If you’ve come to that point in your life where you’ve got some spare money each month then congratulations! It’s likely that you’ve made it through the most financially difficult part of your life where you no longer have to worry about money. However, if you choose not to spend your extra money wisely, then you could end up as poor as you were before. In this article is going to be a few ideas on what to do with your spare money so that if the need arises, you won’t find yourself in a sticky financial situation.
Depending on what stage of life you’re at, one idea would be to open a savings account for your money to accrue interest on. Some people choose to open savings accounts for their future children so that when their children come to the age of starting college, they won’t have to worry about funding as the money will already be there.
If you’re not planning on having children or your children have already flown the nest, then opening a savings account for yourself will allow your money to grow while you continue your normal day to day life. Then when it’s needed, you know you’ve got money to fall back on.
Investing in stocks is a fantastic idea because of the amount of growth that you can see on the money you invest. If you manage to invest in a company that’s rapidly growing, then the return that you will see will be unbelievable. The longer you’re investing for, the more you will earn. To get extra help with your stocks, why not check out a stock seasonality screener which can give you the best advice on what to do with your cash and where to invest it.
Property is an incredible investment because not only will it save you having to worry about finding rent money for the rest of your life, but it will also give you financial stability in the way that you know that you will always have a roof over your head.
If you’re able to invest in a second property, renting it out would ensure that you’ve got even more income than normal that you could put into savings or stocks for a rainy day.
Even though you want to be sensible with your money, why not treat yourself? You’ve clearly worked hard to get to this point in life and definitely deserve to enjoy some of the finer things that you can get. Buy yourself that car that you’ve had your eye on since you were a teenager, go on that holiday you’ve been promising your wife. Just be sure to keep some money back to fall back on if it’s needed. After all, you only live once and should enjoy every second that you can!