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Got Cash for Christmas? Here are 5 Smart Things To Do With It



Your favorite relatives put some freshly folded bills in your hand this Christmas? This may have happened more than once (or twice) and now you have a healthy stash of unexpected cash. What’s next? Instead of splurging at the nearest After-Christmas Sale at [insert favorite store here], let your next move be your best move and consider ONE of these five (5) financially smart options:


1 Start (or add to) your emergency fund

Three out of 10 U.S. adults do not have emergency savings for when (not if) life hits you with a car repair or plumbing fiasco. Having accessible emergency funds in your savings gives you more peace of mind – while earning the highest APY possible. You can set this up online and deposit at your nearest branch.

2  Take a bite out of your debt

Make paying off debt a priority. Having extra cash empowers you to lower your credit card balances or reduce the principal on your car or home. Consider using that windfall of cash to take a chunk out of that balance. 

3 Open a CD for your next vacation

Have you always wanted to go to Paris? Madrid? Disneyland? Or maybe a weekend at Six Flags? That extra cash would make a great down payment on your next vacation. While you’re waiting for your vacation, stash that cash in a short-term CD so that you’re earning some extra dough.

For long-term goals, a CD may be a better option to earn more interest on your money. The best strategy is to select a CD for the shortest amount of time that gives you the highest APY. Check out our CD rates to find the right one for your financial situation.

4 Invest in yourself

Depending on your money goals, an investment account may be the right move for you. Depositing cash into an investment account could help your earn additional perks, depending on the parameters, deposit amount, etc. Our wealth advisory TEAM can assist you in understanding your options.

5 Save it

The longer you let that cash marinate in your checking account – connected to your debit card - the more likely you are to spend it without thought. Rather than keep it where it’s easily accessible and tempting, open a high-yield savings account online in minutes, and consider moving your money into it.


However you choose to use the extra cash, choose ONE that’s meaningful. It makes a lot of sense to use that extra money to do something that improves your future, reduces your stress around your finances and makes you feel good… and we’re here to help.