I’m a Personal Finance Writer: These Are My Favorite Ways To Spend $100
Written by
Jordan Rosenfeld
Edited by
Ashleigh Ray
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The ways people like to spend their money beyond their bills varies as widely as people do. And, $100 also varies in what it can purchase — GOBankingRates recently did a study showing that the same $100 goes a lot further in states like Mississippi and Kentucky than it does in Hawaii or California.
While money doesn’t necessarily buy happiness, there can be pleasure in spending money on things you want or need, especially if you know have financial knowledge. We asked two personal finance writers, Debbie Carlson of Illinois, and Sarah Szczypinksi of Washington, about their favorite ways of spending $100.
Invest It
For Carlson, how she’s feeling at the time she’s planning to spend her $100 might determine the path for her cash. Though being a finance writer, she said, “has helped me think beyond just saving for a rainy day but to consider money as a means to an end… a goal.”
She explained that investing is always a priority. “On the financial-writer nerdy side, I might put $100 in a Roth IRA and buy an index fund, like Vanguard Russell 2000 Index Fund (VTWO) which is trading around $77, or simply buy a CD, many of which are going for 5%.”
While $100 isn’t much as an investment, she noted that the compounded interest from the Index Fund or the matured interest from the CD will net her a few extra bucks to reinvest, earning her more money.
Make Life Easier
Another way Carlson likes to spend her money is to buy something that makes her life easier.
“I love to cook, and I love to have a hot breakfast in the morning. A great investment for me was a rice cooker, especially one that has a porridge or oatmeal setting, which many do.”
Leveling Up
Something Carlson was excited to purchase a few years back was a fancy showerhead to upgrade her shower experience.
“The great thing about those is, even if you’re living in an apartment, you can screw those on to the shower stem and elevate your bathing experience. I bought a nice one a few years ago and [am] glad I did.”
An Indulgent Meal
Carlson enjoys a good meal, but dining out can be uber-pricey.
She said, “I might treat myself and my husband to a good meal at home… go to a butcher shop and get prime beef steaks, the highest grade available which is what you get in a steakhouse. I can get two prime beef steaks for us, plus make a side and have a bottle of wine and it will be about $100 — a fraction of what I would spend in a high-end steakhouse.”
A Self-Care Splurge
When it’s time for Carlson to make a complete splurge, she spends her $100 on a massage.
“Call it an indulgence, call it self-care, a massage is a good way to relax,” she said.
A Good Cause
Lastly, Carlson might also use her $100 to donate to a favorite cause.
“I already support a food pantry and an animal shelter,” she said, “and in the past, I’ve been on the board of an arts nonprofit, so charitable giving is always part of my budget.”
Home Improvement
Finance writer Sarah Szczypinski said that she’d consider spending $100 on home improvement projects such as replacing cabinet hardware or touching up a room with a fresh coat of paint.
“Both are inexpensive ways to achieve a quick aesthetic change that will pay off when I sell my house in the next few years.”
Continuing Education
Putting money back into her own personal education has also been a fun way for Szczypinski to spend $100.
“I recently signed up for a Coursera subscription to pursue a Google UX design certification. The course takes about six months to complete, but at $50 a month, it’s more affordable than a university certification, which can cost up to $15,000 to learn the same skills.”
Quality First
Szczypinski considers herself a “deliberate spender” who thinks through her purchases, placing a high value on quality. She noted, “I’d rather spend $100 on a well-made sweater that will last 10 years than five fast-fashion sweaters that will fade and snag after a single winter.”
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