We all make ourselves promises about what we’re likely to spend out PPI compensation on.
Whether it’s that new car we’ve had our eye on, or a holiday for the family, it can be far too easy to spend every last penny before it’s had a real chance to settle in your bank account.
If your PPI claim online was successful and you’re looking for something lasting to do with your money, we’ve pulled together a simple guide to five worthwhile investments you could make with your PPI compensation.
Paying Off Your Debts
If you’ve won a payout from your PPI compensation claim, it’s time to start putting that money to good use and one of the best ways you could do exactly that is to invest it back into paying off any debts you may have.
Whether you completely clear a debt, or you simply pay off chunks of a few to help reduce the potential interest build up in the long term, putting some, or all of your compensation fund towards doing exactly that could help you save money in the long run.
Consider The Stock Market
If stocks are something you’ve considered getting involved in and you have minimal or no debt, then now could be your chance. Getting started isn’t necessarily a quick, 5-minute job, but it is certainly simpler now than ever before.
There are plenty of guides, websites and advisors all available online to help you and in most cases, simply keeping on top of stocks news at any one time can help you decide which market might work best for you and your interests.
Once you’ve gotten the hang of how things work and have found a stock broker or platform you work well with, you can then choose your desired stocks and start investing your PPI money!
Invest In Savings
Nowadays, there are plenty of savings accounts available across just as many banks all offering new and existing clients unique features and interest rates to help you make the most of your money.
Whether you decide to invest your money in savings bonds for your kids when they grow older, or you simply search for the best ISA account around, putting your money into savings can help you grow the figures over time to put towards something else in the future, whether it’s an emergency cost or simply retirement.
Real estate is always a good investment, or so they say. If you’ve been considering buying a house with your family, why not put the compensation towards a deposit for a home?
If you already have a home and a mortgage, you could take inspiration from point #1 and pay off some of your mortgage to help cut down the amount of time you’ll spend doing so in the future.
Finally, one of the best investments you can make with some of your compensation amount is to invest in a little ‘me time’.
Whether you do go on a break with your family, or simply treat you and your loved ones to a couple of day trips, memories are some of the best returns you can get for any investment. Whatever you choose, make sure it’s something fun, memorable and a worthwhile investment.