If you’re in the fortunate position to have some disposal income, you might be wondering what you can buy with it. It could be a new car, new clothes, or maybe an expensive jewelry item to add to your collection. Everyone deserves a treat every now and then, but if you routinely find yourself with money leftover after paying your rent and utilities, you might be thinking about better ways you can spend your cash.
For those in this fortunate position, we have put together a list of six good ways you can spend your disposable money.
- Home improvements
Firstly, you could look to make home improvements. From saving for an extension to re-modelling your bathroom, there are numerous ways you can revamp your home and add value to it. If you don’t own your own home and instead rent, there are still things you can do – be it using vinyl on the walls to add a pop of color or investing in new bedding to give your bedroom a fresh look.
You might even think about buying a new sofa or coffee table to upgrade to interior of your home. Home improvements are always a good use of money, so this might be something you look into.
- Retirement savings
You likely already have a retirement fund in place from your employers, but there’s nothing wrong with topping it up or opening a new savings account for later in life. It might seem like it’s decades away, but time really does fly and you never know what the future may hold. There might be a time when you can’t afford to pay much into your pension fund, so when you have disposable income, it’s a good idea to put a bit of it towards your future.
- Charity sponsorship
One way you can make a real difference with your disposable income is to use it to sponsor a charitable cause. Whether you donate to a cancer charity or a Senegalese charity, your contribution will make a real difference to someone in need. Not just this, but research has shown that if you donate to charity, you may have lower stress levels and feel more confident.
The world is a big place and you’re only here once, so spending disposable money on travelling is a great idea. Not only will you get to see something new and get away from the hustle and bustle of everyday life, but you’ll also be exposed to different cultures, and this can help you develop and grow as a person.
Investing in yourself is never a bad thing, but too few people do it. Self-care can include anything from pamper days and massages to buying yourself fresh flowers or going out for a fancy meal alone. Small things that make you happy and contribute positively to your mental health should always be encouraged and is something worth spending money on.
- Learning a new hobby
The final good use of money we have on our list is to spend it on learning a new hobby. Everyone has things they’re interested in or want to try, so why not take the plunge and attend that pottery class or pay for a tutor to learn a new language? You’ll not only learn something new, but you might also make new friends, too.
How you decide to spend your disposable money is up to you, but if you’re looking for a way to spend it that’s beneficial, these six ideas could be worth looking at.