7 Meaningful Ways to Spend Your Money - Life's Little Pleasures and Struggles

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Spending money can be fun. The mere thought of spending money can bring excitement to most people. And when it comes to spending money wisely in a meaningful way, saving and investing money for the future is what comes to our minds first. That’s, indeed, the most meaningful and practical way to spend your hard-earned money. But that’s not the only way.

Not everyone is fortunate enough to have some money left after satisfying all their needs. Then, most of them who are able to save some extra money either by trimming expenses or increasing their income, usually spend their money on unnecessary things that neither add value to their lives nor bring them long-term pleasures.

Related post: 20 Silly Things You Are Wasting Money On

By evaluating your values and priorities and determining what makes you happy, you will know what’s worth spending your money on.

If you can manage to save some money after all your monthly expenses, there are a number of meaningful ways to spend that cash to increase your happiness and well-being. By spending your money meaningfully and wisely, you will simplify your life and experience less stress and more fulfillment.

Here are 7 meaningful ways to spend your money:

1. Paying down debt:

If you have a great deal of high interest debt, it would be foolish not to pay it down before you go and spend your money on some other useful or meaningful things or pursuits. Whatever extra money you can come up with after your basic monthly expenses, you need to put that money towards paying off your debt so you can save more money in the long run.

2. Saving for retirement:

It’s never too early or too late to start saving for retirement. But the earlier you can start, the better it is for you. No one likes to worry about money — especially when it’s their time to relax and work is not an option.

Investing in your retirement now, no matter how much or how little you can manage to contribute, will make your later years less stressful and more enjoyable.

Half of Americans won’t be able to maintain their standard of living in retirement. So, put your future needs before your present wants. Save your money today so you can spend it in your golden years. Your future-self will thank you.

3. Pursuing education:

If you can spare the extra cash, investing in higher education is a fantastic option. Education is always a worthwhile investment. Whether you are thinking about switching careers, or you simply want to learn or develop a new skill, investing in your education is a great way to achieve significant personal growth.

You can also consider saving money for your kids’ college education if you are a parent. That will be a wonderful and meaningful gift for your kids that they will always appreciate once they grow up.

Also check out: 8 Ways to Save for Your Child’s College Education

4. Enjoying a relaxing vacation:

People who take a break from work and enjoy relaxing vacations have lower stress levels, less risk of heart disease, a better and improved outlook on life, and more motivation to achieve goals. According to a Gallup study, people who “always make time for regular trips” had a 68.4 score on the Gallup-Heathway’s Well-Being Index, in comparison to a 51.4 Well-Being score for less frequent travelers.

One study found that three days after vacation, subjects’ physical complaints, quality of sleep, and mood had improved as compared to before vacation. These gains were still present five weeks later, especially in those who had more personal time and overall satisfaction during their vacation.

A relaxing vacation allows you to be yourself without the external influences present in your routine life. Thus, it increases your happiness and overall life satisfaction.

5. Giving to charity:

Being charitable and contributing to the causes you believe in is another meaningful way to spend your hard-earned money. It can change other people’s lives for better, and bring you immense joy and long-term pleasure.

Giving to charity and helping others – both known and unknown – is a great way to practice humanity and show your support and compassion to the people in need across the world. You may not be able to donate or give much at once, but a little kindness can truly go a long way. And the pure happiness you derive from that act of kindness is worth spending your money.

6. Visiting the people who truly matter to you:

Your quality of life largely depends on the quality of your relationships. Taking time and spending money on nurturing the most important relationships in your life should get priority. Sometimes you may need to travel to a different place to visit your loved ones to be able to spend some quality time with them, or to rekindle the relationship. That takes money.

If you have important people in your life who live far from you, and you haven’t seen each other in months or years, spending money on traveling and visiting them to build memories is worthwhile.

7. Adding value to your home:

Your home is your biggest investment and your personal sanctuary. This is the place where you take refuge from the woes of life and the insecurities of the world outside. Here you relax and unwind, connect with your family and build memories. If it needs some additions or improvements to increase your level of comfort and overall well-being, you should spend your money on those. If there is something you need to fix, or change, or add, do so because that’s a practical and meaningful way to spend your hard-earned money.

By adding value to your home, you add value to your life for years to come.

Final Thoughts:

Spending money wisely and meaningfully needs you to evaluate your values and priorities. When you focus on your values, it’s easier for you to resist spending money on things that don’t matter. There are a number of meaningful ways you can spend your spare income. Consider these tips to help you figure out how you should spend your extra money in a way that can improve your wellbeing as well as others.