The feeling of having expendable income after all of the bills are paid can provide stress relief immediately. The aspect of having this income that many people do not discuss is what it should be used for. Far too many people waste their expendable income on things like entertainment or investments that depreciate like a new car. Allowing your money to grow or add value to other investments that you have is important. Making the right decisions with your excess cash can allow you to retire far earlier than you had planned. Below are 

Pay Your Current Debts Immediately 

Debts that you have currently can be impacting your credit or your mental health. Being in debt leads to stress so paying off that student loan or nagging credit card balance will provide peace of mind. The process of paying off debts should go in order of interest rates. Those interest rates that continue to compound need to be handled first. Putting extra money towards a mortgage can be an option as well allowing you to pay off your home years early with just an extra hundred dollars a month in many cases. 

Put Money into Home Improvement/Renovation Projects 

The home is often the largest investment that a large number of people in the US make in their lifetime. You do not have to splurge on this as there are options like sink refinishing or bathtub refinishing. Renovation projects can be the perfect way to increase the value of your home quite quickly. A small renovation can add thousands of dollars to your home’s value almost immediately. 

Take a Look into Building a Stock Portfolio

The stock market can be volatile and during the Coronavirus pandemic there are plenty of stocks that have plummeted. For companies that are going to stay in business this can be the perfect opportunity to invest. Airlines are one example of an industry that will rebound but it will take a patient investing strategy to profit in a huge way. You want to grow your money instead of letting it sit in a savings account that provides lackluster amounts of interest annually. The right investing strategy or simply getting lucky with an investment happens over time. 

Investment Properties Can Pay Off!

The idea of an investment property can scare off plenty of people as everyone has heard of nightmare tenants. The ability to enlist the help of a property management company can make an investment property generate truly passive income. Being able to rent out a property while the property increases in value can be truly great. For people that want consistent income without the risks that stocks pose an investment property can be the perfect option. There will be updates that need to be made and investing in a property that is in a flood zone can be a recipe for disaster. 

Further Your Education

An investment in yourself is the best one that you can make in terms of furthering your education. Not only can this be personally fulfilling but it can also open up professional opportunities. You need to further your education in a field where it is useful to your professional well-being or you are interested. The ability to speak on a topic with true authority cannot be understated especially when it is in a professional setting. 

Expendable income that is spent wisely can lead to building personal wealth. Take the time to assess how you are currently using your expendable income and start making changes today!