essay what would you spend your money on

Or does that not count as p2w?

To be able to do that youd literally have to join the game with the guy who wants to sell the item and then have that item drop in the party. Doesnt seem practical to me and seems totally pointless.

I have purchased some of the bundles because they come with Platinum, meaning that if there are steep enough sales in the future I can use it during those… or the battle pass. I have refused to buy a single item in the normal shop though because it’s just a poor value proposition from my perspective. I have a real life and spending as much on those pixels as I would an actual t-shirt (or whole game) seems ridiculous to me.

… And yet I can literally pay these guys $10 to get uber gear for myself.

Pay. To win.

Unless you narrow p2w to only mean company-sanctioned activity (i.e. the company store).

So youd pay 10 bucks to join some random dudes game and hope the item drops for the seller and not you so you can pay him for it? Doesnt seem the same as the way its done in d4.

Does it matter if it’s the same as in d4? I don’t understand why that would be important.

The designs are mediocre mostly and way way way to expensive. I would like more generic transmog set pieces. Imagine if you could buy like just gauntlets or just pauldrons for 1.99 or something. They would sell like crazy.

They should release armor transmogs that are cross class too. Spending a ton of money for a transmog thats good for one class?? No way.

The purpose of this thread was actually a secret test to see how long it took someone to diverge from the stated intention, and you two have failed miserably. But I thank you for your contribution to science.

Try to play with a lightning sorc. Specifically [Chain Lightning]

It’s a skill so bad in damage and in how it works that its a pain to play with. The skill has to bounce between enemies to give damage and this in larger groups don’t work at all. The pain that is when you have that monster with aura and the skill can’t hit him or find him in the group…

Because its a different game and acquiring items in d3 is 100 times easier. D4 you get all these random affixes and on top of it the ga. I could see someone wanting to purchase primal items but even then youd still have to actually join the sellers game and then it would have to drop.

NCERT Books

If I Had A Million Dollars Essay | What Would I Do If I Had a Million Dollars Essay

If I Had A Million Dollars Essay: In this essay, we’ll explore the different ways a person might spend a million dollars. We’ll go over what you should do with it if it’s your inheritance or you plan to earn it, and also what you should do if it’s a windfall – money that comes from an unexpected source, such as a lottery win. Finally, we’ll talk about what happens when you don’t have a million dollars in hand – you’re making a living and want to save for retirement.

Students can find more English  Essay Writing  Topics, Ideas, Easy Tips to Write Essay Writing and many more.

Imagine you had a million dollars. What would you spend your money on?

Obviously, some people would want to spend it on things like cars and clothes. Others would want to invest in stocks and businesses. Some might even go to work for themselves with the goal of eventually retiring early. No matter what you decided, you probably wouldn’t want to just give it all away or leave it for someone else to use unwisely. Many people dream of the day when they will inherit a million dollars from a loved one or from an unknown benefactor. They fantasize about what this money could do for them and their loved ones; they imagine themselves living luxuriously while others work to make ends meet. While this scenario sounds like paradise, it is often not the reality. Most people don’t know how to handle large sums of money, and they often lose everything. Some even squander the inheritance that others have worked so hard to obtain.

How would my life change?

This is a question I ask myself regularly. As of right now, I’m still living paycheck-to-paycheck, but what if I won the lottery? What if I had a million? The more I think about it, the more my thoughts turn to exactly how my life would change. I might quit my job, or buy that car of my dreams, or maybe even buy some land and start building. Sadly, the idea of winning the lottery is a fantasy, and it’s just fun to dream about. I can’t really imagine what my life would be like if I won $1 million, but I can imagine what it would be like if I were suddenly in the position of having a massive savings account. And I’m not talking about having a few hundred thousand saved away, I mean the kind of money that would still allow me to do fun things, but would also allow me to stop worrying about where my next pay-check will come from.

How would my family and friends react to me having a million dollars?

Most friends would be ecstatic to the point of worshiping you. They might even start pressuring you for favors that they think are owed to them. Friendships would be tested, especially if that $1 million was obtained through dishonest means. As for family, some may be happy while others will continue to resent you for not sharing your wealth with the entire family.  Usually, family and friends will most likely react to you having a million dollars in one of two ways: they will either be happy for you, or jealous of you. Which reaction they have will depend on how close you are with them and if they feel that they can trust you with such a large amount of money. When it comes to the people that know me best, I think that my parents would be happy for me but slightly afraid of what I might do with all the money. My grandparents would also be happy for me, but also concerned about how I am going to manage such a large sum of money on my own. My friends would most likely react in one or more ways: envy or happiness for me, as well as some concern over whether I am going to waste all the money and ruin myself.

What advice would you give someone who won the lottery?

