Wednesday 24 June 2020

Saving Lots of Money But Not Knowing What to Spend it on

My friends are really good at saving, I always hear them saying that they have money in their bank accounts but they are not sure where to spend it on. A number of them will always tell me they are not sure where to spend their money at.

For me, I always find that I need more money because I have stocks that I want to buy and if possible, I like to increase my RSP amount monthly. So in a way, I dont find myself having lots of money saved up in my bank account and not knowing where to spend them.

1. Spend it on yourself

Courses now are readily available online and physically examples like SkillsFuture courses or online platforms like coursera. If you are really interested in something, it is good to go in-depth and deep dive into it to find out more.

This definitely takes a bit of commitment but if you do spend some money on the courses, you will naturally want to turn up for lessons to make it worth it.

If not, you can spend some money on books or something that can enrich you with more knowledge. Although there are also many free resources that you can leverage on

2. Spend it on experiences

Travelling is a great way though now it is very much restricted due to the virus but travelling definitely opens you up to many new experiences. Every time I travel, I am also curious about the people and how they love life differently.

The different environment and surroundings make it seem like our lives are all so different even though we are in the same world.

It keeps you thinking and allows you to reflect, be grateful for things you have. It might even inspire you to do something through the experiences that you gather.

3. Spend it for future income

Spend it buying stocks, haha. Yes, many of my friends do not really invest as they feel that it is a really risky place to put you money in and definitely, I have made some investing mistake and money was lost but I believe that in the long term, I would be in a better position. Though I cannot be 100% sure that in the long term, I will not lose money on my investments, but I am being proactive in managing and making sure my money does not erode to inflation which is going to be what makes saving money in your bank account useless.

You can also spend some money creating your own website or YouTube channel and do something you love.

Overall, not advocating that you need to definitely spend your money, saving it up is also good and if you can save more than why not, but remember that your money is only so much unless you put it to good use.

No rush to spend it all but you can start thinking of where you like to put your money at. 

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