5 Smart Ways To Spend Your Holiday Cash Gifts

How to use your holiday cash gifts to kickstart the prosperity you desire to make, manage and multiply in the new year.

Photo by NeONBRAND on Unsplash

Photo by NeONBRAND on Unsplash

If like me, you have family and friends who either couldn’t figure out what to gift you or live out of town. Then, you might have gotten a few envelopes. But envelopes can be the best gifts when they contain some dollar dollar bills y’all! And though it is tempting to splurge on that thing you didn’t get, or the Nordstrom after Christmas sale. You must resist. A few strategic financial moves now could become a much bigger treat later. So, before you give in to temptation, spend your holiday cash on any of these smart ways and your future self will thank you.

 

Increase your emergency fund:

Because life can throw many financial surprises at us, it is important to plan for these unexpected events. One way to ensure these unexpected financial crises are not stressful and costly, is to set up an emergency fund. You can use a services like DIGIT to automatically save your money, so you don't have to think about it. Click HERE to start saving>>>

 

Reduce your debt:

Going into the new year one of your money goals might be to eliminate existing debt. Use your holiday cash to spend down your smallest debts, so you can focus on the concentrating your payments towards the larger one(s).

 

Invest in your 401(k):

If you have yet to max out your 401(k) contributions for 2017 ($18,000, and up to $24,000 if you're over 50), you might want to use your holiday cash to get the added tax benefit. Don’t already have a 401(k)? Then use your cash gifts to start one. Be sure to get guidance from a financial planner and your CPA.

 

Start a mini-investment portfolio:

Don’t have an investment portfolio? Services like STASH makes it possible to start an investment portfolio with as low $5, while you learn as you go. They'll even help you pick an investment strategy that reflects your interests, beliefs, and goals.  Click HERE to start stashing>>>

 

Invest in your health:

You might have heard, the greatest wealth is your health. Basically, nothing works unless you do, because there is nothing more valuable than your health. So, use you cash gifts to invest in your health for 2018 by paying for a gym membership for the year. If nutrition is your issue, consider investing in a nutritionist.

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