Four Places Your Money Could go Instead of Rent

Are you tied of throwing your money away on rent? Considering buying a home or putting your hard-earned money towards another large purchase? Check out some areas where your cash could go instead of paying monthly rent.

Four places your money could go each month instead of paying rent:

1. College fund(s) for the kids. It seems a college education is more expensive than ever, so putting money towards your children's college costs can be a smart move. There are many programs available that, if started early enough, can lessen the pressure of paying for college when enrollment time comes.
 
2. Investments. Rent money can never pay you back. Once that money is paid, it's gone for good. But an investment like real estate, bonds or stocks can pay off quite a bit down the road.
 
3. A nice vacation. Sipping margaritas on the shores of some exotic locale may be much closer than you think if you begin saving. There are plenty of agencies that offer special deals for traveling during off season, so consider taking the plunge when all your dollars aren't slated for rent.
 
4. A home of your own. Ahh, the quintessential American dream- buying a home of your very own. Taking this step can make it so you never have to pay another dollar of rent again. You can also have a nice nest egg in the shape of a house, as you can begin building equity even while you sleep.

Rent may be a necessary evil during some times in life. But when you're ready to think about buying a home or making a move toward financial independence, leaving the rent race can be a great first step.