Savings are a good thing, but they don’t last forever. Unless you’re planning on retiring with nothing to look forward to, chances are you won’t have your savings for much longer. They will run out sooner or later no matter what you do, and that is when you need to find some fun ways to spend your savings wisely. There are many different things you can do with your money if it isn’t enough to retire just yet, but not enough to sustain you for another couple of years.
Even though our channel is a platform to promote financial literacy and side hustling, treating yourself once in a while isn’t so bad either. Here are the top 10 best ways to grow your savings now!
Go on a Vacation
You really cannot put a price on memories. It is so important to remember all the good times in your life, even if they are just silly little things like going to an amusement park as a kid or seeing the sunset from a beautiful beach. Going on vacations can be an amazing way to spend your savings, and you can even turn it into an investment if you travel often enough. Whether you want to go to a famous landmark, like the Great Wall of China, or you want to travel somewhere more exotic like Bali, or Thailand, vacations can be extremely affordable. You don’t have to travel to a faraway land to spend a lot of money either. There are plenty of places nearby that you can travel to at a low cost.
Buy Some New Furniture
The furniture you have right now might be the same furniture you have had since you moved into your first place. It’s old, it’s tattered, and it’s probably not holding up like it used to. If you have a lot of savings, there is no better time to invest in some new, comfortable, stylish furniture. It is true that you can find some furniture at an incredibly low price by going to a yard sale, or even just looking on Craigslist, but not all furniture is created equal. The quality might be so poor that you can tell it will break within a couple of years. There are many different websites, like Wayfair or Amazon, where you can find thousands of pieces of furniture at very affordable prices. You can also find websites that will connect you with local furniture stores, so you can get exactly what you want.
Set up a Retirement Account
This may not seem like an enjoyable way to spend your savings, but it is smart! If you have enough money to set up a retirement account, retirement will be a lot less scary. If you are between 35 and 65 years old, you can contribute to a retirement account. There are many different types of retirement accounts, but the most common are 401(k)s and IRAs.
Help Your Kids or Grandkids
Whether your children are still little, or grown and gone, helping them achieve their dreams can be a great way to spend your savings. You can help them go to school, start a business, or buy a home. If you want to help your kids go to school, you can go to your state’s department of education website and see how much each school costs. From there, you can decide how much you would like to contribute to their school. The same goes for helping your kids start a business. You can contribute to the overall cost of starting a business, or you can help them with a specific cost like buying or designing a website or logo. You can also work with your kids to come up with a budget and help them decide what they should spend money on.
Again, this may not seem like a great way to spend your savings, but if you shop wisely, you can find some great deals that you can save or even sell. There are many different platforms you can use to buy and sell products. You can use sites like Craigslist, eBay, or even Amazon in some cases. You can make money off of the items you buy and sell, or you can use the websites to buy items at a discounted price.
Travel the World
A great way to spend your savings is to travel the world and do something amazing with your life. You may not be able to travel to every single country in the world, but you can still explore the globe and see some places you have only ever dreamed of. There are many different websites you can use to make booking a trip very easy. Sites like Expedia, Travelocity, and Kayak can help you find a cheap flight or hotel room in almost any city you want to visit.
Watch Sports and Events Live On TV
You probably have a ton of sports games and movies on your DVR, but have you ever watched them? If you like sports, there are many different ways you can watch games live on TV. You can use a website like Sports Crate to sign up for a subscription box, or you can buy tickets to games. You can also use websites like TV Maze or GetTV to find out when your favorite shows are playing next so you can tune in and watch. And if you like watching live concerts or award shows, you can use websites like Livestream or Eventbrite to watch them for free.
Celebrate Your Birthday or Anniversary
Birthdays and anniversaries are important dates that you should celebrate if you can. Spending your savings on a celebration is a fantastic way to spend your money. If you and your partner have been together for a long time, you can go to a fancy restaurant and order whatever you want, or if you are a parent, you can take your kids out to eat and order them whatever they want. If you want to go all out, you can even go to a concert and see your favorite band.
Get Fit, Stay Healthy, and Feel Good About Yourself!
Investing in yourself is one of the best ways to spend your savings. You can get fit, stay healthy, and feel good about yourself with a few simple things. Simply by going to the gym and get a gym membership, or you can buy some weights and exercise at home. You can also go to a yoga class, or do yoga at home.
If you still have a lot of money left after all these things, this is the best way to spend it. You can start investing in yourself and your future. If you would like to gain more exposure to new skills or provide more value to your company, you can go to school or take online courses to expand your knowledge in a specific field.
You can also invest in your future by contributing to a retirement account if you are old enough, or by starting your own business. You can also invest in the stock market, which is something all investors should give a try. The stock market is basically a way to gamble on companies without owning any of their stock. If you are interested in investing, do check out our beginner guide on how to invest in stocks.