5 of the Wisest Ways You Could Be Spending Your Money - Baltimore Post-ExaminerBaltimore Post-Examiner

5 of the Wisest Ways You Could Be Spending Your Money

Money comes and goes. Sometimes, it feels like your pocketbook is overflowing. Other times, you don’t know how you’re going to pay your utility bill. If you’ve got money, or not enough, you should still be spending it in the best way possible. Money spent well turns into more money, or at least a better life. If you want to make the most of your income, check out the following list. Without further ado, here are 5 of the wisest ways you could be spending your money.

Start A Retirement Fund

Want to be working at a post office when you’re 90? Didn’t think so. If you want to retire, or at the very least have some financial insurance for when you’re older, you should be investing in a retirement fund. Talk to the company you work for about a 401K plan, and start looking into the stock market. Pick an emerging industry, like marijuana stocks, and keep track of fluctuations in the market. If you invest responsibly, you’ll be grateful later.

Don’t Spend It

One of the best ways to spend your money… is to not. Don’t make impulse purchases. Don’t buy things you don’t need. You’ll be amazed at how much money you really have, once you stop buying extra stuff. Keep a cap on the amount of clothing and shoes you’ll let yourself have. If you really want to buy that new shirt, go for it–but only if you’re willing to get rid of something you already own.

Get a Better Education

A good education can mean a job you love and a better income. Even if you’re content with where you are, a furthered education can help you grow as a person–help you feel smarter, exercise your brain, and challenge your worldviews. A wise use of your money, innovative academic programs could take you even further in life.

Cook From Scratch

If you eat out often, drink regular frappuccinos, and buy frozen dinners, you’re spending hundreds of unnecessary dollars on food each month. Plus, your health isn’t exactly benefiting. Start packing work lunches instead of eating out. Cut back on sugary drinks. Start cooking at home, in a crock pot or instant pot for easy meal preparation. Try freezer meals. You’ll save a ton of money, and you’ll probably notice a boost in your health.

Give It Away

There are a lot of people who need your money more than you do. If you own a TV and have running water, you’re living in insane luxury. Analyze how much you money really need to be happy–and then start giving the rest away. Screen organizations and find the ones you want to invest in. The world will benefit from your gift, and you’ll probably feel a lot happier. People who are generous often feel more fulfilled, so if you feel like your life is missing something, generosity might be the answer. At the very least, you’ll make a lasting impact on the world every month, as you give away a percentage of your paycheck.

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