Last Updated on Apr 15, 2020 by James W

When it comes to our finances, most of us have cash intakes that ebb and flow. Is there anything better than when you’re flush with green? Whether it’s due to a huge commission, a yearly bonus, your startup went public, or the like, you might be wondering what to do with your surplus. Don’t waste it on scratchers (although a few here and there are fine). If you’re looking for some guidance, we can help. Read on for five things to do with your extra earnings. Go forth and prosper … er, spend.

1. Be Charitable

Parting with extra money can be hard to do but that’s what makes donating to charity that much better. It’s rarely easy to give our hard-earned cash away but how many times have you wished you could help someone you know out, or someone whose GoFundMe campaign touched you profoundly? There are plenty of times in our lives when we’d love to help someone out but can’t make it happen financially, so when you’ve got the opportunity, go for it.

And, hey, call this selfish but helping others helps us to feel good, too. If you’re someone who pays attention to tax benefits, you likely know that charitable donations are also tax deductible, so it’s a win-win. Whether you lend someone the money to buy the car they so desperately need or pay the law-away accounts at Walmart, there’s no denying what a wonderful feeling being charitable provides.

2. Buy Cryptocurrency

You’ve likely heard about what an impact this is having on our economy but perhaps never paid much attention to it. Now that you’ve got money to spend, it’s time to put this on your radar. If you’re generally mistrustful of banks, you’ll be particularly intrigued by it. Cryptocurrency is a digital currency that uses encryption techniques to regulate its generation and funds transfers.

All of this is done independently of a centralized banking system, which makes it appealing to those who value their privacy and have been worried about all of the hacks in recent years. And while some thought Bitcoin—the original cryptocurrency—was going by the wayside over the winter, the rise of altcoins since then has shown that this isn’t going anywhere. Have some extra coin? Now could be the time to buy cryptocurrency.

3. Make Time to Travel

More than likely, the extra money you now have was hard earned, so you might have been putting in long hours to get where you are. Now that you’ve gotten there and then some, it’s time to turn travel into more than something you simply dream of. Make that travel board you created on Pinterest a reality. It’s not something you can put in the bank, per se, but the memories you’ll create on these trips with friends, family members, or flying solo will last a lifetime. “I really regret that time I went to Paris,??? said no one ever. So just do it.

4. Add to that 529

This option is more about saving than spending so it’s not quite as fun, but if you’ve got a child that wants to go to college, this is a necessity. Have you seen what college costs these days? It’s enough to send shivers up and down your spine. Whenever you’ve got a surplus of cash, you should consider adding to your 529 plan.

And if you don’t have this in place already, now is the time. This plan allows you to invest in college without being taxed, as long as your child uses it for “qualified higher education expenses.??? Ideally, you already have a portion of your paycheck going to this automatically, but adding to it is never a bad idea.

5. Buy That Second Home

Now this wouldn’t be the “spare change in your couch cushions??? kind of extra cash. However, if you’ve found yourself with a significant surplus, this could be the way to go. Qualifying for the mortgage for that ski home in the mountains or lake home you’ve been eyeing for years not only serve as good investments, but the homes are something you and your family members can enjoy for years to come.

Looking for ways to dole out your extra earnings? Lucky you! Pick anything (or all of them!) from this list and you’ll surely savor this spending spree.

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