5 Ways to Treat Yourself and Invest in your Future in 2023
We all deserve to treat ourselves every now and again. Maybe we dream of a new designer handbag or a ski trip to Canada. Perhaps you want to build your dream patio in the backyard. You may not have the cash for such purchases, so perhaps there is a financing option or a way to use reward points. Below are five ways to treat yourself in 2023…
Use Reward Points
A lot of credit card companies offer reward points as a way to incentive their customers to use their cards for purchases. I currently have a Delta SkyMiles Platinum American Express credit card and all the miles I earn are used to book my flights. Other loyalty membership programs like Marriott Bonvoy provide their customers with free nights, upgraded hotel stays, and a number of other perks for being a member. While your Delta SkyMiles card is great for flights, consider adding a Capital One card to your wallet. The flexible Capital One miles transfer partners open up options for hotel stays (like Marriott Bonvoy) and other travel-related rewards. Many credit cards allow you to convert your points into cash or gift cards to your favorite retail stores where you can treat yourself to something nice. Here is a great article on how to use your credit for travel expenses.
Buy Now, Pay Later
More and more of these buy now, pay later services seem to be popping up. One I am familiar with and have used myself is Klarna. Companies like Klarna are online financial services that offer payment plans on several well-known websites. The payments are usually in increments of 4 with little to no interest charged as long as your payments are one-time. These payment plans can be a great way to finance online purchases that you may not have the full funds for at the time of purchase. PayPal Credit also offers 6 months zero interest financing on a number of online retail websites. But again purchase with caution as the expiration dates draw near so does the high interest that has been accumulating over time.
Open a Line of Credit
Opening a line of credit in your name is another way to obtain financing. Whether you want to add an addition to your home or need to put a down payment on a car, there are plenty of ways that opening a line of credit can provide the capital for treating yourself. Of course, you should have a plan for paying the money borrowed back. Just like credit cards, money used on a line of credit does not magically disappear and the interest accumulates over time.
Get a Mortgage or Refinance
One of the biggest purchases is buying real estate. I understand how overwhelming it can feel to buy property. Trust me, I have done it not once, but twice. I wrote a blog post dedicated to tips for buying your first home because I believe that purchasing real estate is one of the absolute best ways to invest in yourself and your future. There are many different home loan providers that will offer a range of different mortgages. If your goal is to buy a home, I recommend talking to a mortgage lender well in advance of looking for a home so you can learn what you need to fix on your credit and what to be financially prepared for when you are ready to put in an offer. On the other hand, if you already have a mortgage and are looking for a bit of extra cash to use for another purpose, refinancing your current mortgage may be the way to go. With a financial plan in place, you could increase the value of your home if you put that money back into it.
Take Out a Loan
Are you looking for a way to boost your credit score and gain access to some funds? Whatever large expense you are looking to pay for, there are a lot of ways you can use loans. Whether you want to buy a new car or want to build an ADU in your backyard, loans can provide the cash you need to do it. There are plenty of lenders out there. Do your research and learn more and see all your options.
I hope this article has given you some ideas on how to treat yourself in 2023. I would also like to make it clear that I am in no way any kind of financial advisor. Just someone who has used a few of these tactics to make investments in my future and to treat myself to nice things. As, always, thank you for stopping by!
-Laura
P.S. This post includes affiliate links. All opinions expressed here are my own.
