The average family has to put up with a tight budget, especially at this time of year. With Thanksgiving around the corner and Christmas after that, the purse strings are not flexible. Wait a minute – what’s this? Money? Yes, the lucky few among you will come into additional cash at some point in your life. Regardless of where it comes from, the urge to undo the shackles and spend is strong. Of course, splashing out is unwise because it’s a waste and the money may come in useful in the future. So, what should you invest in after a windfall? Below is a handful of examples to consider.
Now, there are appliances which cost money and run up the energy bills at the end of the month. So, it isn’t uncommon for people to drag their dirty clothes to a laundromat on the weekends. The problem is using a laundry service doesn’t save a lot of money. In fact, the savings are minimal when you consider the cost of the machines and the price of gas or public transport. Then, there is the emotional hassle and the time it takes to get from your house to the laundromat and back. Truthfully, a washing machine and dryer combo is as cheap and won’t take up your weekends.
The idea of installing solar panels never seems like a good idea because it’s a long-term investment. Plus, aside from the cost, there is the fact the boards may not work, especially in the wintertime. Firstly, the expense is high, but the technology pays itself off after five to ten years. In the end, solar installation will make you money if you produce enough energy to sell back to your local authority. Secondly, the advanced tech means the panels churn out power regardless of the season or conditions. The amazing thing about UV radiation is that it is present whether it’s sunny, cloudy or raining.
Investing in a property is always a savvy move as long as the deal is an excellent one. By flipping it, you can receive a quick and healthy return on your investment. Or, by renting it out to tenants, you can pay off the mortgage and turnover real profit. Alternatively, there is the mortgage on the current house to consider. Are you going to stay there forever or will you move? If you are living there for the foreseeable future, it’s best to pay off a chunk of the loan to reduce the monthly bills.
Okay, so a vacation is a waste of money from a financial standpoint. However, from a lifestyle one, it’s an essential venture because it boosts morale and relieves stress. Going away, particularly in the winter, is a fantastic way to get away from the rigors of life. Whether you sit on a beach with a cocktail or explore, there is nothing better than time off work. Plus, the weather is a nice change because it should be hot and not freezing cold!
These are only four examples but there are plenty more. The key is to mix financial and lifestyle investments.
Disclosure: This is a contributed post.