1. Pay your income taxes by the July 15 deadline. You would essentially be giving the money back to the government, but it could help you to get ahead. 2. Help your child with an investment account. CFP Marguerita Cheng, via CNET 3. Donate to charity or help out family and friends. If you do not need the money personally, assist someone with money issues or donate to a food bank. 4. Handle your most basic needs and expenses. Instead of long-term plans, use the $1,200 for rent, monthly bills or groceries. 5. Put it towards an emergency fund account. An account such as this should last up to six months, and if you don't already have one, now is a good time to start. 6. Cut down any personal debt you may have. If you are saddled with credit card or loan payments, $1,200 should help give you some breathing room.