Seven Good Ways to Use your Extra Money

| April 23, 2015 | 0 Comments

extra moneyDo you have a little extra cash lying around? If you’ve got a little extra money you may have a few places you’d like to use it. When we’re saying surplus, we mean after you’ve paid all of your bills and paid off your debt.  So, if you’ve got your bills paid, and your debt paid off, here are a few great ways that Low Income Loans Assistance suggests you can use your extra cash:

Save for a rainy day

Putting a little extra money aside will help prevent you from getting into (or back into) debt. Most financial experts recommend at least a three-month emergency savings fund. This cash should be equal to three-month worth of bills and expense (rent, groceries etc.) This can take a little while to build up so any extra cash you can toss in will be helpful.

Unable to Find ‘Extra Money,’ Americans Have Sparse Savings

NEW YORK (MainStreet) — Brenda Norwood knows the importance of saving, but just like many Americans, it’s the execution that alludes her. “The greatest challenge to saving that I face is finding extra money in my budget to save in the first place

 

Save for Retirement

Once you reach retirement age you’ll have to live off what you made or a fixed income from the government. Any money you have saved will help you enjoy your current lifestyle longer. Make sure to put money in any retirement funds available. You may also want to consider investing in personal IRA or Roth IRA accounts to earn a little extra cash for retirement. You can’t take money out of these accounts until at least 59 ½ without penalties.

Life insurance

If you have dependents, life insurance is essential. Life insurance is designed to help your family pay bills and grieve after you pass away. You can save money on your life insurance by opting for a term policy and only getting a face value for the amount your family will need to help cover funeral expenses and pay off debt.

Invest in an index

If you have some extra money and want to invest, indexes are a safe option. Indexes, by design, lower your risk of loss by spreading your investment over all the stocks within the index. You can earn fairly healthy returns if you choose the right index.

Home repairs

Ten ways to make some extra money on the side

Perhaps you can’t seem to get a raise in your day job, need to find some extra money for an upcoming holiday or house deposit – or just want to try something different in exchange for cash. The good news is that with a proliferation of online

If you have a little extra money, consider using it to make improvements on your home. Improvements like security, new windows and energy –saving appliances can actually save you money. You can reduce monthly energy bills and even get lower rates on homeowner’s insurance policies by keeping your house well-maintained. Some improvements will even raise the value of your home.

Giving

 Giving back is always a great way to invest your extra cash. There are plenty of opportunities to help those who are less fortunate. Consider donating to your church or local charity organisations. You may even consider looking for a family in your neighborhood that is struggling and anonymously offer support with food or other supplies.

How I Made a Little Extra Money

You already know that my motto is “use it up wear it out, make it do or do without,” with a non-official motto of “crap out of the house, money in.” But you may not know that I also have a backup motto of “How can I make some …

Take a vacation

Yes, taking a vacation is a good thing to do with your money. Several studies have shown that taking vacations can reduce blood pressure and improve employee satisfaction on the job. So, if you have a little extra money in your pocket you may want to consider heading out of town for a relaxing weekend or longer!

Don’t leave that extra money under your mattress.  Put that money to work–add joy to your life or the life of others.

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