I would tell them to take time off work and really think about what they want in life. I’d also recommend not touching the money for at least a year, so it can grow.  I would tell them to invest the money responsibly. I would recommend that they create a trust fund for themselves and their future children or grandchildren. This is the best way to make sure that the money will be there for generations to come. I would also advise them not to quit their day job right away because it’s more than likely they will spend all of their money in one year. They should continue working and saving until they have enough saved up for retirement before quitting the workforce entirely. Saving money will help lead a better life and ensure financial independence.

Why Some People Want Wealth and Others Don’t Care?

Some people want to be wealthy because they enjoy having wealth. They might enjoy the lifestyle that comes with it, or they might just like the prestige associated with wealth. On the other hand, there are those who don’t care about being wealthy at all. They’re happy whether they have a lot of money or not and they’re satisfied with their lives.

Poverty is the Reason Why People Want to Be Wealthy

People who are impoverished are often not able to take care of themselves and their families, so they hope for an easier life. But poverty can also cause them to take risks with their health or safety in order to get out of the cycle. In many developing countries, there are still many people who live in poverty and lack basic necessities such as food, shelter, and healthcare. Even with all of these challenges, they still hope for a better life through the acquisition of wealth. In other words, poverty is a global challenge. It is not limited to one country or region, but is experienced worldwide.

Wealth Allows Us to Become More with Less

Wealth enables us to live a more fulfilling life by getting rid of the burdens that we can’t bear. It also lets us enjoy things that we might not have been able to afford otherwise. Wealth allows us to become more with less, because it frees up our time and resources so that we can focus on what matters most in life. In the novel “The Great Gatsby” by F. Scott Fitzgerald, Gatsby felt a strong desire for Daisy, but money allowed him to do anything he wanted with no remorse or guilty feelings about pursuing her. If he had not been wealthy, he would have had to conform his pursuit of Daisy through ordinary means – through dating and being himself – rather than being able to sweep her off her feet with lavish gifts and large parties.

Conclusion on If I Had A Million Dollars Essay

Overall, it seems like a million dollars would be a great amount to have. It would make you financially secure and allow you to retire in comfort. You could also donate all the money to charity and help change the world for good when you retire. Of course, you would still need to be responsible with your money.

FAQs on If I had a million dollars

Question 1. What would I do if I had 1 million dollars?

Answer: I would spend my money on making the world a better place. I would make sure to donate the money to causes that need it most. I would also use some of the money to help improve social issues like homelessness and hunger.

Question 2. How long can a person live on 1 million dollars?

Answer: It all depends on where you live, what you eat, and how active you are. For instance, the United States Department of Agriculture estimated the cost of food for a person to be around $1.60 per day.

Question 3. Can you live a good life with a million dollars?

Leave a Comment Cancel reply

You must be logged in to post a comment.

Essay on Money for Students and Children

500+ words essay on money.

Money is an essential need to survive in the world. In today’s world, almost everything is possible with money. Moreover, you can fulfill any of your dreams by spending money. As a result, people work hard to earn it. Our parents work hard to fulfill our dreams .

Furthermore various businessmen , entrepreneurs have startup businesses to earn profits. They have made use of their skills and intelligence in getting an upper hand in earning. Also, the employee sector works day and night to complete their tasks given to them. But still, there are many people who take shortcuts to success and get involved in corruption.

Black Money

Black money is the money that people earn with corruption . For your information corruption involves the misuse of the power of high posts. For instance, it involves taking bribes, extra money for free services, etc. Corruption is the main cause of the lack of proper growth of the country .

Moreover, money that people having authority earns misusing their powers is black money. Furthermore, these earnings do not have proper documentation. As a result, the people who earn this do not pay income tax . Which is a great offense and the person who does this can be behind bars.

Money Laundering

In simple terms, money laundering is converting black money into white money. Also, this is another illegal offense. Furthermore, money laundering also encourages various crimes. Because it is the only way criminal can use their money from illegal sources. Money laundering is a crime, and the people who practice it are liable to go to jail.

Therefore the Government is taking various preventive measures to abolish money laundering. The government is linking bank accounts to AADHAR Card. To get all the transaction detail of each bank account. As a result, the government comes to know if any transaction is from an illegal source .

Also, every bank account has its own KYC (Know your Customer) this separates different categories of income of people. Businessmen are in the high-risk category. Then comes the people who are on a high post they are in the medium-risk category. Further, the last category is of the Employee sector they are at the lowest risk.

Get the huge list of more than 500 Essay Topics and Ideas

White Money

White money is the money that people earn through legal sources. Moreover, it is the money on which the people have already paid the tax. The employee sector of any company always has white money income.

Because the tax is already levied on their income. Therefore the safest way to earn money is in the employment sector. But your income will be limited here. As a result, many people take a different path and choose entrepreneurship. This helps them in starting their own company and make profitable incomes .

