How far can $100 go? Check out these ideas for new ways to invest your extra money this month!
Go Thrifting
Instead of going to the mall or buying something new, you can stretch $100 much further by browsing your local thrift shops. You can often find name-brand items for a fraction of the cost. Many items have never even been used before! Make your hunting even more satisfying by knowing what to look for. Search tags for their material composition and look for items that are cotton, silk, and linen, which are generally more valuable and last longer.
You can also find household items like mugs, silverware, furniture, and decor. For just $100, you can buy new additions to your wardrobe and potentially update your home.
Meal Prep
You can also try to spend only $100 on your next grocery run. By taking extra time to prepare and plan your daily meals, you can avoid impulse buys that drain your account! Start by writing down your typical breakfast, lunch, and dinner and anything extra you’d like to plan for the week. By having a succinct list, you can prevent buying things that will simply sit on the shelf all month.
Another way you can save money in your meal budgeting is by making some of the things you buy at home. For example, by making your own coffees, avocado toast, burrito bowls, or other typical takeout favorites, you can save so much more!
Invest in One High-Quality Item
If you normally buy four or five items when you have a spare $100, why not try purchasing one really nice item? Oftentimes, a higher quality piece not only lasts longer but can look better if it’s made with better fabric and stitching.
Once you factor in how often you wear the cheaper items versus the more expensive item, you can get a better idea of your return on investment. If you wear your $100 blazer two times a week because you love the look and feel, over twice a month with a $20 blazer, you’re already making it out ahead!
However, this doesn’t just work for clothing. You can also invest in solid quality cookware, a better piece of furniture, or even a nice piece of art that you’ll look at every day.
Open a Savings Account
If you finally have leftover cash every month, it may be a great idea to start a savings account at your local bank. You’ll be less tempted to buy random items if it’s not burning a hole in your pocket. Once you reach one to six months of income (depending on your individual situation and line of work) you will have a well-cushioned nest egg in case of emergency.
Make Minor Home Repairs
Do you have a leaky sink you’ve been dealing with, or a room with holes in the walls, or a room that needs a fresh coat of paint? Even $100 can make a room in your home get in top shape. While invasive repairs are more expensive, small details that just need a little extra attention can easily be fixed with professional help or a few tools costing around one hundred dollars.
Plus, by fixing any leaking holes or unsightly areas in your home you may cut down on water costs and increase the value of your home!