You wanted to make quick money online and now that you have, here are some ideas for putting it to good use. In some cases, you’ll even be able to make the money you worked for work for you.
· Save it! Start shoving it into an interest bearing account over the next 6-12 months. Then forget about it for 25 years.
· Invest in CD’s. The financial product- not the music disc. No one buys CD’s anymore. You can get a CD for as low as $500. Check your local bank or shop around for the best rates.
· Start paying back the money you borrowed from your parents. The amount you send won’t matter. They’ll be happy to take any amount. Trust me. Just send it.
· Start paying down your credit cards. On top of your monthly payment, take that quick money you earned and send in a mere $12.50 a week to the credit card company. This adds up to an extra $50 per month and can whack that high interest rate right between the eyes.
· Do the same thing for accounts that have gone into collection. Send your creditors $12.50 a week until they’re paid off.
· Continue your education. Education is expensive. Every bit helps.
· Create an entertainment, vacation or back to school clothes fund. Now you don’t have to skimp on these things or find a way to stretch your income when it’s time for these things to pop up.
· Start a savings account for your kids. He may only be 6 months old but college is coming up faster than you think. Get on it.
· Get some affordable health and life insurance. You’re not immortal, you know.
· If you haven’t already, get started on your retirement fund. No, you may not be able to live off of it but you’ll have something (and something is better than nothing considering a lot of us won’t get the benefit of Social Security by the time we turn 60). If it bothers you, keep in mind you can always move to some third world country on some far off continent where your dollar stretches farther. Then you’ll be the richest guy in the village.
Other smart things to do with the quick money you’ve earned online is to pay extra principal on your mortgage, put it toward simple but worthwhile home improvements, create a seed money fund for creating your own work from home online business, opting for premium maintenance procedures and upkeep on vehicles and expenses that come with animal care such as vaccinations and yearly exams. Don’t forget to donate a little here and there, too. It’s just good karma.
While it can be more than tempting to take what money you’ve earned online and blow it on little things, it is important to understand that even if you only made $100 for the week or less, small amounts add up over time into bigger amounts. Once you catch up on certain bills and get them paid off you can go right back and earn some more quick money online, apply it elsewhere and get yourself in good financial standing before you know it.