Every person in this world works hard to earn money. People try different methods and set of skills to increase their incomes. But it is always not about earning money, it’s about saving and spending it. People should spend money wisely. Moreover, things should always be bought by judging their worth. Because money is not precious but the efforts you make for it are.

Q1. What is Black Money?

A1. Black money is the money that people earn through illegal ways. It is strictly prohibited in our country. And the people who have it can go to jail.

Q2. What is the difference between Black money and White money?

A2. The difference between black money and white money is, Black money comes from illegal earnings. But white money comes from legal sources with taxation levied on it.

Customize your course in 30 seconds

Which class are you in.

• Travelling Essay
• Picnic Essay
• Our Country Essay
• My Parents Essay
• Essay on Favourite Personality
• Essay on Memorable Day of My Life
• Essay on Knowledge is Power
• Essay on Gurpurab
• Essay on My Favourite Season
• Essay on Types of Sports

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Download the App

This device is too small

If you're on a Galaxy Fold, consider unfolding your phone or viewing it in full screen to best optimize your experience.

Americans Have Spent Their 'Extra' Pandemic Savings. See What It Means for You

Published on June 3, 2024

By: Ben Gran

• Americans saved an extra $1.2 trillion during the pandemic era of lockdowns and social distancing in 2020–21.
• But the 2021–24 era of high prices and "revenge spending" caused Americans to burn through their extra pandemic savings.
• Even though Americans' pandemic savings are depleted, the Fed believes that the economy might turn out to be fine -- with no downturn in consumer spending.

Check out our pick for the best cash back credit card of 2024

Do you feel like you've been spending a lot of extra money and burning through savings lately? If so, you're not alone. A recent study from the Federal Reserve found that Americans have finally spent the "excess savings" that they built up during the pandemic.

Let's look at a few insights about the end of pandemic savings -- and what could happen next.

"Excess savings" during the pandemic: $2.1 trillion

Our picks for the best high-yield savings accounts of 2024.

Remember the days of pandemic lockdowns and social distancing and stimulus checks, when most people stopped traveling, going to movies, and dining at restaurants? Along with the vast human suffering and tragedy of the pandemic, those times were terrible for a lot of small businesses and for many people's mental health -- but they were good times for savings accounts. It turns out, not going anywhere or doing anything for months is a great way to save money.

In a country where people are known for being spendthrifts, where many people struggle to build up a decent emergency fund, Americans saved an extra $2.1 trillion in about 18 months.

How Americans spent their extra pandemic savings

The Fed's economists tracked America's spending habits and found that Americans spent their excess savings from the pandemic at a rate of about $70 billion per month, starting from September 2021. That pace of spending sped up since autumn 2023, to a rate of about $85 billion per month -- and as of March 2024, Americans' excess savings were totally depleted.

The Fed's data doesn't show exactly what Americans spent that extra money on, but it's likely that higher prices for groceries, food, healthcare, cars, car insurance, and pretty much everything else have taken their toll. Add some "revenge spending" and "doom spending" to the mix, and it's easy to see how many Americans could quickly deplete their savings accounts in the past three years.

This doesn't mean that all Americans have zero dollars left in the bank. Many Americans still have emergency savings, and some people are (hopefully) still saving more money every month out of every paycheck. But it does show that the extra stash of "excess savings" is finally gone.

The end of pandemic savings doesn't mean economic pain

What does the depletion of America's extra pandemic savings mean for the American economy? Good news: The Fed's researchers don't believe that the American economy is about to suffer from a slowdown in consumer spending.

The authors write: "...the depletion of these excess savings is unlikely to result in American households sharply cutting their spending levels as long as they are able to support their consumption habits through continuous employment or wage gains, other forms of wealth—including non-pandemic-related savings—and higher debt."

The job market is still strong, wages are still rising, and many Americans still have access to credit, steady incomes, and plenty of spending money, even though prices have risen painfully in the past few years. We could be in for a "soft landing" in the economy, where even though the Fed has raised interest rates, it doesn't lead to a recession.

What to do with your savings -- excess or "regular"

No matter how much money you have in your savings account, you deserve to see that money grow. Some banks are still paying terribly low yields of 0.01% APY. But the best savings accounts and money market accounts are offering 5.00% APY and higher. If you still have savings, put them in a high-yield savings account. And try to keep adding to your savings every month.

Bottom line

New research from the Federal Reserve shows that Americans built up $2.1 trillion of "excess savings" during the pandemic -- and as of March 2024, that extra money has all been spent. But that doesn't mean we're doomed to a recession and a stock market downturn. Many Americans are still spending at high levels, thanks to a strong job market, rising wages, and steady access to credit.

