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What should I spend my spare money on?

Author

Charlotte Adams

Published Mar 13, 2026

What should I spend my spare money on?

Of course, “wise” use of that extra cash can have different meanings for different individuals. You may have some medical expenses that need attention and it makes sense to spend it on those.

Set up an Emergency Fund

  • Health insurance.
  • Life insurance.
  • Auto insurance.
  • Home/Renter's insurance.

Beside this, what should I spend my extra money on?

This way, they know the money in the spending account is OK to use in a non-emergency situation.

With that in mind, here are eight items our experts believe are worth the extra money.

  • Get a quality mattress.
  • Dental care.
  • Food and food prep items.
  • Athletic shoes.
  • Education.
  • A timeless work wardrobe.

Furthermore, how can I spend my money responsibly? What's Ahead:

  1. Create a spending plan. As with anything in life, having a plan is a great place to start.
  2. Set goals for yourself.
  3. Cash rules everything.
  4. Resist the urge.
  5. Go shopping with your parents.
  6. Read as much as possible.
  7. Keep track of your money.
  8. Don't be influenced.

Likewise, people ask, what should I spend $1000 on?

The 7 Best Ways to Spend $1,000

  • Pay down credit card debt.
  • Put it in an IRA.
  • Build up your emergency fund.
  • Buy a dividend-paying stock.
  • Fix up your car.
  • Put it in a Christmas fund.
  • Buy a bike.

What should you not spend money on?

These are the 17 top things to stop spending money on:

  • Food in restaurants and cafes. Credit: Sharp Entertainment.
  • Expensive takeaways.
  • Bottled water.
  • Any products with free alternatives.
  • Coffee from cafes.
  • Pre-drinks away from home.
  • Regular drinks.
  • Impulse buys.

How can I live without spending money?

Cash-free living: how to survive and thrive without money
  1. Have a social life for free. Go moneyless.
  2. Party for free. 'I think the key requirement is a sense of adventure.
  3. Travel for free. There are a few key points to remember when hitch-hiking.
  4. Put on events for free.
  5. Fixing things for free.
  6. Free living/free labour.
  7. Eat for free.
  8. Fertilise your vegetables for free.

What is the best item to invest in?

Overview: Best investments in 2020
  1. High-yield savings accounts.
  2. Certificates of deposit.
  3. Money market accounts.
  4. Treasury securities.
  5. Government bond funds.
  6. Short-term corporate bond funds.
  7. S&P 500 index funds.
  8. Dividend stock funds.

Should I spend money on myself?

It's OK to Spend Money on Yourself — Really (But Be Smart About It) People who spend too much outnumber, by far, those who spend too little. High-quality experiences or purchases that give lasting pleasure can stave off burnout and “frugal fatigue” that might otherwise cause people to abandon their money goals.

Why do I feel bad when I spend money on myself?

A big reason why people feel guilty about spending money is they fear that it could be going towards something better or more important. This feeling is usually the result of a lack of planning.

How can I make the most of my money?

Develop healthy spending habits, invest in savings plans and make the most of your money by making it work for you.
  1. Write Down Your Goals.
  2. Create a Budget that Supports Your Goals.
  3. Automate Your Savings.
  4. Use Sub-Savings Accounts.
  5. Pay Off Your Debt.
  6. Leverage Good Debt.
  7. Review Financial Statements.
  8. Identify Useless Purchases.

Should I spend money on clothes?

According to Dunn, you should spend 5% of your monthly income on clothing. To find the exact dollar amount you should be spending per month, multiply your take-home pay by 0.05. For example, if your monthly take-home pay is $3000, you should spend around $150 per month on clothing.

What is the smartest thing to do with 1000 dollars?

10 Smart Ways to Spend $1,000
  • Pay down student loan debt.
  • Contribute to your 401(k), Roth IRA or other retirement account.
  • Make home repairs.
  • Invest in yourself.
  • Open a 529 account.
  • Refinance your home.
  • Put money aside for back-to-school shopping or the holidays.
  • Pad or create an emergency fund.

What to do with $1000 in the bank?

If You Have More Than $1,000 in Your Checking Account, Make These 6 Moves
  • Spend $5 to Own a Piece of Amazon, Google or Other Companies.
  • Leave Your Family $1M.
  • Cancel Your Car Insurance.
  • Ask This Company To Help Pay Off Your Credit Cards.
  • Take Money Out of Your Checking Account.

