Some of you are young, like me. Some of you may be getting some extra cash over the holidays from extended family members as your holiday gift. I would like to offer you a challenge when it comes to this money.
Put it in savings.
Yep. Don't spend it. Well, don't spend it right away that is. The official challenge is to put it in your savings account, and wait. Wait to spend it for at least one month. Just try it out.
And I'm thinking that one month will pass and you'll totally forget that you're allowed to spend that money now, because Hey, it looks pretty good in that savings account. And you realize that it added quite nicely to your emergency fund.
If you're really daring, put it into retirement or investments, where after a month you really can't take it out. All it's really doing is adding to your net worth and ability to retire comfortably, or pay all cash on that house in a few years.