The economy might turn out to be fine, despite the end of the pandemic era's extra pile of savings. But whatever happens next with the economy, your savings account should be earning a high yield -- 5.00% APY or higher in the best savings accounts .

These savings accounts are FDIC insured and could earn you 11x your bank

Many people are missing out on guaranteed returns as their money languishes in a big bank savings account earning next to no interest. Our picks of the best online savings accounts could earn you 11x the national average savings account rate. Click here to uncover the best-in-class accounts that landed a spot on our short list of the best savings accounts for 2024.

Two of our top online savings account picks:

Our Research Expert

Ben Gran is a freelance writer based in Des Moines, Iowa. He has written for regional banks, fintechs, and major financial services companies. Ben is a graduate of Rice University.

Share this page

We're firm believers in the Golden Rule, which is why editorial opinions are ours alone and have not been previously reviewed, approved, or endorsed by included advertisers. The Ascent, a Motley Fool service, does not cover all offers on the market. The Ascent has a dedicated team of editors and analysts focused on personal finance, and they follow the same set of publishing standards and editorial integrity while maintaining professional separation from the analysts and editors on other Motley Fool brands.

Related Articles

By: Brittney Myers | Published on May 10, 2024

By: Dana George | Published on May 13, 2024

By: Chris Neiger | Published on May 24, 2024

By: Christy Bieber | Published on May 13, 2024

By: Lyle Daly | Published on May 14, 2024

The Ascent is a Motley Fool service that rates and reviews essential products for your everyday money matters.

Copyright © 2018 - 2024 The Ascent. All rights reserved.

Intelligence

8 tips for spending time wisely, the idea behind the expression "time is money.".

Posted April 6, 2020

Time and money are arguably life’s most valuable resources. One of the great laws of economics is that time equals money. What really matters is to spend it wisely. In fact, you can spend no money but your time as a gift, such as time spent with family.

The phrase "time is money" is usually credited to Benjamin Franklin, who used it in an essay ( Advice to a Young Tradesman , 1748). It means time is a valuable resource. He encouraged people to treat time like money. However, most people think about time and money in vastly different ways.

1. Time is our most scarce resource. Time is the ultimate scarce resource, yet we act as if we have unlimited time. Poor or rich, we all have 24 hours a day, 7 days a week. Thus, each of us faces the choice of how to spend our time. In a world of scarcity, choosing one thing means not being able to do something else.

2. The price of convenience. In economics, price is a much broader concept. Price includes not only the monetary cost of purchasing a product but also the time associated with buying that product. For example, overnight delivery, and convenience stores all charge premiums because of the inherent value we place on our time.

3. The value of time varies from person to person. Time is relatively scarce for people with higher incomes, partly because their time is more valuable. So, to have lots of time, rich people hire other people to do their, say, household chores. On the other hand, a nonworking person may spend more time on household chores.

4. The value of time in good economic times. The value of time is higher during good economic times. Evidence shows that people tend not to take care of themselves in boom times (Ruhm, 2007). For example, a 1 percent decrease in the unemployment rate corresponds to an additional 3,900 deaths in the United States in a given year. People tend to drink too much, eat out often, exercise less, and skip medical check-ups because of work-related time commitments. So people work more and do less of the things that are good for them. On the other hand, in bad economic times health-enhancing activities such as exercise and social interactions increase.

5. Price of delay. People are not equally patient. Some like the present, others like the future. A myopic person ranks immediate pleasure much higher than valuable delayed rewards. For example, social media is immediately available, and it is the cheapest way of avoiding boredom . In contrast, reading and conversation are demanding in terms of effort and motivation .

6. Cultural attitude toward time. Attitudes toward time and its value differ across cultures (Levine, 1997). For example, being late for an appointment, or taking a long time to get down to business, is the accepted norm in most Middle Eastern and some Asian counties. People in bigger cities walk faster than their counterparts in smaller cities. And while in a grocery store, they spent less time chatting with clerks and other shoppers.

7. Time cannot be stored. One of the reasons we give little thought about how we use our limited resources is that we cannot save time. Time moves on whether we choose to spend it or not. You can’t bottle time and exchange it for an object or event. However, when people are made aware of their mortality they wonder if they did make the most of their lives.

8. Buying time to promote happiness . What you do with your time also matters for your day-to-day moods. You can improve your happiness by putting your money where you spend most of your time (Whillans et al., 2017). For example, buying a new pillow or a nice bed could help you to get a good night’s rest. You can also outsource “disliked” tasks. This can allow you to maximize the time you get to do the things you love (e.g., cooking) and minimize the time you have to spend doing what you hate (e.g., gift-wrapping, housecleaning).

