Extra cash is always exciting to come by. Whether it’s in the form of a bonus, raise, side hustle, or something else, it’s good to feel a little bit more secure about your finances. But with additional income comes the temptation to spend it on things you haven’t been able to in the past. Vacations, new gadgets, clothes, and shoes...the list goes on.

While we don’t want to eliminate the joy of having some extra cash, there are smarter ways to spend it. Here, LendNation is sharing our best tips for doing just that so you can better plan for your future and financial security.

Pay off debt

Nearly 200 million Americans have debt. Between mortgages, cars, education, and daily living, credit card bills can add up quickly. Use your extra cash to tackle your highest-interest debt first. Once you pay that off, roll up that payment amount into other debts, and continue the snowball effect as often as you can. If your excess income isn’t quite enough to tackle your debt yet, simply make an extra mortgage or credit card payment. It may not feel like much, but each time you make an additional payment, you shave a month off your ultimate pay-off date.

Build your emergency fund

Financial experts recommend having an emergency fund for, well, emergencies. Whether it’s an unforeseen expense or you find yourself temporarily out of work, you should lean on these funds first before racking up more debt. Contributing extra cash to your emergency fund may not feel like an investment — especially if you’re just starting out — but it will certainly help you prepare for future emergencies, should you ever experience one.

Invest in your future

In addition to an emergency fund, you should also keep in mind other future expenses. Retirement, planning for children, weddings, a new home — these are all huge milestones that come with an equally huge bill. If you already have retirement accounts, use any supplemental income to make an extra contribution. If you don’t have a retirement plan in place, use that cash to open one! A 401K, Roth IRA, or Traditional IRA are all great investment options as they grow over time (and as you contribute more). 

Make home improvements

Making upgrades to your home is an excellent way to spend excess money. Not only do you make your house a better place to live, but you can potentially increase the value of your home if you don’t plan on living there forever. However, choose wisely at which improvements you make, as some return a higher profit than others.

Spend some on yourself

Extra cash isn’t just about putting it all away — you should also take the time to enjoy it. Depending on how much you have and how you choose to save it, set aside a smaller percentage to spend on yourself. Maybe it’s a nice pair of shoes you’ve been eyeing for a while, or finally going on that tropical vacation you’ve always wanted to take. You work hard for your money, and you should reward yourself as such! Pro tip: Apply excess cash to a future investment first, then use the rest on yourself. This will help prevent spending it all on exciting things, which we know can be tempting.


Turn to LendNation for extra cash

When extra cash isn’t as easy to come by, or you find yourself in an emergency financial situation, turn to LendNation. Our title, installment and payday loan applications make getting cash quick and easy. Apply online today or find a store near you!