Ask the Finance Expert

Save or Spend?

MHI: What should I do with a windfall? I’m expecting money for Christmas this year…

FT: I’m usually not as boring as this, but I have to say, first, pay off your debt. Give yourself the gift of debt freedom. If you don’t have to pay down debt or if you have money left over from paying off your plastic, put it in a savings account. Who knows what’s in store for 2009? The job market is souring and it’s more important than ever to have a solid savings of at least three to six months (or more, if you can)!