By Maniyah Goodwine
The holiday season has rolled by, and now you’re sitting on a nice chunk of gift money. While the new year marks the end of a season and sales are usually at an all-time high, there are better ways to manage your money. Follow these guidelines and make the most of your holiday cash.
Save it. Don’t be in a rush to spend your money. Saving your money is your best bet, especially with a new semester rolling around.
- Make a plan – figure out how much you want to save.
- Set specific goals – what will you do to make sure you save?
- Stick to your budget – do not deviate from your original plan.
- Hold yourself accountable – if you do fall short, reimburse yourself.
Catch up. Catch up on any debt that you may be in. Now is the time to pay off any money you may owe so you can start the new year off on a clean slate. Pay off credit cards or put it toward your term bill or student loans.
Start an emergency fund. You never know what situations may loom around the corner. You can use a portion of it to cushion yourself if an emergency comes up.
Buy the things you need. Students often forget that they will need things like textbooks or toiletries when they start the spring semester. What better time to get them than when you have some extra money? Take advantage and buy the things that you really need.
And if you do decide to spend … spend it wisely. Make sure you buy things that are worth the money you are spending rather than buying off of impulse. Remember to look for the best deals.
Just because you have extra cash doesn’t mean you have to splurge. This article will give you some pointers on how to navigate the new year with your money. With these tips you can get the most of your extra holiday cash.