There are several things you can do with your savings once you have built it up:
1) Invest
One of the smartest things you can do with extra cash is investing it so that it has the potential to grow over time; there are numerous types of investments available (e stocks , bonds , mutual funds , etc.), and working with a financial advisor can help ensure you're making wise choices suited to reach specific goals .
2) Save for long-term goals
In addition to building an emergency fund , consider putting away funds specifically for large purchases down the road like a home deposit , wedding , or college education ; breaking down these big-ticket items into manageable monthly contributions makes them feel less daunting .
3) Give yourself permission to spend
Allocating "fun money" towards guilt-free activities like travel , entertainment , dining out , etc., not only allows you enjoy life more fully in the present but also provides motivation to stay disciplined with saving ; seeing progress towards enjoyable experiences keeps us focused on our greater financial objectives .
1) Invest
One of the smartest things you can do with extra cash is investing it so that it has the potential to grow over time; there are numerous types of investments available (e stocks , bonds , mutual funds , etc.), and working with a financial advisor can help ensure you're making wise choices suited to reach specific goals .
2) Save for long-term goals
In addition to building an emergency fund , consider putting away funds specifically for large purchases down the road like a home deposit , wedding , or college education ; breaking down these big-ticket items into manageable monthly contributions makes them feel less daunting .
3) Give yourself permission to spend
Allocating "fun money" towards guilt-free activities like travel , entertainment , dining out , etc., not only allows you enjoy life more fully in the present but also provides motivation to stay disciplined with saving ; seeing progress towards enjoyable experiences keeps us focused on our greater financial objectives .