What about the money you got for Christmas?
Statistics show that about half of Christmas presents are banknote envelopes. For the donor, this is the easiest and fastest way to invent a “Santa Claus” and save yourself the disgruntled glances of those who did not like to taste with an ill-conceived gift.
How best to use the money you found under the tree so that, ideally, it multiplies several times for you?
1. Create a financial reserve
The general guidelines say that each of us should have enough money put aside to be able to cover an unexpected reduction in income or its complete blackout for at least three months.
The number of months without income is an individual matter, which can be set differently by each of us. Someone feels comfortable with a financial pillow for three months, for someone even a pillow for a year will not be enough for peace of mind. Therefore, start by calculating your necessary monthly expenses.
Do you know the amount of your fixed monthly expenses? Simply put the costs that you must necessarily pay each month? For housing, for electricity, for insurance, for food? If you don't have them counted, start with that. Then multiply this amount by the number of months during which you can lose income and still feel comfortable enough financially.
Christmas money probably won't cover all of that, but it's a good way to start building a financial buffer.
2. Buy a pass to the fitness center
At first glance, it may seem that this tip does not belong here at all, but do not be mistaken.
For the period of Christmas and New Year's Eve, not only gifts and gatherings with the family are typical, but also a not very healthy form of eating. The consumption of fatty and sweet during this period is many times higher than usual, as well as the consumption of alcoholic beverages.
Studies suggest that early prevention and investment in health and fitness are cheaper and more enjoyable than dealing with health consequences later.
Therefore, with a change in diet or lifestyle, do not wait until the first health problems appear. Start now.
It may be the best investment you will ever make in your life.
3. Pay off your debts (faster)
We know it's not the coolest way to spend money, but it's definitely one of the smartest. If you have any debts, use the donated money to pay off your obligations faster. Whether it's ordinary consumer loans or anything else, it's always true that the sooner you get rid of them, the less you'll pay in interest as a result.
4. Educate yourself
Does your lack of education prevent you from being able to say more money for your work? Do you feel you need to improve your English? Would you like to start programming but don't know how to do it?
Today, the Internet offers almost limitless opportunities to learn.
Almost for a few crowns (or dollars) you can find a native speaker in no time via specialized applications. Learning platforms, in turn, will offer courses in programming, computer graphics and much more. So there is no problem learning something new, thanks to which you will be able to earn a few thousand extra each month.
The period after the New Year is considered by many people to be a turning point in which they decide to give their life a new impetus. Use this time combined with the money from Christmas and invest in yourself.
5. Invest
The biggest problem for small investors is usually not a lack of money, but that they don't have the determination to start investing.
Creating an investment strategy, setting goals to invest towards, or putting together an investment portfolio — it all takes time and know-how, without which you can't get out of place. The concern is sometimes compounded by the old adage that it takes a lot of money to invest. Of course, this can discourage small investors from appreciating their money. Different forms of investing also bring with them different levels of risk. The opportunity for high and quick earnings is often accompanied by the risk of equally rapid and high losses for an inexperienced investor.
At Investown, we have decided that we want to offer investment opportunities to all types of investors, while ensuring them with the lowest possible level of risk. Therefore, it is possible to invest with us from 500 CZK. Individual projects currently offer an appreciation of around 10% p.a.
In practice, this means that for every CZK 10,000 invested, you get almost CZK 1,000 extra effortlessly.
Currently you can earn with us like this, for example by investing in an open project with a yield of 10,5% p.a.