What can I buy with $1500?

Top 10 Things You Could Buy With Our $1,500 Cash Prize
  • 10.) Buy 30 JUUL Pens.
  • 9.) Buy “BitCoins For Dummies” and invest the rest into BitCoins.
  • 8.) Pay off that parking ticket.
  • 7.) Make a scaled replication of the Tom W.
  • 6.) Buy a shit ton of V-Bucks on Fortnite.
  • 5.) Make it rain at the strip club.
  • 4.) Blow it all in Vegas.
  • 3.)

What do with $100000?

What's Ahead:
  1. Try your hand in the stock market. If you have $100,000 to invest, stocks should be at the top of your list.
  2. Reach out to the community with Peer-to-Peer (P2P) lending.
  3. Capitalize on the hot real estate market.
  4. Store same money away in retirement accounts.
  5. Get help with your investments.

How can I be a millionaire?

8 Tips for Becoming a Millionaire
  1. Steer Clear of Debt.
  2. Invest Early.
  3. Get Serious About Your Savings.
  4. Increase Your Income to Reach Your Goal Faster.
  5. Cut Unnecessary Expenses.
  6. Keep Your Millionaire Goal Front and Center.
  7. Work With an Investing Professional.
  8. Put Your Plan on Repeat.

What should I spend $500 on?

15 of the Smartest Things You Can Do With $500 Right Now
  • Invest in an index ETF.
  • Pay down credit cards.
  • Make an extra payment on a mortgage.
  • Start an IRA.
  • Consolidate some debt.
  • Buy life insurance.
  • Fix your car.
  • Get a health screening.

What should I do with 2000 dollars?

What to do with a $2,000 windfall
  • Start an emergency fund. If you don't have an easily accessible emergency stash, this should be priority No.
  • Pay down debt. Next up?
  • Save for retirement.
  • Invest in your abode.
  • Have some fun.
  • Think big picture.

What can I do with 3000 dollars?

Here's what you can do with it:
  • Pay off high-interest debt. Make a dent in your debt by using your refund check to pay it off.
  • Emergency fund. If you're living paycheck to paycheck, this might be a good time to save some money for a rainy day.
  • Green your home.

What should I do with 5000 dollars?

Here's how to invest $5,000:
  • Invest in yourself.
  • Invest like Warren Buffett.
  • Invest in high-quality dividend stocks.
  • Fund an IRA or 401(k).
  • Fund a 529 plan for your child or a relative's education.
  • Invest in a low- or minimum-volatility ETF.
  • Fund a health savings account.

Why do we need to spend your money wisely?

It keeps financial stress from ruining your life. When you are managing money wisely, that means you are in full control of your money. Being in full control will help eliminate or at least lower financial stress. Sometimes, we are stressed about something because we are uncertain about how it will end up.

How do I invest wisely?

Use these 7 simple principles to save and invest money wisely:
  1. Start investing as soon as you begin earning.
  2. Use automation to stay disciplined.
  3. Build savings for short-term goals and emergencies.
  4. Invest money to accomplish long-term goals.
  5. Leverage tax-advantaged accounts for faster results.

What is the 30 rule of income?

The 50-30-20 rule puts 50% of your income toward necessities, like housing and bills. Twenty percent should then go toward financial goals, like paying off debt or saving for retirement. Finally, 30% of your income can be allocated to wants, like dining or entertainment.

How do multi millionaires manage their money?

Here are some ways you can manage your money like a millionaire — without spending like one.
  1. Invest automatically. You can automate your investing with apps such as Stash.
  2. Take advantage of tax laws.
  3. Invest in real estate (no, you don't need millions).
  4. Keep your eyes peeled for a good deal.
  5. Crack a book.

How do you manage pocket money?

Make a note of who paid how much and if somebody owes you any money during such restaurant outings. Jot down where and when and how much you have spent so far. If it is for petrol, exactly how much, if it is for having tea at the canteen, how much etc. This will help you calculate and keep a tab on your spending ways.

How can a student use money wisely?

10 Ways Students can Save and Spend Money Wisely
  1. Make a budget. Where does all of your money go?
  2. Do you really need it? Make investment decisions based on your needs.
  3. Avail student discounts.
  4. Look out for part time jobs.
  5. Reuse.
  6. Eat food at home.
  7. Cut down the vices.
  8. Use alternative ways of transportation.

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