Connect with us

Finance

6 Wise Ways To Use Extra Cash

6 Wise Ways To Use Extra Cash

Do you have some extra cash in your pocket or bank account? Maybe you received an unexpected bonus and are now a few hundred dollars richer. Perhaps you got back a deposit, or applied for a cash loan, or maybe your budgeting is good and you have extra spending money each month: What should you do with it? Spending it on entertainment or leisure items may be fun, but there is a lot of good that money can do. Here are several examples of savvy ways you can use extra cash to improve your financial life.

6 Wise Ways To Use Extra Cash

1. End Bad Debts: 

Get rid of those painful debts with steep penalties and high interest rates. Pay off any penalties and pay off any balances on less-than-useful debts like those on store or traditional credit cards. Not only will this keep future penalties from being a problem, but it will also help your credit improve. In the end, everyone wins. Even if you do not have any especially painful debts, consider putting that cash toward simple payments like auto loans or student loans.

2. Improve Your Assets: 

Create extra value for your asset by modifying them in some way. For example, home improvement is one of the best investment options for a little extra cash, since home maintenance keeps or increases the value of your property. This will pay off when the time comes to sell your home. Car maintenance – although the investment is not nearly so useful – is also a good idea.

3. Invest In Your Family:

Consider putting the cash to work to pay for the education of your spouse or kids – an extra class or seminar can add job skills and life skills without costing too much. There are plenty of other family options, too, from paying for dental work and massages to buying new school supplies.

4. Create a Safety Net: 

If you do not have an emergency fund set aside in your budget, create one. Have a few hundred (or few thousand) dollars in extra cash can be a lifesaver when life throws you a curveball. Save this money for unexpected auto repairs, accidents, fees, medical bills, and other things that are difficult to plan for. You may even want to create a separate bank account for this safety net.

5. Enhance Your Own Value:

Use the cash to help pay for education, online courses, or a seminar of your own. Every time you increase the number of skills that you have or your certification, you are increasing your own value. This can lead to major wins when it comes time for a new job or promotion. Who knows? You could also discover a new hobby or passion that will lead to greater fulfillment. So look around at interesting classes, meetings, groups, and workshops.

6. Save It for the Long Term:

Put the money in a retirement fund, a long-term college savings account, or a similar investment fund where it can start making more money and give you a reliable source of cash for the future. It is never the wrong time to invest in these long-term accounts.

Amy Fitzgerald is a professional blogger that provides financial advice and tips to consumers. She writes for TitleMax, a title loan company.

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published.

Recent Posts

Business2 days ago

Why Is Quantity Surveying Essential in Construction Industry

Quantity surveying is an essential part of the Australian construction industry. It is the process of calculating and estimating the...

Home Improvement4 days ago

How to Maintain Upholstered Furniture

No matter if you have pets or kids, maintaining your upholstered furniture is quite a challenge. Even though vacuuming it...

Business1 week ago

How Do I Find a Good Bubble.io Developer?

Finding a good bubble developer to help build your app or digital product can seem challenging. How can you choose...

Home Improvement2 weeks ago

When is a right time for home repairs?

Summer is a popular time for a renovation around the globe. While it is true that bright days and warm...

Top Alteryx Competitors Top Alteryx Competitors
Tech3 weeks ago

Top 15 Alteryx Competitors

The world has seen a tremendous rise in startups and new incorporations in the business world. Companies have great potential...

Lifestyle1 month ago

Latest Wedding Trends for 2023

If you’re planning on getting married this year, chances are you’re probably overwhelmed and confused when it comes to wedding...

Lifestyle1 month ago

Tips To Make The Most Of Your City Break In London!

London is one of the best cities in the world, known for its quintessentially British culture, great nightlife, fantastic museums...

General1 month ago

The Ultimate Guide To Packing For A Trip To London

London is one of the best cities in the world, known for it’s rich history, quintessentially British culture, the best...

Tech2 months ago

Top 15 Web Development IDEs

The web development field has seen sustainable growth throughout the years. As technology is advancing, so is the web development...

devops devops
Tech2 months ago

12 Key DevOps Programming Languages to Still Popular in 2022

“DevOps is not a goal, but a never-ending process of continual improvement.” – Jez Humble Delivering the finest of services...

Entertainment2 months ago

Festival Fashion Style Tips For 2022

Summer is well and truly here and with that comes the festival season! From the biggest stars performing on stage...

Green & Energy2 months ago

4 Tips For Making Your Wardrobe More Sustainable

Everyone is trying to make more of an effort to make their wardrobe more sustainable, but often are unsure where...

General3 months ago

7 tips on how to organize a budget-friendly move

If you are planning a move any time soon, you might be worried about all the expenses that wait for...

Metal Roof Colors Metal Roof Colors
Home Improvement3 months ago

Metal Roof Colors: How to Select the Best Color for a New Roof

Choosing the right type of material for your roof is enough of a hassle already that the question of choosing...

Health3 months ago

Simple Ways To Feel More Confident At The Gym

If you are new to the gym, or you haven’t been in a while, sometimes you might not feel completely...

Categories

Archives

Trending