In sum, time is anything but free. As a nonrenewable resource, time is quite expensive. Some people fail to realize that time is scarce, hence oblivious about its opportunity cost. They do their best to think of their time as unlimited, and unlimited goods have little value. Knowing that time is finite encourages us to ask how we are using our time. Do we want to spend these precious moments on social media or spend that time learning something new? Skills and knowledge take time so the more time you spend on them, the more you improve.

Levine, R. V. (2020). Time and culture. In R. Biswas-Diener & E. Diener (Eds), Noba textbook series: Psychology. Champaign, IL: DEF publishers.

Ruhm CJ. (2007) A healthy economy can break your heart. Demography. Nov;44(4):829-48.

Whillans, A. V., Weidman, A. C., & Dunn, E. W. (2016). Valuing time over money is associated with greater happiness. Social Psychological and Personality Science, 7(3), 213-222.

Shahram Heshmat, Ph.D., is an associate professor emeritus of health economics of addiction at the University of Illinois at Springfield.

• Find a Therapist
• Find a Treatment Center
• Find a Psychiatrist
• Find a Support Group
• Find Online Therapy
• United States
• Brooklyn, NY
• Chicago, IL
• Houston, TX
• Los Angeles, CA
• New York, NY
• Portland, OR
• San Diego, CA
• San Francisco, CA
• Seattle, WA
• Washington, DC
• Asperger's
• Bipolar Disorder
• Chronic Pain
• Eating Disorders
• Passive Aggression
• Personality
• Goal Setting
• Positive Psychology
• Stopping Smoking
• Low Sexual Desire
• Relationships
• Child Development
• Self Tests NEW
• Therapy Center
• Diagnosis Dictionary
• Types of Therapy

At any moment, someone’s aggravating behavior or our own bad luck can set us off on an emotional spiral that threatens to derail our entire day. Here’s how we can face our triggers with less reactivity so that we can get on with our lives.

• Emotional Intelligence
• Gaslighting
• Affective Forecasting
• Neuroscience

The best strategy for managing your HSA, and how it can help save you a boatload of money in retirement

Being savvy with your hsa could make your senior years much less financially stressful..

For years, I didn't participate in an HSA for one simple reason — my health insurance plan wasn't compatible with one. Of course, the upside there was that I had a nice, low deductible to cover. But once my family changed insurance and moved over a high-deductible plan, we immediately signed up for an HSA and have been making contributions ever since.

That said, there's one key rule I employ with my HSA . And you may want to adopt a similar strategy to get the most benefit during retirement.

Don't touch the money

An HSA isn't a retirement account per se. You can take an HSA withdrawal at any time to cover a qualified medical expense, like a copay for seeing the doctor. Since expenses like that are apt to arise frequently during your working years, you may have plenty of chances to spend your HSA ahead of retirement.

But the best strategy for managing your HSA is actually to leave that money alone until retirement. That way, you can more easily cover your healthcare bills at a time when they might otherwise constitute a huge chunk of your income.

Fidelity estimates that the typical 65-year-old retiring in 2023 is looking at $157,500 in healthcare costs throughout retirement. If you're living on Social Security and modest withdrawals from a 401(k) or IRA, medical care could be a huge burden. But if you leave your HSA untapped during your working years and carry that money into retirement, you can spend less of your Social Security benefits and savings on healthcare — and buy yourself a lot more financial breathing room.

Tax benefits like no other account

What makes an HSA so wonderful is that it's loaded with tax benefits. If you're saving for retirement in a traditional IRA or 401(k), you may be familiar with the idea of contributions going in tax-free. And if you have a Roth account, you're benefiting from tax-free growth and are eligible for tax-free withdrawals in retirement.

HSAs combine all of these benefits into a single account. Your contributions can lower your near-term tax bill, money that's not used can be invested tax-free, and withdrawals aren't taxed as long as they're spent on qualified healthcare expenses. It's a triple win.

So if your health insurance plan renders you eligible for an HSA, don't just bemoan your higher deductible. Instead, take advantage of the opportunity to enjoy a world of tax savings.

But also, don't touch your HSA during your working years unless you absolutely need to. You're much better off having dedicated funds to cover healthcare costs in retirement so you can spend your remaining income elsewhere.

On my end, I'm bummed that I got a later start to funding an HSA, but so it goes. Remember, though, that HSA requirements tend to change from year to year. So if you're not eligible to contribute to an HSA right now, check the rules next year, and every year, to ensure that you're not passing up a great opportunity.

The Motley Fool has a disclosure policy .

The Motley Fool is a USA TODAY content partner offering financial news, analysis and commentary designed to help people take control of their financial lives. Its content is produced independently of USA TODAY.

What stocks should you add to your retirement portfolio?

