the same number he bet on won. He only found out when his son called him.

The son plans to spend his money on his wedding in 2012. Initially, he and his fiancée did not plan to go on a honeymoon due to lack of funds, but he now has enough funds to have one.

He bought the ticket from a news agent in Sandgate, where three other Queensland winners from Burleigh Heads, Garden City and Drewvale also bought their tickets.

A financial expert suggests that lottery winners like the father and son from Queensland who unexpectedly earn a windfall develop a long-term strategy so they will not end up short-term millionaires.

Jason McFadden advised that besides carefully weighing spending decisions, people who have sudden wealth should first pay off credit card debts, personal loans and mortgages. After the debts have been settled, he suggested computing the amount needed over the person's life expectancy.

After estimating the annual take home pay, he suggested setting a percentage to invest that would generate long-term income. It is only after performing those steps that he suggested the windfall winner to check if there would be excess money left for splurging.

"Let's face it, you get caught up in the moment, buy your dream mansion, a holiday house or two, your favourite car.... Even though it is such a large amount, it is very easy to spend it on items that depreciate in value quickly," McFadden told Northern Star.

He pointed out that many people who receive large inheritances and win lotteries experience family breakdowns and divorce.

"A lot of studies have showed that money creates happiness up to a point, and then to be truly happy you have to have a purpose on an ongoing basis," he added.

McFadden's advice is timely as Australians vie to win the New Year Eve's $31-millon mega-draw. While he does not discourage Aussies from dreaming on becoming Australia's next millionaire, he pointed out there is only one in 8,145,060 chance of getting all six winning numbers rights in a single game.