5 Ways to Spend Extra Money Wisely
5 Ways to Spend Extra Money Wisely
Image by Sally Jermain from Pixabay
If you have a little bit of extra money, you might be tempted to splurge on something extravagant. After all, why not treat yourself now and again? However, it’s important to think carefully about how that money will be spent. If you’re the kind of person who likes to save money wherever possible and invest for the future, then you probably don’t want to throw away your excess cash on some fleeting fancy or unimportant luxury. But aren’t splashing out and having fun once in a while part of what life is all about? Instead of simply hoarding your savings, here are five ways that can help you spend your extra cash wisely:
Have a TLC Treat-Yo-self Session
The first thing you might want to do is book yourself a little pampering session. This wouldn’t be a silly splurge, but a thoughtful and deliberate investment in yourself. Treating yourself to something nice is a great way to boost your self-esteem, and it can also be very therapeutic in the long run. If you want to go to a spa or book a massage, great. If you want to buy a new outfit or treat yourself to a fancy meal, wonderful. Whatever it is you decide to spend your money on, make sure you give yourself permission to indulge.
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Go on an Educational Adventure
If there’s something you’ve always wanted to do but never had the time or money for, now is the time for you to go for it. Perhaps you’ve always wanted to learn more about opera, but you never thought you could fit it into your schedule. Now might be the perfect time to sign up for an opera seminar or a course that can teach you everything you need to know. Maybe you’ve been dying to travel to a specific part of the world, but never had the funds to pull it off. Going on an educational adventure can be a great way to spend your extra money. You can also use this opportunity to learn a new skill that could give you an edge in your career or help you earn more money in the future. There are tons of educational seminars, workshops, and courses out there that you can take advantage of.
Set Some Money Aside for Future Investment
You might want to put some of your excess cash into your retirement fund or set up a savings account for your future investment. This could be a good opportunity to bump up your contributions to your retirement fund or start saving more aggressively. If you have a 401k at work, now might be the perfect time to max it out. This will help you to avoid paying costly taxes on any money you contribute to the fund. You can set up a savings account to put away money for a down payment on a house, college tuition, or anything else that you might need a few extra dollars for in the future.
Donate to a Good Cause
Giving to worthy causes is a great way to invest in your community and help those less fortunate than yourself. If there is a cause that is particularly important to you, you might want to consider putting some of your extra cash towards it. You can donate your money to a charity, or you can set up a monthly subscription to a cause that is meaningful to you. If you have a particular cause that you care deeply about, now might be the perfect time to make a larger donation than you normally would. You can also consider setting up a monthly donation to a worthy cause to help you stay consistent and on track.
Go on a Productivity Shopping Spree
Finally, you can use your excess cash to purchase items that can help you become more productive and efficient. These might be items like a standing desk or ergonomic keyboard or new software or tool that can help you do your job better. You might also want to invest in a few work-related items, such as a new suit or a professional dress. You can also use your extra money to buy some nice work supplies or a new computer or laptop. You can even use your extra cash to pay for a professional to help you clean your workspace. This can help you to stay organized and avoid distractions that might take you away from your most important tasks. These are just a few ways that you can spend your extra money wisely. No matter which option you choose, make sure that you are not just spending your money on frivolous things that will have little or no lasting impact on your life.
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