It’s OK to Stop Saving Money If You’re Doing One of These 5 Things
Things Worth Spending Money On
Believe it or not, when everyone is telling you to save, sometimes you have no choice but to spend. Yes, there are situations where actually spending money is a good thing. We’re not saying that you should be spending on top quality items worth the money like the latest Apple iPhone. It’s more about taking control of your personal finances, stabilizing your situation, and setting yourself up for a brighter future. Here are a number of situations, where spending your money might be the most necessary thing to do.
Getting Out of Debt
Everybody knows the snowball effect that you get when you leave your debts to grow. Tackle your debts while they are still small, so that you don’t get overwhelmed. Lots of companies try to lock you into high-interest deals and eventually you won’t just have trouble paying the debt itself but paying the interest on the debt. If it’s too big for you to pay all at once, negotiate a plan so that you can make small monthly payments that won’t take too much out of your account. If there are personal loans that might have a better deal for you in terms of a payment plan, then you could use them to settle your debts. The same goes for credit card bills as well.
There are a number of apps that you could use to search for good personal loans. Some are good for instant money in small amounts and some are more convenient in giving you more money over a longer period of time. The app you choose to use to make your search depends on your situation. However, you could look into apps, such as Chime or MoneyLion which have very good reviews on the internet. Apart from personal loans, one of the best things you can do to get yourself out of debt is to diversify your sources of income. If you have a job, try to fit another part-time job into your schedule and use all the money-making cell phone apps that are out there. You can also invest, which is what we are going to tackle next.
Items Worth Investing In
The good thing about investments is that you don’t have to be rich to start investing. You can invest as little as a dollar when using Robinhood and you can get free stocks from Microsoft or Facebook. There are also great causes that need investments. Investment money in trips to Africa to cure malaria or give money to homeless shelters. There are a number of investment firms that only put their funds in environmentally-friendly startups that you could look into. You have options!
Don’t Forget to Indulge Yourself
It’s okay to spend handsomely on yourself every now and then. As a matter of fact, indulging oneself can be better than being deprived for a very long time and then splurging with a shopping spree all at once. Come up with a weekly routine to spend money on a leisurely activity, whether it’s going to a restaurant, going to the movie theater, or seeing a show you’ve always wanted to see. You could even considering buying things that hold value overtime. Perhaps you could put money aside to do some traveling. If you are going to treat yourself to a reward, then Ibotta is a definite recommendation because it is full of great offers and opportunities.
Financing Your Healthcare
It’s important that you save for anything that might happen to you when it comes to any potential threat to your health or well-being. Be sure to check that your employer offers you good healthcare benefits and to do research on other financial solutions to make sure you keep up with your medical bills if something were to happen.