What to do With Extra Funds in your Paypal Account

Even though the coronavirus epidemic has taken a heavy financial toll on many, others may have found themselves with some extra cash in their bank accounts. 42 %of Americans say they've cut back on spending since the outbreak began, according to a few Research surveys. Spending less and saving more may have left you with some extra cash, and you'll need to make some decisions about what to do with it.

The epidemic or any other reason may have given you an unexpected windfall, so here are six ways to use it to improve your financial situation.

Create or build up an emergency fund

A lesson from the pandemic is that the unexpected might occur, and it pays to be prepared. The first thing you should do with any excess cash is to build up a savings account to use in the event of an emergency. A high-yield savings account is a good place to keep your emergency cash. You can earn a greater interest rate on your money while still having immediate access to it.

Pay down high-interest debt

Spending money you don't need to save money is a smart use of your surplus. If you have a high-interest credit card or loan amount, paying it off may be your greatest investment. Repaying your debt may be a better investment if your interest rate is higher than what you can expect to make in the stock market or any other type of investment.

Putting extra funds into an e-wallets

Apart from online shopping, paypal is popular for wagering. New betting sites are springing up all the time, and some of these new sites may also allow punters to use PayPal to deposit and withdraw money. The number of bookies using PayPal will only grow in the near future, giving bettors even more options. As PayPal quickly rises to the top of the list of...