Reliable Strategies For Growing Your Money

Do you ever feel like you work, and work, and work yet never have any money to show for it? Does it feel as though you’re living hand-to-mouth month on month? Do you command a respectable wage, yet your paydays never seem to go as far as you’d imagine? When we don’t put the infrastructure in place to properly manage and grow our money it can feel as though our financial fortunes are entrusted to some higher power; a capricious deity that gives with one hand and takes with another. Yet even those with limited budgets and resources can find effective ways of growing their money and by checking out credit sesame reviews.

Growing your money is a lot like growing a fruit tree. The fruit tastes sweetest when we leave it to grow. If we pick the fruit before it’s ripe, we will have access to the fruits quicker, sure, but we won’t be able to get nearly the same level of enjoyment or reward from it. Growing your money requires patience, discipline, hard work and ingenuity but it can be done. Here are some effective strategies which have been employed by many to grow their money with a minimum of risk…

Don’t wait another year, another month or another day. Start saving now!

Saving is absolutely the most important and most risk-free way of growing your money and all of us should be saving. All-too-often we defer our savings. We tell ourselves that we’ll start next week, next month or next year but there are several ways to earn an income at home. We’ll accomplish what we want to with our money and then start paying into our savings and planning for the future. The trouble is that when you get into the habit of delaying saving or attempting to grow your money the day when you commit to saving gets pushed back again and again and again. Before you know it years or even decades have passed you by and you’ve missed out on capital growth which could make your future much more secure.

Even if your present finances leave a lot to be desired there’s no excuse not to start paying into your savings now. By all means reduce the amount you pay in when times are lean, but a savings account can only be effective when you pay into it each and every month come rain or shine.

Rethink your savings

Speaking of savings, to make them work you need a robust savings account with a healthy interest rate if you’re serious about growing your money. If you’ve had the same savings account from your high street bank for decades there’s a good chance that your savings aren’t working as hard for you as they could and should be. Most high street banks offer pretty anemic rates of interest on their savings accounts with rates that usually fall well short of the 1% mark. A better option is to select an online savings account. Because online providers have fewer overhead costs they are much better positioned to offer you a more competitive rate of interest. Here are some of this year’s best online savings accounts.

If you are comfortable with locking your savings away in an account to which you will not have access like a bond, you can expect to enjoy much better interest rates. Of course, this is not applicable for emergency funds to which you will need quick access as you will not be able to access money in a bond until it has matured.

Try the $500 plan

If you have a great wage on paper but never have much to show for it by the end of the month, perhaps you need to take steps to reign in your spending (more on that later) and commit more to saving for your future. The CNN Money blog formulated a plan whereby you can save your way to $1 million in just 20 years even if you currently have no savings. It begins with setting aside $500 a month every month for a year. After that first year, the amount goes up to $600 a month, the $700 a month and so-on. While your mileage may vary, it does get high earners into the habit of putting more into their savings. The more you treat your savings as a fixed cost like your IRA or workplace benefits, the better chance you stand of growing your money.

Invest in property

Supplementing your savings with some prudent investments is a wise choice, but if the thought of the stock market makes you break out in a cold sweat, the good news is that investing in property is still a high yield and comparatively low risk way in which to grow your money. Whether you’re hoping to invest in an overseas property like a sales of balance flat or want to flip a property for a quick profit it behoves you to talk to a financial advisor before putting down a deposit on an investment property. It’s also worth remembering that there’s no such thing as passive income. Landlords have a range of responsibilities and while many of them can be absorbed by a letting agent they are nonetheless your responsibilities!

Increase your income without increasing your spending

The trouble many of us have is that our spending increases in accordance with our income, so that even when we get a pay rise we can find that our money goes no further. In this case we owe it to ourselves to take control of our spending. It’s usually the little things that can leach away at our income rather than big ostentatious purchases. It’s the fast food we bought when we couldn’t be bothered to cook, the cappuccino on the way to work every day and the bar tab we ran up celebrating our friends’ birthday. Drawing up a household budget and logging every expense large or small is a great way of reigning in the little expenses that add up to put a huge dent in our income.

Speaking of income, if yours is increasingly unable to meet your lifestyle requirements and grow your money, never forget that we live in the age of the side hustle. A side hustle like making money from your blog is an infinitely more enjoyable and potentially more profitable revenue stream than putting in more overtime at work!

However you choose to do it, growing your money is easy when you know how!