If you’re getting a year-end bonus from your employer, or possibly a substantial cash gift for the holidays, how can you best use the money?

For starters, you could use it to pay down some debts. The lower your debt load, the more you’ll have to invest for your future.

Also, you could start an emergency fund, with the money kept in a low-risk, liquid account. With such a fund in place, you can avoid dipping into long-term investments to pay for unexpected costs, such as a major car repair.

Here’s another suggestion: use your bonus or monetary gift to help fund your IRA for the 2019 tax year.

Or, you could use the money to help fund a college savings account, such as a 529 plan, for your children or grandchildren. A 529 plan offers possible tax benefits and allows you to control the money until it’s used.

To achieve all your financial goals, you’ll need to take advantage of your opportunities—and your year-end bonus or monetary gift can certainly be one of them.