Here are 20 ways to do it RIGHT!

20 things you should do with your money (Source: Take Charge America)

Earning money is hard, and figuring out what to do with that money is harder. From investments to expenses, the world of money can be both exciting and overwhelming. However, there is an abundance of ways to channelise your money in the right direction. Following these can take you towards financial growth and of course, financial independence early on in life.


Number 1-Save for financial goals: If you are a self-employed individual, then a savings plan on long-term investment is a feasible option for you. However, for individuals with jobs, savings for six months before investing in a short-term financial goal could be better profitable.

Number 2-Get rid of debt: Paying off debt money is good riddance. Therefore, your earnings must primarily be used to pay off any debt. Make it your habit to list all your dues at the beginning of the month. It is usually advisable to start with the highest debt on your list. However, adjust this as per your earnings, expenditures and due dates. Undeniably, there is a sense of psychological comfort that comes with paying your bills!

Number 3-Track spending and Budgeting: Be mindful of what you are spending on and consider the consequences of spending your money. Further, a monthly budget shall help you manage money better and make valuable purchases in the long run.

Number 4-Analyse modes of transactions: Some commonly used transaction methods include cash, cards and online payments. Awareness of which methods to use when, will give you the benefit of purchasing commodities at discounted prices. At times, transactions also give you cash-backs and coupons for time-bound offers. Keep an eye out!

Number 5-Invest in skills: Learnt skills last a lifetime. Spend your hard-earned money on learning skills that help you grow personally or professionally. These skills will eventually become harbingers of newer opportunities.

Number 6-Make your life efficient with technology: Money can make your life comfortable and everyday activities efficient. Invest in devices of your choice. Allow technology to make your life comfortable. This is money well-spent!

Number 7-Put money on your credit card: Spending money on credit cards will help you get good discounts on purchases. Benefits like cash backs and reward points can be spent on groceries and restaurants. But remember to pay those bills on time — not just the Minimum Amount Due but the Whole Amount.

Remember to pay those Credit Card bills on time

Number 8-Invest money abroad: Spend money on purchasing assets in external countries — stocks, funds, bonds or even real estate. This helps individuals allocate their investment risk across geographies and reduces single country risk on your money.

Number 9-Treat yourself to a vacation: A soulful vacation in the Andamans or a vibrant week in Rajasthan are both experiences worth your money. Therefore, planning your hotel and travel expenses in advance can help you budget well and thus be a satisfactory use of your money. Travel guilt-free!

Number 10-Buy yourself gifts and more: Spending the money you earn on yourself gives you a sense of accomplishment and confidence. It also acts as an incentive and pushes you to keep up the good work. Furthermore, spend money on a healthy lifestyle. Join a yoga class and spend on organic vegetables. On the lighter side, do not deprive yourself of anything you regard as self-care.

Number 11-Spend on people who make you happy: Although money cannot buy you happiness, spending money on those who make you happy is sure to give you a dopamine rush! For instance, research conducted by the Linkoping University in Sweden showed that spending money on others makes you happier than spending it on yourself. Go ahead, buy mom that handbag she’s been eyeing for so long!

Number 12-Donations: Although donations are the last resort for most individuals, charity is an excellent way of spending your money. Watching your contribution improve a stranger’s life, can give you an unparalleled sense of satisfaction. Try to keep these moments for self-consumption only (Posting charity acts on Insta is so passé)

Number 13-Spend on Government Schemes: Investment Accounts in Government schemes can be opened with a nominal amount of money and provide high-interest rates. For instance, The Public Provident Funds scheme offers attractive interest rates, and the returns are exempt from taxes. And your HR will be happy too when they receive ‘done’ investments for the Form 16.

Number 14-Purchase of Bonds: Money spent on purchasing bonds is beneficial in the long run. The returns on investments are fixed, and it is risk-free. Not all money can go into stocks and fixed deposits are out of fashion. Bonds can fill that gap.

Number 15-Safe Market Investments: Regular Investing can be a suitable replacement for spending money as it gives you good long-term returns. You can choose to deposit money in recurring and fixed deposit accounts, purchase gold or silver, invest in mutual funds or opt for a Systematic Investment Plan (SIP) for safer, longer-term sustainable investment. This also fits into your early retirement goals.

Number 16-Property investment: Investing in property can provide long term security. If a property is given out on rent, it acts as a source of passive income. And even if used for self-consumption someday, there’s nothing like owning your own pad in a big bad city!

Number 17-Coupons: Coupons and gift cards when bought in good times can be favourable in acting as back-ups when you run short of money. Top brands allow you to buy gift cards and discount coupons for yourself in the e-voucher form and the expiry date is usually very far out. Handy support for a rainy day, huh?

Number 18-Fund someone’s education: You can give caution money to a student in need or can fund a child’s primary education. A lot of organizations allow you to do this noble deed with a few clicks and keep sending you regular updates about the child. Isn't this a happy investment with infinite returns?

Number 19-Buy Collectibles: Buying art, NFTs, vintage watches is not just bragging rights anymore. It is also a sane investment. The value of these goods goes up over a period of time and gives a neat appreciation to the owner of the asset.

Number 20-Make advance payments: Why depend on the monthly salary to pay amounts that you know any case need monthly servicing? Make a few instalment payments in advance or pay rent a month or two ahead- this takes the extra cash off your hands so that you don't end up overspending and also saves you on days when the tap is running dry!

One doesn't really need to live month-to-month if the planning is done right. Most people take the regular monthly salary for granted and assume it is going to be an endless party. Our question to you is this: What if you lose a limb tomorrow and cannot work for months till you recover? Or what if you get laid off and cannot find a replacement quickly enough? Rather than compromising then, get smarter with your money now! Everyone's doing it.

Money isn't Everything…

But Everything Needs Money!

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