Even when you have money it doesn’t mean you should spend it frivolously. The richest people in the world didn’t get rich by spending their money on random things, they knew what to buy and what to invest in to make their money last longer and to grow.

If your big money was gotten through a something like a lottery winning or through a structured settlement, it’s even more important to know how to save some of it so that it lasts longer. One time allotments of money can quickly dry up. Here are some ways to make your money last longer.

Be Efficient With Spending

Evaluate your need for things before you buy them. Obviously, you need food to eat, but do you need $20 a piece steak? You need clothing on your back, but do you need 20 pairs of jeans? By looking at what you are spending on and whether or not it’s a want or a need, or bordering on excess, you can find a way to save a good deal of money every time you go shopping.

Don’t impulse buy when you go shopping. Take a list with you, even when you’re shopping for clothing, and stick with it. By following a list you ensure that you only get what you need. Just because something is on sale or on clearance doesn’t make it a good investment if it’s something you don’t need anyway! If you might be able to find a certain product online for cheaper, you’ll save up extra little bits of money that’ll accumulate over time. Before you make a rash purchase check out a price comparison site like Only Reviews to see if you’re really getting the best deal for whatever you’re buying. It’s the little things that add up. 

Keep A Savings Account

Most savings accounts these days require that you keep a minimum balance of a few hundred, to a few thousand dollars, with that you can guarantee you’ll always have some money on hand. The money you put into your savings account is also less easy to get to like the money in a checking account that is attached to a debit card. Make a plan to continue putting money into your savings each week when you get paid as well.

Each year banks also have Santa or Christmas fund accounts. This is a great way to put money away throughout the year that you can sue during the holiday season. It’s another way to save, but it gives you a goal as well.

Invest Some Of Your Money

There are numerous ways you can invest your money, from the stock market to a banking portfolio. Talk to your bank about how to invest and what is the best way to invest. This is where your retirement money will come from, or the money to pay for your child’s college education.

If you have a 401K through your work it is also an excellent way to invest in your future. Just make sure you know what you are getting into, especially if you decide to pull out early.