Being able to make money of the money you already have is a great feeling. It means that, not only are you living within your means, but you can actually kick back a bit and finally watch your hard work prosper. Yet, it’s not that easy to get to that wonderful stage and, even when you are, it’s even harder to know where it will prosper the most.
Here is a quick and easy article on what you should do with your savings in order to watch it double as fast as possible. You won’t be rich overnight, but at least you won’t lose half of it on some high-risk gamble either.
Don’t settle for no-interest savings
Sadly, good interest on savings accounts can be hard to come by these days. Once upon a time, savers were able to make a decent amount of money from the interest the bank gave them – it could even be enough to cover a few bills.
These days, however, some savers settle for a lousy 0.01 % which means that you might as well watch it grow at the same pace if you stacked it under your mattress instead.
Luckily, there are some good but well-hidden savings accounts that can make your money sing again. The Internet has made it a lot easier to beat the bank’s stingy offer. Have a look at the best online savings account right away, and you’ll at least get a bit more than you got from the bank – if not as much as you could have gotten a decade or two ago.
Save as much as you can
Now that you have somewhere proper to let your hard-earned money rest for a while, you might as well start to feed it by saving even more. The more money you save, the more that online savings account will be able to give back, as we know.
Try to save that tax return instead of spending it on a holiday, for example, and cut down on as many expenses as you can. It may not be the fastest way to make your money grow, but at least it’s a steady way of keeping that savings account full.
Another point to this is that you should try to increase your savings little by little. Try to increase it by 1 percent every sixth month, for example, or whatever suits your budget. That way, you know you’re going in the right direction – and your finances will thank you for it, in the end.
Use rewards credit cards
While many financial advisors will tell you not to use credit cards, you can actually get a few benefits from it when you have to use it. Besides from being a nice way of building up your credit score, as long as you make those repayments, credit cards can also offer a lot of rewards or cash back.
Have a chat with your bank or browse the Internet a bit first to get you started right away. It’s way better than swiping a credit card with no benefits, that’s for sure.