Free Money: 5 Ways To Use Your Tax Cut

The recently passed tax cut amounted to "free money" to most taxpayers (unless you count that nasty old debt problem!). It would be a shame to squander that newly found money, which is why I discussed potential uses for the extra money with CBS3 this morning.

Here are 5 ways to use your "free money":

1. Pay Down Debt

2. Beef up emergency reserve fund

3. Increase retirement contribution

4. Increase 529 contribution

5. Have fun: vacation or splurge fund