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How should I use my Christmas gift?

Submitted by Millie on Mon, 12/07/2020 - 19:42

Receive $500 from my grand mom as a Christmas gift. Any suggestions on how I should use it. I don't have credit card debt. But I do have a student loan.

Keeping the present situation in mind, you can also save it into your emergency fund. It can help you avoid debt as you can use the money for emergency purposes. However, you can always use a bit since it's a gift of love from your grandmom.

Submitted by Mabelle Page on Fri, 12/11/2020 - 07:10

Mabelle Page

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Use that money to make extra payments on your student loans. Student loan payments are paused now. But you have to start making payments from January. So, it is better you use that money to chip away your student loan debt, even if to some extent.

Submitted by David Martin on Wed, 12/16/2020 - 02:10

David Martin

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Hi Millie! I agree with Mabelle. You should save this money in your emergency fund. The COVID-19 pandemic has shown us how important an emergency fund is. So, save this money for emergency purposes.

Submitted by Craigh.terry on Sun, 12/20/2020 - 22:10


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