Good ways of spending wealth

The ways of spending wealth in a good manner are many and include: building mosques, giving charity, sponsoring orphans, and helping the sick and needy. They also include bringing happiness to one’s family, children and relatives; using it to perform Hajj and ‘umrah repeatedly; establishing schools for teaching Qur’an memorisation and teaching knowledge; giving loans to the needy; allowing more time for debtors who are in difficulty to pay off their debts; contributing to charitable projects that will benefit the ummah, such as serious satellite channels, beneficial websites, and other ways of doing good, the number of which no one knows except Allah.
Source: islamqa.info