Some money is better than no money.
If you can afford to spare $50, don't treat it like loose change. While it may not seem like a lot, it can go a long way if used wisely.
Here, they share the smartest things you can do with $50.
Rich Ramassini, certified financial planner (CFP) and director of strategy and sales performance at PNC Investments , recommends using $50 to build up your emergency fund.
About 40% of US adults don't have enough savings to cover a $400 emergency, according to a Federal Reserve report . "Once your emergency fund reaches the level of three to six months of expenses, the focus can shift to reducing debt and saving for the future," Ramassini said.
Read more : I'm a financial planner here are the best pieces of advice I can give you about what to do with your cash
Resist the urge to build your emergency fund in a checking or savings account. Andrew Westlin, CFP at Betterment , previously told Business Insider it's best kept separate from your daily bank account like in a high-yield savings account at Ally or another bank with a strong interest rate so you're not tempted to dip into it regularly.
It's easier to kick your savings into high gear if you never see the money in the first place.
"Get$50automatically deducted from each paycheck into an account of your choice savings, emergency fund, investing app, etc.," Matthew Schulte, CFP and head of financial planning at eMoney Advisor , told Business Insider. "For most people with bi-weekly paychecks, that's more than a grand that you'll end up saving or investing without even thinking about it."
"You can go through$50in your pocket pretty quickly, so why not put it somewhere else if you have some breathing room in your budget," he said.
It takes money to make money.
"$50can be quite hard to save, but it is also very easy to spend, so why not spend it on something that will save you more money in the long run," Rob Webber, founder & CEO of MoneySavingPro.com , told Business Insider.
For a small fee a month, spare change investment apps "are a brilliant way of saving for a rainy day without any of the hard work," he said.
Acorns rounds up your purchases and puts aside the spare change as you go about your day and automatically invests it in diversified portfolios constructed by experts. Meanwhile, Digit analyzes your checking account and moves small amounts to your savings based on your personal spending.
Also consider spending that $50 on another type of investment resources that will enhance your personal finance knowledge, which will make you more wealthy at the end of the day.
Jeremy Straub, CEO of Coastal Wealth , recommends buying the board game Cashflow created by Robert Kiyosaki, the author of "Rich Dad, Poor Dad."
"It will teach you how to understand how to build passive income, save, and run a good financial life," Straub told Business Insider. Personal finance books will do the same.
Straub recommends buying a used versions of the following four books:
For more reading material, Schulte recommends buying the first six-month subscription to to an investment newsletter. Fidelity Investor is a great resource that focuses on investing with mutual funds for $100 per year, he said.
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