According to a study by the Pew Research Center, as of 2016, Generation X has the highest rate of student loan debt delinquency. With so many people in this generation carrying student loan debt, getting out from under your student loans is no small feat. But now that you've tackled those, what should you do with your money? Here are five tips for those in Generation X who have paid off their student loans.

Tip 1: Put more towards your retirement savings

Now that you've paid off your student loans, you no doubt have more disposable income. Consider investing that money into your retirement account rather than spending all of your extra money on unnecessary things. This will help you grow your money over time and potentially have more money available when you're on a reduced income. Your contributions will also be tax-advantaged and may even be tax-deductible depending on the type of retirement account.

Tip 2: Save for a rainy day

It's always good to have some savings set aside in case of an emergency. If something happens like you lose your job or your income drops, you'll be able to get through it a bit easier if you have some money saved. Try to set aside at least three to six months' worth of living expenses to ensure you're always protected should you need money quickly.

Tip 3: Pay off your other debts

Now that you've got a significant chunk of debt out of the way, it's time to focus on getting rid of your other debts like credit cards and loans. Many people will use the money previously spent on student loans and move it directly to their credit card debt or use a consolidated tax return strategy to become debt-free even faster. This will free up a lot of extra money, which you can use to invest or save. 

Tip 4: Make smart decisions with your money

While it's great to treat yourself once in a while, especially for something as significant as paying off your student loans, now is not the time to succumb to impulse spending or putting your money into risky ventures. Make sure you're always thinking about how you're spending your money and what the long-term consequences might be. This will help you make smart financial decisions that will benefit you in the long run.

Tip 5: Stay disciplined and organized with your finances

Above all, avoid financial mishaps by keeping your finances organized and your spending disciplined. Having a system in place will help you stay on track and stick to your budget. You can use financial tracking tools or a basic spreadsheet to keep track of your expenses and income. The more you stay on top of your spending, the better your nest egg will be for your upcoming retirement. 

The bottom line

Congratulations on paying off your student loans! Now that you're free from that burden, use these five tips to help you stay on track and manage your finances wisely.