Offer from the Motley Fool: The Motley Fool Stock Advisor analyst team just identified what they believe are the 10 best stocks for investors to buy now. The 10 stocks that made the cut could produce monster returns in the coming years, potentially setting you up for a more prosperous retirement.

Consider when Nvidia made this list on April 15, 2005... if you invested $1,000 at the time of our recommendation, you’d have $671,728!*

Stock Advisor provides investors with an easy-to-follow blueprint for success, including guidance on building a portfolio, regular updates from analysts and two new stock picks each month. The Stock Advisor service has more than quadrupled the return of S&P 500 since 2002*.

See the 10 stocks »

How to Spend Money Wisely: 12 Hacks To Improve Your Habits

This post may contain affiliate links, which helps us to continue providing relevant content and we receive a small commission at no cost to you. As an Amazon Associate, I earn from qualifying purchases. Please read the full disclosure  here .

“What’s the first thing that comes to mind when thinking of how you can improve your financial situation?”

Many people would say “spend less money.”

One way to do this is by buying something used. In fact, a study found that Americans buy 10% more new items than they did in 2008 because we have so many promotional offers available. Not only should you be trying to save some money on your purchases, but also cut all kinds of other expenses from your lifestyle and keep them at a minimum.

Usually, people spend more money than they need.

This can lead them to have less money saved or be able to afford the things they want.

However, with a few simple changes in your spending habits, you will be able to make more of what you earn and feel more satisfied.

In today’s world, it is easy to be overwhelmed by the amount of information available on how you should spend your money.

With more and more people struggling with their finances, I would like to share a few hacks that have helped me spend money wisely and simplify my life.

Also, I am going to include some simple money saving tips on how to spend less money! Do not get duped into buying things you did not plan on purchasing or spending more money than you needed to.

How to Spend Money Wisely

As you can see shortly, there are many ways to spend money wisely. Whether it be through saving, investing, or taking care of your health; with this article as a guide, you won’t have to worry about your money any longer.

This is meant to inspire people on how they can better manage their finances and live more efficiently, while still being able to get the things that they want.

Spending money wisely is a way of life, but it can be tough to know where exactly you should start.

Luckily for you, we will break down ten hacks for you to follow so that your money does not go to waste.

1. Pay Yourself First

You are probably wondering, why is saving money about how to spend money.

The first thing you should do to spend money wisely is to pay yourself first.

This could be saving for the future with an emergency fund, which can be used in case of emergencies or downturns in your financial situation. This can be done by contributing to a high-interest savings account and saving up to $1,000 or more for emergencies.

Or choose one of our money saving challenges to match your financial goals.

2. Take Care of You

You need to take care of your health, as that will improve the quality and longevity of your life.

Making wise choices on choosing quality food and healthcare may cost more money upfront, but in the long run, it will save you money on huge medical expenses.

You spend your money wisely by taking care of your health. Money spent on a gym membership, healthy food, and other medical expenses can save you even more money in the long run.

Many people love the idea of time freedom for this reason.

3. Invest in Your Future

One way to spend money wisely is by investing in your future. This might be done through a 401(k) or Roth IRA, which lets you invest pre-tax dollars and then withdraw them tax-free once you retire.

This can be a great way to save on taxes, but the money needs to stay invested for at least five years before you’re able to withdraw it without a penalty.

4. Choose Experiences

We live in a society that prizes material purchases and spending. Remember to prioritize experiences by getting outside. Not just for your health, but also on the mental and emotional levels, as well as the personal and even family levels.

Also, a plethora of benefits to spending money on experiences, not all materialism related.

Try to spend less on electronics and materialistic items that fill your home and more on experiences like travel or going out with friends.

This is a great way to spend time with your family and friends instead of buying things for them.

Related Reading: Overcome Gift Regret: Experience Gift Ideas That Do Not Go To Waste

5. Set Goals

Many of us, regardless of financial status, know that if we want to live on the right path without having our finances stress us out, then there are good habits to be followed.

Think about how much money you want to make in the next five years or ten years and make up how to get there.

Now, you need to line up your spending to make that happen.

Not sure how to set goals? Start here with making smart financial goals .

The next hack is to make a budget and stick to it, which will help you spend your money wisely by only spending what you have available in each category.

A budgeting strategy helps you develop better financial skills. These strategies are practiced in order to help prevent overspending and create a set spending plan for you.

Create a budget that includes all your expenses and then each time you get paid, put a little bit of your paycheck into each category.

7. Evaluate Your Spending

Oftentimes, we find ourselves buying items that are not necessary and just a waste of money. This hack is to evaluate what you’re spending your money on and think about whether or not you want to continue this habit.

For every purchase ask yourself if the item is worth it and what will happen if you don’t buy it.

By completing a no spend challenge , you will be amazed at the things you find out are not worth spending the money on.

