5 Ways to Make Your Money Last
Donate To a Non-profit Organization.
Sure, a brand new pair of shoes is great and all, but spending your money in that way won’t accomplish anything except a few compliments. On the other hand, donating to a charity you are passionate about will last much longer. So next time you’re about to buy that new jersey, use the money, instead, to donate to underprivileged kids. The books and school supplies you will fund with your money will last for years-that’s an investment worthwhile.
Spend your money on experiences not things.
This past summer, I was lucky enough to get tickets to the Taylor Swift concert. I saved up my babysitting money for months until I finally had enough to buy the tickets and maybe even a new outfit. The memories that I have from that night will stay with me for years, which is why that investment transcends far beyond just a slip of paper to get into the stadium. I don’t remember what I wore that night (I guess that investment wasn’t such a great idea), but the experience was so worth it.
Ask yourself the right questions.
We’ve all been there. Totally and completely conflicted as to get the item in our hand or not. The next time you find yourself here, ask yourself these important questions:
Where will I wear this?
Do I really need this?
Where will I put it?
How will I use it?
Chances are, by the time you answer all these questions, you will have saved yourself from an impulse buy.
Buy a loved one a gift.
It doesn’t have to be the holidays to buy someone a gift. If you’ve noticed a friend or significant other eyeing something in particular, save up! The look on their face when you do get around to buying it for them will far exceed any item you could have bought for yourself. Besides, haven’t you heard? Giving is so much better than receiving.
Invest!
No matter what your age or how much you can afford to put away each month, saving is the best way to make your money last. If you are a working teen, make a promise to yourself to invest a quarter of the money you earn each year in the stock market. With the beauty of compounding* on your side, your investment will be much appreciated in years to come. However, if you are more weary of the market or don’t have a lot of money to devote, you can simply invest in a money-market account, savings account or certificate of deposits. It’s important to remember, though, that these will earn you a low rate of return. But, either way, a penny saved is a penny earned.
*Compounding- An investment technique that allows the earnings on your investment to generate their own earnings. It’s sometimes referred to as “compound interest”.
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