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Money doesn’t grow on trees, but it’s easier to burn compared to any firewood. You may have a lot of it now, but just a few days of foolish spending, and you can run out of cash quickly. But while others might urge you to save and keep it until you really need it, there are ways when spending it is the wiser thing to do. If you have extra money lying around, here are some of the things that you can spend it wisely.
Get Good Insurance
If you’re looking way beyond the future, you probably already have purchased a life insurance policy for you and your family. It’s a sizable expense, but it’s a wise use of money since you’ll be guaranteeing a good future for the people you leave behind when you pass on. Now, after getting life insurance, you can also get educational insurance in the Philippines. There’s no greater gift that you can leave to your children than a proper education. With this, you know you can provide a quality education for them, even when they’re still too young to even start schooling.
Maintain and Repair Your Car
Car ownership can be a money pit, especially if you own an older vehicle model, and you drive it almost daily. If you’re like everyone else, you’d probably just ignore the weird sound it makes if it still ferries you from A to B. It’s because checkups can lead to discoveries of bigger issues, which would surely burn a hole in your pocket. However, if you have a bit of extra dough in your safe, you might want to get that grinding sound looked at, and you’ll potentially save a bigger amount in the long run. Yes, you could easily spend a month’s salary on maintenance and repairs, but that procedure can lengthen the service life of your car for a couple more years!
So yes, if you have the money, perhaps due to sensible investments such as those Nadine Terman Solstein Capital would recommend, don’t skimp on your car’s maintenance. You’ve been saving a bit just by changing the oil periodically and nothing else, so you might want to have a proper technician look at it and make sure that it’s still road-worthy.
Get a Franchise for a Small Food Business
Technically, buying a franchise is no small feat, and it’s not just some extra cash you’ve found lying somewhere in your house. But by starting small, like a food stall or a beverage kiosk, you’re really not risking a lot of your hard-earned cash. It’s an expense, for sure, but it is an investment that could grow into something that gives you more spending money in the near future. It’s quite hard spending a couple of years’ worth of savings, but it can be worth it when you franchise with a reputable food business, and you’ve found a good location with good traffic.
A small business franchise is definitely one of the wiser ways to “spend” your money since you’re not really sinking it into a one-time purchase. It’s an investment that you can be hopeful to pay you back several folds if you play your cards right.
