Most of the time, after spending money, it's gone. In exchange, we get a service, a material object, or whatever we paid for in return, and that's the end of it.
What if, as consumers, we change the way we spend our hard-earned dollars and focus on spending money to make us better, richer, and enhance our lives?
Here are five things to spend money on to do just that, along with some examples.
5 Things to Spend Money On That Will Make You Richer
Research has shown that “people are happier with experiential purchases over material ones.” Experiences will always pay off more than material goods. While an experience will not give you anything tangible to walk away with, the act itself is what builds wealth or makes you rich.
Experiences provide a learning ground, a way to try new things, create new memories and gain new perspectives. Doing all of this can help you push your comfort zone. Developing a unique point of view and new ideas is what can propel you to elevate your life and contribute to your personal growth.
Examples: Taking a cooking class, attending a concert, and learning about art and design.
Travel is technically also an experience in and of itself; however, you can think of it separately because travel doesn't always have to mean big fancy trips to another country.
Travel can also include somewhere you haven't been before – a new town, new state, new park, (or new country). These trips can be with a friend or as a solo trip.
The act of traveling – learning how to plan a trip, be safe while traveling, and gain the confidence to explore new areas- can help you grow as a person and contribute to your happiness. All of which can enrich your life.
Like other experiences, travel can change your perspective and give you a better sense of your own life. Seeing how the rest of the world works, or even how people in another town get by, can make you appreciate what you already have.
Examples: Local road trips, a girl's weekend away, and a solo trip to another state or country.
Time With Family
Time is the most valuable commodity we have. What's gone is never coming back. No amount of money can buy you more time or add more hours to a day.
As time goes on, we get older, things change, priorities change, schedules become crazy, and in the middle of it all, quality time with loved ones is most likely to fall to the wayside.
Spending money to give yourself time with family, whether in the form of vacation, activities, a meal out, or having them stay with you, is well worth the investment. You will never regret spending more time making memories with someone – especially family.
Examples: Family vacation, a reunion weekend, and attending an event together that everyone would enjoy.
Studies have repeatedly shown that once we have our basic needs met, the amount of happiness we experience in life is no longer related to the amount of money that we make. Instead, we feel happier when we give back and do for others. Charitable giving in the form of money or time is an excellent way to spend your budget.
There are many ways to give back to others, including donating your unused goods and money or volunteering your time. Give to those who need what you can give.
Charitable giving increases happiness not just because you make someone else happy but also because it reminds you of how much you already have.
Examples: Volunteer at the Red Cross or local homeless shelter, donate to Salvation Army or foster a pet.
The saying goes, “health is wealth,” and it's true. Without health, there is nothing, no energy, no ability to pursue interests, partake in activities, or live the life you want to lead.
Spend money on ways to improve and maintain your health. Invest in lifestyle changes that will enhance your diet, get you moving, and help you sleep better.
The upfront financial cost of a healthy lifestyle may be higher; however, the long-term result is a healthier life and financial savings in the form of reduced medical bills. Plus, you will get more time with your loved ones!
Examples: Join a gym, purchase equipment to use at home, and take exercise classes.
As these examples show, wealth is not just about having a certain amount of money. It's about having the things in life that matter most and the freedom to gain experiences and travel.
To be rich means showing gratitude and appreciating what you already have while giving back to the less fortunate.
While money is an essential factor here, having more than you need, and spending it on fancy items, does little to enhance your life. So, make a conscious decision to spend your money in ways that will.
Being intentional about your hard-earned dollars can make all the difference in your level of happiness and fulfillment, not to mention the length of life!
This post was originally produced by The Female Professional and syndicated by the Wealth of Geeks.
Featured image courtesy of unsplash
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Sanjana is a physician anesthesiologist, avid traveler, and entrepreneur. She founded The Female Professional in order to give women a voice, a community, and provide resources to help them overcome hurdles and achieve success.
With her experiences as a physician, as a CEO of a startup, and as a writer, she understands the struggles and frustrations that women face. She also understands what it takes to move past those things and come out on top.
Through this platform, Sanjana aims to empower women to be their best, authentic, selves, achieve work/life balance, and live life to the fullest.