When I opened my mailbox yesterday expecting another pile of junk-mail and bills, I was pleasantly surprised to find a check from some distant relative for graduation. It seems like nobody mentioned to uncle whoever that I’m not actually graduating, but who am I to complain. Anyway, this made me realize that soon many of you will be getting checks or money, or useless gifts that you will sell on e-bay for checks or money, and you probably don’t have a plan for it. Not having a plan for unexpected money is the same as planning to waste it on beer and video poker. So I’ve put together a list of the most efficient ways for you to put this money to work for you. If you aren’t graduating, or you don’t think anyone is going to give you any money, then maybe you can put your first paycheck of the summer to use in the same way.

Open an Orange savings account: Okay, maybe you can’t double any amount of money you receive. But you can double the first $25 that you put into an ING Direct savings account. I know this seems like a scam, but I’ve done it and it actually works. When you open a savings account with ING Direct, they give you an initial bonus of $25. You only have to leave your money in this account for thirty days and then you can take out your initial $25 plus the $25 that they paid you for opening the account. This is the only sure way that I know of to double your money, and all you have to do is get somebody that already has an account to email you a link. If you don’t need this money immediately, I would just leave it in your account after the 30 days because they are currently paying 3 percent interest which is extremely high for a bank account.

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