8. Likeminded People

Next, you should try to spend less time with people who are going to make you feel bad about yourself.

This is a hard one but just think of the good things that will happen when you stop hanging out with people who make you feel bad.

If you are constantly around people you need to learn how to not spend money, then you will be battling upstream battle. Look for those who have the same mindset and are determined to spend money wisely.

9. Spend on Quality Over Quantity

The best way to buy quality items is to spend more money on them. Buying cheaper items has its risks, but over time it will lead to dissatisfaction with the product and waste of money.

If possible try to spend money on things that will last a long time and not just stuff like food or rent.

This concept of quality of quantity is not difficult to understand. For example, instead of owning 10 pairs of jeans that you think you need, you spend money on the two pairs of quality jeans that you love.

Because items are so cheap to pick up, it is easy to quickly fill our homes with quantity and excess stuff (plus we are spending more in the process). Instead, spend a little more and buy less of what you truly need or want.

10. Eat at Home

One way to save money is by cooking more at home and not going out to eat. You can also cut down on the amount of food you purchase, which will help you save a ton of money in the long run.

Instead of buying food that will go bad quickly or ruin your health, buy more expensive food. This way you are spending less money on the product but it is going to last longer and be better for you.

By spending money wisely, you must learn how to spend less money on food.

11. Use Tax-Advantaged Accounts

Specifically, I am talking about FSA or HSA, or dependent care FSA. This is when you set aside money each year for these purposes. Money goes into these accounts tax-free, so you are lowering your taxable income.

On how to spend FSA money, you must have the proper documentation on your plan. The same is true for how to spend HSA money.

The limits change each year on how much you can contribute to each of these plans, but the maximum you can spend tax-free is over $20,000 for a family.

This is a great trick to spend money wisely and lower the amount you owe in taxes. Just make sure to spend the amounts in the FSA each year!

12. Spend on things that add happiness to life

Personally, I have a hard time spending money. Period. This is something I am working on as we progress through our financial journey. Now, I look to spend money on ways that will improve our life or bring smiles to our faces.

Spend on things that add happiness to your life.

For example, if you’re happy with the new shoes you’ve just bought, then it’s worth spending money on them! If you love to travel, spend on travel. If you like reading fiction novels, spend on fiction novels.

Spend your money on things you enjoy and make the most of the disposable income you have.

How to Spend Money to Make Money

One of the best ways to make money is to give back. However, it takes some money to make money, which is typically frustrating to those who constantly want to make more money per year.

By selling a product or service, you are supplying them with your knowledge, advice, and understanding. Another way is through investments. Investing, while not always profitable, has companies that adhere to companies of all kinds.

One of the best ways to spend money wisely is to invest in ways to make money.

There are plenty of ways to make money and start your own business.

Here is a great book to open you up to the idea of starting your own business and the freedom with money it can bring.

Here are great ways to make money on the side:

• Sell printables and make passive income!
• Become a virtual assistant and make your own schedule.
• Learn to get weekly paychecks when investing in the stock market .
• Earn money with freelance writing on the side.
• Walk dogs with Rover and get paid cash.
• Drive for any of these companies and make money – Instacart , DoorDash , or Postmates .
• Start a bookkeeping business on your terms.
• Sell Earn easy money with flipping items Find great success with this Flea Market Flipper training.
• Have kids? Then, teach them to make money with Flea Market Flippers for Kids .

It is possible to make more money on your business than you make more money in your current job or career.

How to Spend Less Money

Many of us spend too much on material items that are not actively used. This creates a situation where we have to make more purchases in order to get the same level of happiness.

The first step towards becoming frugal is deciding what you want out of your possessions, and then only buying those things which will provide you with this goal.

Here are 32 easy ways to do that!

