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PERSONAL FINANCE
How to invest your spare cash for a better financial future.
New York Life | March 22, 2023
Perhaps you recently received a bonus or a raise at work. Maybe you've finally paid down that debt. Whatever the reason, if you're lucky enough to have some surplus cash on hand, there are a number of ways you could spend or invest it. Below is a look at how to invest your spare cash for a better financial future.
1. Increase your savings: Simply placing surplus cash in a savings account could give you peace of mind that it’s there to use should you need it for any further rise in inflation or the cost of living.
2. Boost the kids’ college fund: The total cost of sending a kid to college will depend on many factors but could be hundreds of thousands of dollars. So, putting some money aside early, e.g., in a 529 savings plan, could help out later on, and help give your children, and you, a more secure future.
3. Grow the value of your home: Making renovations and modifications to your property can make it a nicer place to live. But it could also increase the value of your home. So you might wish to consider investing in your existing property – particularly if you plan to downsize and recoup the profit later in life.
4. Boost your retirement savings: Increasing your retirement fund is another good use of surplus cash. Make greater contributions into your retirement plan and maybe you'll achieve the retirement lifestyle you want sooner than expected.
5. Increase your life coverage: Boosting your life insurance coverage – or taking out a policy if you don’t currently have one – is another good use of surplus cash. It ensures your family would be in a good financial position should the worst happen.
Whichever route you take with any surplus money you have, saving it or using it wisely could help put you in a better financial position – and give you great peace of mind.
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Media contact
Kevin Maher
New York Life Insurance Company
(212) 576-7937
Kevin_B_Maher@newyorklife.com