We are told time and again that we must save money to try to control our expenses, all in order to achieve our financial freedom at some point. But spending money is a necessary part of life, few people actually tell us that we must spend it or invest to accelerate our financial independence.
Here are some good ideas about how to spend your money or invest to achieve that goal:
- Pay your credit cards. It is impossible to achieve financial independence when you owe money. Paying interest on debt can cost you a lot of money over time. So if you have money, pay your debts as quickly as possible to reduce the servicing of the same service, draining your savings.
- Spend money to save or make money. There are many ways to do this. For example, acquiring a credit card that gives you points or special discounts for its use. Look for stores and markets that provide loyalty cards for their customers, this way you can spend and receive special offers from time to time. Sometimes, a way to get money is spending.
- Repair, renovate and maintain the things you already own. Have old equipment, damaged or broken reduces their efficiency and there goes a lot of money. Be sure to repair, renovate your appliances or vehicles. Proper maintenance of this equipment is an expense, but extends their useful life by creating a significant savings and extending the life of them.
- Invest in yourself. Learn new skills. Paying for education is money well spent and is a way to get better job opportunities or business. You can even attend Saturday courses, evening or online.
- Stay healthy. Attend a gym, private health insurance coverage, buy quality food, are prudent ways to spend your money. Healthy food means lower medical costs and less downtime to produce. All this amounts to savings in the long term.
- Get insurance. This is not an expense, is an investment. Insurance gives you the assurance that you are financially covered during difficult circumstances. In addition to health insurance be sure to insure your car, your home, your life if you have young children and to protect your family. Without insurance, a small hill becomes a mountain; a crisis can become a catastrophe.
- Invest in your appearance. You do not have to buy the latest fashion or make a thousand of plastic surgeries, but you can buy a good pair of shoes and clothing for all occasions. Also a good haircut can help influence your success as an individual. By simply following good hygiene, wearing clean clothes and practice good manners you can open many doors.
- Renovate your home. The money invested in your home increases the value of it and improves your quality of life. When you spend money at your home, you are doing indirectly something to yourself.
- Keep updated with the times and the modernization of your environment. If you plan to spend on material things, one thing to consider is technology. If you need items for your business or to help manage your daily life, then spending on electronics is a must. It is not that you should become addicted to whatever gadget comes out, but you should not have a brick as a phone and still walk without a laptop.
- Spend your money on high priority items. An anniversary gift for your partner can be a priority, and the birthday party of your children. No need to waste money, but these things are important in the lives of all people and observe them may bring future savings by avoiding family conflicts.
These are some of the ideas for you to spend your money wisely, enjoying the good things in life and at the same time saving for the future. Best regards from the Gold Smart team!