• Shop at Discount Stores: You don’t have to go all out with your shopping if you’re looking for a way to save some money. There are plenty of stores that offer great deals and you can still find some really cute clothes.
• Find Online Deals : You can find deals online for just about anything. This is a great way to get the deals that you might not know about. There are so many websites out there dedicated to helping you find the best deals and coupons.
• Save Money on Your Cell Phone Bill: Just because the cell phone companies want to charge an arm and a leg for service doesn’t mean you have to. There are plenty of options out there where you can find great deals on your cell phone bill without having to break the bank.
• Call and Cancel Unnecessary Services: Do you really need to subscribe to cable? How about getting rid of your gym membership because you know that all the exercise won’t do anything for your weight. The truth is you don’t need a lot of these things that are costing you money. Also, try a free service like Trim or Billshark .
• Buy Generic Items: Do your shopping at the grocery store and buy generic items instead of brand names for most of your purchases.
• Buy in Bulk: Buy items like toilet paper, cleaning supplies, and other things in bulk to save on the cost of each individual item. This is more so for families who can buy food in bulk.
• Start Couponing: This is a great way to save money. I know it’s not the most enticing offer, but if you’re looking to save money then coupons can be your best friend. You can go online and find coupons for items that are on sale at your favorite store or you can get them in the Sunday paper.
• Use Public Transportation: This is a great way to save on gas and wear and tear on your car.
• Get Rid of the Car: If you live in an urban area, it might be worth getting rid of the car and using public transportation or just walking instead. Or become a single-car family.
• Carpooling: One of the biggest hacks that many people are unaware of is carpooling- which can save up to $1,000 per year.
• Rent Things: Whether it is a video, movie, or power tools to complete a project, renting will save you money.
• Use Less Electricity: Turning off lights and other electronics when they are not in use can really help!
• Eat Spaghetti : Eating pasta saves money and reduces your grocery bill.
• Use the Library: If you like to read, the library might be another alternative to buying books.
• Borrow Books: Borrowing books from the library or your friends is a great way to read for free!
• Use Online Promo Codes: Using promo codes or coupon codes on all of your online purchases will make a huge difference. Here is a great place to find promo codes and get money back on your purchases.
• Eat Out Less Often: Eating out less can save money!
• Eat Less Meat: Eating less meat will save on your grocery bill! There are so many wonderful delish meals made with beans!
• Buy Used: If you must buy something but don’t want to spend much, consider buying used versions of the items you need. Buying used products will save money and help the environment.
• Share with Friends: Sharing your belongings, like clothes or toys, can save you money.
• Ask for Help: When someone offers to help you do something it’s only polite to take them up on it.
• Find Used Clothing: Buying clothing used can save you a lot of money and help the environment!
• Downsize Your Hobby: It’s important to live within your means. If you have an expensive hobby it may be time to scale back on the expense or find a cheaper one.
• Need vs Want: Try not to spend money on things that are “needed” but not “wanted.”
• Avoid Impulse Spending: Try to plan before you buy anything- think about what you need, the price of items, and if it is worth buying.
• Plan Free Activities: Plan outings with friends and family, rather than going to the movies or restaurants alone.
• Plan For Expensive Times: Give your friends a heads up before you go out on an expensive outing so they know it’s coming. They may be able to help cover the cost or provide a cheaper alternative. This will help everyone’s budget.
• Do Your Research: Research all of your options before you make any purchase- this will allow you to get the best bang for your buck and find the best deals.
• Bartering : If you must buy something, but you don’t want to spend much money on it-consider bartering with someone or buying used items instead of new ones (e.g., clothes, furniture).
• Know-How You Spend Money: Keep a budget to track your spending and be aware of how much money you have left at the end of the day or week so you can plan accordingly.
• Negotiate on Price: If you plan to buy something, don’t tell the retailer how much money you have until after they give their price- this can help save money and time by eliminating any final price negotiations.
• Think Before You Spend: Put some thought into your purchases before you make them- this will help you make sure you really want to spend money.

How Much Money Should you Spend?

There is a lot of conflicting information on how much money should be allocated to needs vs. wants, but this takes into account what percentage of take-home pay should be spent on necessities.

Here is the Cents Plan Formula we Use at Money Bliss:

• 50% to Basic Expenses
• 20% to Savings
• 10% to Giving
• 20% to Fun Spending

So, the average person should spend 50% of their take-home pay towards needs. That means you must spend your money wisely.

Keep a list of what you spend and how much it cost.

You should have some idea of how much money you are able to spend on what. This will help you decide whether it is worth buying a thing or not before purchasing it.

Use the list to see where you can make adjustments, for example spending more time with your family or finding fun things to do with no money .

Ready to Start Spending Money Wisely?

Spending money wisely can seem complicated at times.

The key to using money wisely is understanding how you spend your cash . Spending tends to happen automatically, which can lead people down the path of overspending and debt if not monitored closely.

The affordability of happiness and satisfaction depends intensely on the money we have.

The activities we could do, and expenses we could cut out, can be often atrocious and insufficient for our expectations.

Extreme dissatisfaction and the whole time earning less than we would desire, we may feel that we need to know how to spend money wisely.

The vital hacks elaborated in this post will help to understand caring for a budget, and changing our habits to spend more wisely.

When spending money wisely, people should be aware of their habits so they can change them in order to save more and spend less on things that do not bring happiness or benefit the person’s life.

If you want to save money, spend it on something that will make your life better or more enjoyable.

Know someone else that needs this, too? Then, please share!!

Did the post resonate with you?

More importantly, did I answer the questions you have about this topic? Let me know in the comments if I can help in some other way!

Your comments are not just welcomed; they’re an integral part of our community. Let’s continue the conversation and explore how these ideas align with your journey towards Money Bliss.

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *