Money is adjudged one of the leading causes of stress to many people, particularly the Americans. A lot of people make extra money but lack the idea of what to use these additional funds for. They are most likely wasting such added cash on useless things, saving just very little because they have no idea of where their extra cash goes or most likely traipsing towards a life of poverty in their retirement.
But the big question beckoning for an answer is; what are the fun things to do with extra money?
Have you ever found yourself in a situation where you have some additional funds floating around? Then you have an outstanding problem. Here we are looking at a sizeable cash flow surplus, or an amount running to thousands of dollars or more.
Regardless the source of such added cash; this is a breathtaking opportunity for you to build a tremendous amount of wealth for yourself in future or a gateway towards opening the floodgates of overzealous spending habits in your life. Whatever the case, the choice is yours to make!
Keep reading to know the fun things to do with the extra funds you realized:
Fun Things To Do With Your Extra Money Or Savings
Create an Emergency Fund
Sure, urgent situations are bound to occur, and they can be costly. Setting aside emergency savings fund will help you meet up the cost of unforeseen events—like car repairs or job loss. It is suggested that you to set aside a minimum of six months of your extra cash in a high-yield savings account, where you can be paid interest but still gain easy access to your funds.
You may even think about setting more money aside if your income is not consistent, or have people out there to support you—therefore, think about checking with a financial planner for a tailored counsel.
Save Extra Money Against Your Retirement
No matter your age right now, consider contributing to your retirement scheme when you make added funds. Using such funds to boost your monthly retirement contributions, will contribute a lot to the steadiness of your future financial position. To make sure you are consistent, make your contribution automatic.
Contribute more of your extra money to your 401k if you have one or create automated IRA or Individual Retirement Account and wait to see how wealthy you will become by the time you reach retirement age.
Start a Side Business or Banana Stand
Starting this type of business will make you earn additional income and bring more fulfillment to the purpose of your life. Engaging yourself in what gives you money is fun for you also. You can sell your home-produced wares with a website such as Etsy.
Also Read: How to Get Started in Fashion Industry
Buy a Protected, Blue Chip Growth Stock
This is another fun way to utilize your added funds. This will make you a stinking millionaire in future. Long-term growth of your stock over time is the real magic of this idea. A small contribution now can turn you into a wealthy person in future because of the power of compounding earnings over time.
Open an Experience Fund Account
This is an account where you can save into for the purpose of future beautiful vacations and other purposes relating to life experiences. If you are not yet doing this, I strongly suggest setting money aside, exclusively for recreational experience-creating use alone.
What I actually mean here is that the fund is not only to be used vacations and all-inclusive resorts, but for other purposes such as social events, weekend excursions, and mainly whatever you can do that can bring you a right success story.
All you need to open an experience fund account is to set up an automatic transfer from your current or checking account to a savings account at a different bank so that you will not be tempted to withdraw the savings.
The best platform to do this is Capital One 360 where there is free money. Registration is ludicrously easy, and you will be given free money to sign up. In addition, you are allowed to open sub-accounts that you can use for particular goals and experiences. More importantly, the site is user-friendly.
Where To Sell Your Jewelry
Is your jewelry box full of the ones you no longer wear and? Are you looking for where to sell your jewelry to make extra cash? This is an opportunity for you to convert these baubles into a bathroom remodel, a vacation, a car payment — anything you value.
You must be able to determine the value and where to sell your jewelry in order to get the most out of such not needed jewelry. More importantly, you must understand yourself and how much time and effort you want to invest in selling your jewelry.
A lot of people have diverse reasons for wanting to sell their old jewelry. Be it nice jewelry, brand name, antique, or estate, collectors or jewelry buyers will buy it for competitive prices. However, having experience in the jewelry industry will assist you in deciding where to sell your jewelry for cash without being scammed.
Here are the options you have to sell your jewelry:
- Selling to private buyers
- Selling Online to reputable online jewelry buyers
- Selling through auction
The most important thing when you want to sell jewelry is to make sure you are patronizing jewelry buyers of good reputation. Things you must look out for to identify a reputable buyer include credibility, reliability, and accountability. You will be able to sell your jewelry with self-assurance with a reliable buyer.
Spend Your Money Wisely
There are a million things you can think of to do with some extra money – but make sure you aren’t spending it meaninglessly. You should be saving some money so when the time comes to take a vacation or hire a lawyer, you’ll be set. You don’t want to end up filing for bankruptcy or paying off loans for the rest of your life. Be smart with your money starting today.