Have finances held you back from splurging on that grill you’ve always wanted or those home repairs you desperately need? Now that you have a little more money in your piggy bank, you can finally spend money on those long-awaited items and projects.
Here are a few ways to make the most of that holiday bonus or savings account.
1. Spend on the Ultimate Vacation
Have you finally saved enough money on staycations? You may have enough money to spend on a month-long trip to Europe or even a more extreme adventure. Climb to the top of a world-famous mountain, hike through the rainforest, or eat your way through the best restaurants in the world!
Even though you have money saved, you should do everything possible to save more. Coupons, promo codes, and rewards programs go a long way here.
Apply for an airplane rewards credit card as soon as possible. You earn miles with each purchase, so make this card your default credit card. Plus, good payment habits may generate even more rewards.
Some cards may allow you to trade in your points for travel accessories, like airplane pillows, luggage, and even hotel stays.
Remember to book your vacation in advance. You may score a special deal during a sale.
Plus, some seasons are more popular than others, which can yield even more discounts. For example, a summer vacation resort may have cheaper deals during autumn, also known as shoulder seasons.
Don’t forget about flight and hotel package deals. You can save big on lodging with these deals, especially in tourist-heavy destinations like Vegas. Las Vegas hotels frequently run deals to attract guests.
You can spend even more on live entertainment, additional destinations, self-indulgence, souvenirs, and food by taking advantage of all these travel deals.
2. Create a New Wardrobe from Scratch
Remember back-to-school shopping season? You’re never too old for a nostalgic shopping spree!
Donate clothes you don’t want to friends, family, and charities. You could even spend money on a brand new wardrobe or closet remodel. Spare no expense!
Build a brand new walk-in closet, complete with the following:
- Vanity desk (with mirror)
- Comfortable seating
- New carpeting
- Several mirror types
- Dressing screens
- Dressing rooms
- Table islands
- New lighting
- Clothing racks
Walk-in closets are ideal for people with extensive apparel collections. You can also organize your closet like a mini store, with separate areas for shoes, shirts, dresses, and accessories.
Of course, just because you’re splurging doesn’t mean you should miss an opportunity to save money.
Scowl the paper and internet for the latest department store coupons and sales. Head to your local swap meets for killer deals on your favorite sneakers. You need a shopping list first, so don’t forget to click for more ideas for sneakers and accessories.
There are plenty of hidden gems hanging on the clearance racks. Outlets and discounted clothing stores are also packed with great items, with some priced at under $5.00.
Start with the most-needed items. For example, stock up on high-quality winter coats and snow boots if you live in a cold weather state. Leave room for new gloves, scarves, thick socks, and ear muffs, too.
Are you the creative type? Why not take this opportunity to make your own clothes?
It’s never too late to learn how to sew. Start with a basic sewing machine and patterns. It’s best to start with simple pillow patterns and improve from there.
A basic short-sleeved shirt or skirt is a great starting point. Eventually, you can start making shorts, overalls, coats, and multi-pocketed pants. You could even knit your own socks!
3. Pay for Your Home Improvement Projects
How many home improvement projects have you put on the back burner? Understandably, these projects are expensive. Some projects, like solar panel installations, can cost upwards of $30,000 or more. Thankfully, you can get city subsidies for panels, leaving even more room for much-needed repairs and projects.
Think about the goals of your home improvement projects. Plan around these benchmarks to save money and complete the work on time.
For example, plan well in advance if you want to add an extra story to your home. These projects can take several months to a year.
- Working with general contractors
- Creating blueprints
- Obtaining any mandatory permits
- Investing in quality supplies
- Building materials
- New Windows
- Flooring materials
- Wall paint
Don’t hesitate to spend money on high-quality paints and building materials. Quality goes a long way, preventing you from needing recoats and repairs. You should also work with a reputable contractor with a digital portfolio and track record of client satisfaction.
Unlike travel, remodeling is one of those situations where you don’t want to cut corners. A discounted hotel stay is not the same as discount lumber or tools. Investing in low-quality supplies can also lead to safety hazards, like weak floor boards or moldy paint.
4. Start Your Dream Business
Have the planets aligned just right in your favor?
The right combination of timing and capital can signal the start of a thriving business. Capital is instrumental to small business success; you’ll need enough money to get your company off the ground.
You may be able to “bootstrap” your small business from the beginning. This strategy relies entirely on your own capital, not loans from institutions or investors.
Even better, if you’re profitable as a bootstrapped company, you’ll have a greater chance of securing funding later on. You can use that funding to expand your company to other locations, even globally.
You could also secure a bank loan early in your business journey if you have excellent credit. The better your credit, the greater your chance of loan approval. You could receive millions of dollars in loans over several years, depending on your company’s success.
Spend to Your Heart’s Delight
This year, put yourself first and Spend on that much-needed remodel or new car. Let the holiday shopping season encourage even more spending-worthy ideas. The blog is also full of ideas to inspire you. So keep reading!