Thrive in 2014: Strategies for Smart Investment of Your Extra Funds

If you hit some financial bumps in 2013, you’re definitely not alone. Maybe you’re dealing with debt, you haven’t started that emergency fund yet, or setting up an extra retirement account is still on your list. Perhaps college savings for your growing child is also worrying you.

Don’t worry; lots of people are in the same boat. The good news? Solving this isn’t as hard as it seems. It just takes putting some of your extra money to work for you.

WHERE TO FIND EXTRA MONEY

Think you don’t have any extra cash? You might have more than you think. Sometimes we overlook things that can be considered “extra.” For instance, your tax refund, any refunds from coupons or discounts, and even money from a side gig can all add up.

Instead of letting these extra funds disappear into daily expenses or unnecessary splurges, you can combine them for a much bigger impact.

THE IMPACT OF ASSIGNING YOUR EXTRA MONEY

Look at what Julie from The Family CEO achieved. From July to September 2013, she gathered $7,113.37. Some went to her emergency fund and the rest covered her daughter’s college costs, all without taking on debt.

Even if your numbers don’t match Julie’s, you still probably have more extra funds than you realize. For instance, Erika from Newlyweds on a Budget used her side gig to make over $20,000. This helped pay off debt and fund vacations including trips to Costa Rica, New York, Seattle, Las Vegas, Temecula, San Francisco, and San Diego. By assigning her money specific purposes, Erika managed to tackle her debts while still enjoying travel.

READY TO START?