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Smart ways to stash spare cash

30/06/2021

5 ways to take advantage of extra money when it comes your way.

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It’s that time of year again when you might be getting your tax sorted and possibly receiving a decent return. If you do find yourself with some additional wiggle room in your budget or extra cash up your sleeve, we’ve listed 5 ways you can take advantage of unexpected money when it comes your way.

1. Top up your savings

Funneling an unexpected windfall or bit of extra cash into your emergency fund or savings is never a bad idea. It’s peace of mind for the future and if you weren’t expecting the money anyway, you’re unlikely to miss it once it’s tucked safely away for a rainy day.

2. Pay down your debts

No one likes having debts hanging over their heads – whether it’s a maxed out credit card, a personal loan or some money you owe to a friend or relative. And getting your hands on some unexpected cash presents a great opportunity to clear some or all of your debts in one fell swoop.

3. Spruce up a space

When your priorities are paying bills and ensuring the mortgage is covered, home maintenance can be pushed to the bottom of the list, right? The great news is, cosmetic changes to your home can deliver a budget bang for your buck – from giving your space a lick of paint to sprucing up your outdoor area with some lush new plants. It could also be a chance to finally upgrade to a new fridge or other appliance if your old one’s been on the blink.

4. Invest in yourself

If your super fund balance leaves you cringing a little, you’re not alone – moving the needle in any significant way can take a while. But if you’ve got a bit of extra cash, popping it in your super is a great way to see an immediate boost, take advantage of compound interest and invest in your future years. If you’d like more information around doing this or investing your money in other ways, consider speaking with a financial adviser, who can talk through your options so you can make the best decision for your personal circumstances.

5. Book a holiday

It’s been a challenging year and the uncertainty continues. With routines thrown out or changes to financial circumstances, you might feel guilty about taking some time away. But prioritising your mental wellbeing and having something to look forward to is equally important to avoid burnout. And it’s also a great way to support local businesses and tourism with most offering flexibility around free cancellation or credit on bookings given the current circumstances. If you’ve been optimistically squirrelling some dollars away into a holiday fund, an extra cash injection could help you get across the line and justify booking some much needed time away.

This information has been prepared without taking into account your objectives, financial situation or needs. This article is intended to provide general information of an educational nature only. Information in this article is current as at the date of publication.

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