You’re eyeing the new iPhone X and seriously considering letting go of your current mobile phone. Maybe it’s your way of giving yourself a treat this Christmas, or perhaps you just like owning the latest model that’s out in the market. Press the pause button for a moment and allow us to present a couple of alternative ways you can spend your cash. We’re listing options that’ll give you more bang for your buck!
Pay Off Any Outstanding Credit Card Debt
This is going to sound boring, but it actually makes sense. Paying off credit card debt will free you from all that compounded interest that keeps you bogged down and paying just the bare minimum every month. If you have a substantial outstanding balance, use the money to wipe the slate clean and save yourself thousands of pesos on interest payments over the next year.
Get a Health Insurance
If you aren’t currently insured, we urge you to research on your options and get yourself not only basic health insurance, but also some life insurance as well. The great news is insurance packages now usually double as investment plans. You can actually make money while being protected from any sudden illness or unforeseen events that may render you unable to continue earning a living.
Start Your Own Small Business
Why not use that PhP50,000 to launch your own empire? You may argue that it is not enough but other businesses have started with less and have gone on to become wildly successful. Really. Starting your own business may be one of the best things you can ever do for yourself. It gives you the freedom to be your own boss.
Enroll in a Short Course and Learn a New Skill
Take an online technical or business course that will build your skills and take you further on your current job. If that doesn’t sound appealing, enroll in a language class. Knowing another language is always an asset, especially if you plan to work overseas. Anything that will expand your horizons and make you a well-rounded individual is a much better investment than a new phone.
Invest in Stocks or Funds
Sure, you may not have any knowledge about the stock market, but you can invest in a fund wherein someone handles all the technical nitty-gritty, ensuring that your money is in the best possible position to increase in worth and ultimately, make some profit. All you have to do is check in every now and then to see how your little investment is doing.
Go on a Trip
You should consider this an investment as any kind of traveling widens one’s horizons. It is always a great way to learn more about other cultures, and at the same time understand yourself and your place in this world. As Anthony Bourdain advocates, “Move as far as you can, as often as you can.”
Open a Second Savings Account
Open one without an ATM card, so that you can’t just withdraw money anytime. No, you won’t get that shiny new phone, but you’ll have PhP50,000 in the bank. Add to your fund every so often, and you will find yourself being thankful for this when an emergency comes up.
Have other great ideas that’ll put the iPhone X money to good use? Go for it! Don’t limit yourself to this list. No matter how you decide to spend your money, the good news is you will, at the end of the day, have grown your wealth (or at least saved it!) as opposed to just purchasing another gadget.