Anytime you get a loan, it can be tricky to figure out the best way to spend it. After all, you asked for the loan for a reason, and ensuring that you take the right steps with such a sum of money can be a daunting task, even if you feel like you have a good idea about the best way to use it. While some people decide to use loans to pay off debt or for big-ticket items like cars or houses, sometimes a personal loan can be just as useful when used towards smaller purchases that help improve your quality of life or save money in other ways.

Even though deciding to spend your loan money on improvement to your quality of life gives you some direction to take in terms of your purchases, most people would agree that even that category is a bit broad to consider. After all, there are so many different ways you can boost your quality of life, from buying non-toxic plants for cats to keep your home decorated without endangering your four-legged friends to investing in time-saving services like grocery delivery. The following list is just a few different ideas to springboard your own brainstorming about the topic—hopefully, some of them get your juices flowing as you weigh the pros and cons of a few different strategies for using your loan money in the best way possible.

First, figure out if there are any strings attached to your loan.

While it’s not always the case, it’s a good idea to take a look at the terms associated with your loan. For example, if you take out a loan from your 401k or another retirement vehicle, you may have certain regulations as to what that money can be used for if you want to access it penalty-free. Generally speaking, though, you won’t have any restrictions when it comes to using a loan for any purchases, whether you’re tapping it to buy real estate or in an emergency to fix a problem in your home such as water damage from a leak in your basement or cracks in your chimney.

Trust loans to beneficiaries are becoming more and more popular as a loan option, particularly for people living in the state of California. Some of the benefits of a trust loan to a beneficiary are that there aren’t minimum months of interest to pay and you can still get competitive rates. Another major benefit of a trust loan as a beneficiary is that you can get your loan in under two weeks. Especially if you’re not willing to put down a personal guarantee, tapping a trust loan can be a great financial move if you’re a successor trustee or beneficiary.

Consider spending money to help you organize your life better.

One of the biggest ways to improve your quality of life with the proceeds from your loan as a borrower is to provide a little more organization in your home and living space. Especially because of how much time people are spending in their homes working remotely while juggling virtual schooling and the other demands of domestic life, it’s easy for things to get a bit cluttered. If you feel like your work life, personal life, and schooling are overflowing into each other, it can be a good idea to spend some money on different organizational solutions that allow you to clear up your space and free some space in your head, as well.

While many people look for ways to organize the interior of their house, it’s just as important to invest in organizational solutions around your house, too. Specifically, because of COVID-19 measures in many cities, you may be spending more time outdoors, which means that making room for a firepit if you don’t have a fireplace inside your house. Finding a storage facility can be important to store the belongings in your garage, but if you have a camper or RV, you may want to look for RV storage, too, so your camper isn’t taking up too much space in your driveway. Thanks to the internet, it’s easy to find RV storage in Rio Rancho or wherever you live, letting you free up space in your front yard or driveway for other items or organizational materials. RVs are rather large, so finding a place to store them can be a major boon for clearing out a large part of your outdoor area.¬†

Prioritize home improvements that will pay for themselves in the long run.

Demand for single-family homes is increasing as a result of historically low-interest rates. Even if you don’t plan on selling your home in the coming year or two, now’s a great time to handle some home maintenance tasks that you may have been putting off. After all, with the hustle and bustle of regular life, it can be challenging to make time for DIY projects around the house. Whether that’s getting your water heater checked out, upgrading your air conditioning or heating system, or even installing a new Nest thermostat, winter during the pandemic is the perfect time to prioritize some home improvements.

There are all sorts of winter maintenance tips for homeowners to consider as they plan projects around the house; however, it’s important to think about the improvements that will ultimately add value to your home and put them at the top of your list. Updating your water heater or ensuring your fireplace and chimney are in working order may seem like simple tasks, but they actually can go a long way to increasing your appraisal and property tax reassessment.

While every homeowner knows that cosmetic improvements can add value to a home, it’s just as important to prioritize structural and systemic repairs and upgrades to your electrical or plumbing. Especially when you’re spending your loan money on these sorts of projects, it’s helpful to know that you will effectively get that money back when you eventually sell your home.

Spending the money from a loan needs to be done wisely. Sometimes, it makes just as much sense to use that money to improve the quality of your life in several small ways rather than purchasing one big-ticket item. The above ideas are just a jumping-off point when it comes to using your funds as a borrower to improve your life, but should give you a solid direction to head in if you’re taking out a loan from a family trust or other source.