Many families celebrate the holiday season with gifts of cash and gift cards. Deciding how to spend that money can be difficult for those who are not usually big spenders. The sudden influx of cash can end up causing many to overspend and end up with more stuff that will be lost or broken by the end of the month. Here are some practical tips for spending your Christmas Cash.

Start a Savings Account

Whether you are an adult with an established savings account and various stock holdings, or a kid with a precious stash of holiday money, it is always a good idea to put aside some of that money in a savings account. This teaches children the habit of saving, and will help adults have some money saved up for a rainy day. You never know when you may need an emergency amount of cash, and having put aside even as little as 10% of your gift money can come in handy down the road.

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