The best first step would typically be to record it as income in your budget. This helps you keep track of your finances and ensures that you know how much money you have available. After that, you can decide how to allocate it—whether you want to save some, spend some, or a mix of both. This approach promotes good financial habits and allows you to make informed decisions about your money.
You got $200 from your grandma for your birthday. What should you do first? * Record it as income in your budget. Stick it under your bed for safekeeping. Deposit it all straight into your savings account. Spend it.
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