What should I spend my extra money on?

10 Smart Things to Do With Extra Income and Spare Money

• Pay Down Debt.
• Invest in Yourself.
• Invest in the Stock Market.
• Open a High-Interest Savings Account.
• Start an Emergency Fund.
• Buy a Home Instead of Renting.
• Invest in Rental Properties.
• Start a Business.

When should you spend extra money?

Discretionary income is the amount of an individual’s income that is left for spending, investing, or saving after paying taxes and paying for personal necessities, such as food, shelter, and clothing.

What can I do with extra money in Canada?

Birenbaum recommends people use the excess cash to top up their savings, such as an emergency fund, a registered retirement savings plan (RRSP), a registered education savings plan (RESP) or a tax-free savings account (TFSA).

How do I invest in extra savings?

What to Do With Extra Money

1. Create or build up an emergency fund.
2. Get your 401(k) match.
3. Pay down high-interest debt.
4. Start funding an IRA.
5. Save for your other money goals.
6. Explore additional investment options.

How can I make some extra cash?

It’s time to put your money goals into action and earn some extra cash….How to Make Extra Money Online or From Home

1. Tutor online.
2. Become a user experience tester.
3. Take surveys.
4. Get cash back from apps.
5. Teach English.
6. Get paid for your creative skills.
7. Offer your services as a virtual assistant.
8. Become an influencer.

How much money should be left over at the end of the month?

Many sources recommend saving 20\% of your income every month. According to the popular 50/30/20 rule, you should reserve 50\% of your budget for essentials like rent and food, 30\% for discretionary spending, and at least 20\% for savings.