The holidays are around the corner, and the perfect time to reward yourself for all your hard work! However, you probably shouldn’t buy everything on your wishlist right away. It may be wiser to wait for the various holiday sales and get the savings. If you want to end the year enjoying your money, right now is the best time to save! Here are a few fun things to save up for, broken down into four different categories:
Everyday items
When it comes to everyday items, quality almost always trumps quantity. Spending a little more money on these things will drastically enhance your quality of life. Here are a few examples:
Skincare and cosmetics
Looking fresh can be a source of confidence for many women. Cheap cosmetics can cause you to break out or simply won’t produce the desired effect, which can hurt your confidence. Buying pricier versions of these may cost more, but knowing that you treated yourself to quality products, will help you feel more confident. It’s worth the bigger price tag–as long as you save up for it accordingly. Speaking of looking good…
Outfits
Generally, nicer clothes are made with high-quality materials. This will help them hold up over time and sometimes even look and feel better with age. Many stores sell clothes at a discount after the holidays, so it’s smart to start saving up as soon as possible!
However, higher quality doesn’t always mean more expensive. There are a handful of ways to get quality clothing for less. I have a friend who’s been rocking the same leather boots for years–and she thrifted them!
A new mattress
We spend about a third of our lives asleep, so why not make it comfortable? The difference between low-quality and premium mattresses is night and day if you’ll forgive the pun. It might not be one of the most fun things to save up for, but avoiding lower back pain and feeling rested is well worth the price.
Coffee machine
If you’re a daily coffee drinker, you should buy your own coffee machine if you don’t already own one. A high-quality coffee machine can help start your days with the best brews. You’ll save quite a bit of money by doing so, too.
Phone
While I don’t advocate buying a new phone every time Apple makes an announcement, it does make sense to upgrade. If your old phone is slowing down, it’s time to get a new one–especially if you use your phone often. Saving up for your next phone ASAP is your best bet to getting a brand-new phone at full price.
Experiences
Experiences are the go-to way to have fun with spending money. These, however, are typically very expensive and will require you to save up over time. Once you’ve set aside enough money, you’ll be glad you had them. Here are five fun experiences you can save:
Vacation
Who doesn’t want to go on a vacation? Whether it’s a trip to the Bahamas or a hike up the Himalayas, vacations are almost always memorable. However, they’re not always the most affordable. You should start saving up for them as soon as possible. It doesn’t hurt to research other ways to make them more affordable. Vacations are one of the best and most fun things to save up for, in my opinion.
Concert or music festival
Concerts and music festivals are incredible experiences, but they are quite costly. If you want to enjoy yourself in this way, you must save up for them.
Self-care day
Maybe you don’t need to leave your city to have fun. A staycation or self-care day can be all you need to enjoy! Put on your favorite records and your most comfy clothes, and order some UberEats, and you’ve got yourself some fun. The best part? It shouldn’t be all that expensive, so you won’t need to save up for it for too long. However, you definitely should still save up for it.
Road trip
Grab some friends and a car, and head out of state for a weekend! A road trip is always fun with the right company. Unfortunately, gas prices are probably holding most people back from taking a spontaneous road trip these days. AirBNBs and food can also eat up a road trip budget. If you want the best road trip you can, you definitely need to save up for it.
Wine night with friends
Forget the cheap drinks! Call the girls, wear your best dress, and head out for a night about town. What could be more fun than a night with good company, food, and wine?
Investments
They say the wealthiest people are those who can live with the least. If, instead of looking for typical fun things to save up for, you would rather invest, check these out:
Emergency savings
Before investing, you should build your emergency savings fund first. Typically, this is about six months to a year’s worth of expenses. For reference, the average American household spends about $5,000 every month.
Retirement
Retirement may not sound like the most fun thing to save up for, but you’ll be thankful you did. Saving up for retirement early in life is one of the smartest ways to use your money because of compound interest.
Risky investments
Saving up your money for risky investments is a great way to potentially earn more money in a shorter period of time. Unfortunately, they may also end with you losing money–which is why you have to be smart about them. Building an emergency savings fund and having other investments is a great starting point before making riskier investing choices.
Capital
Are you planning on starting your dream business? You’ll need capital first–and how much will depend on what you’re planning to sell. If you’re considering starting a business venture, it’s best to save your capital as soon as possible.
Down payment
Your own car or place to live are great things to have, and you can work towards them right now. Saving up for a down payment is the first step to owning these things you’ve dreamed of calling your own.
Hobbies
Most people use their hard-earned money to fund what they’re passionate about. If you’re looking for a passion project to fund or fun things to do while saving money, you should try the following:
Cooking
You probably already have a food budget set aside, so this won’t cost you more. Learning to cook new dishes is a fun and free activity you can do. If you’re looking to spend more money, you can always buy more or higher-quality ingredients.
Making music
Making beautiful music can be a lot of fun, and with apps like GarageBand, it’s free, too! You can make some soulful tunes to express yourself or even show your friends. If you think music is your passion, you can also start saving up for new gear–like an instrument.
Reading
Did you know that your taxes aren’t just paying for roads and infrastructure but also for knowledge? Public libraries are full of books that you can read and borrow. They’re completely free!
If you want to spend a bit more money, you can also work on assembling your own home library.
Dancing
While dance studios and teachers can help you learn how to move, learning how to dance can be completely free! There are hundreds of choreographies on Youtube that you can watch! Maybe I’ll watch you on Dancing with the Stars!
Exercising
You don’t need a gym membership or a fully-stocked home gym to work out. You can get a strength workout by doing calisthenics and cardio by jogging or dancing (see above). The internet is full of people willing to give you workout and exercise plans for free! You just need to know where to look.
Speaking of freebies, I send free financial tips to the money squad weekly. If you want in, all you have to do is click the link and sign up! It only takes a few seconds, but it’ll give you exclusive and potentially life-changing financial advice. So what’re you waiting for? Sign up today!
