When it comes to saving money, there’s quite a few different things you can do to see results. A bit of cash here, some pocket change there, and you can have a packed out savings account in just a couple of years. But once you’ve reached this stage, could you take the process even further? Could you make your savings work even harder for you with just a few tweaks? It’s totally possible! So here’s just a few ideas to keep in mind for reaching your future savings goals.
Shop Around for a New Savings Account
Your current savings account might not be doing it for you anymore. The interest rate might be too low, it might require you to lock away your money for an unstable period of time, and there might be better out there. You’ll never know unless you look for it! And seeing as many banks now offer money for switching, you could even quickly bulk up the savings amount you have by taking your business elsewhere. Switching back and forth between savings accounts on a regular basis can even be a viable strategy when you’re trying to get a good interest return.
Try a Crowdfunded Investment Platform
Crowdfunding in the investment world is becoming more and more popular. After all, if you don’t have all the funds to sink into something like real estate, you can work with other investors in your position and all get a share of the profits. Check out reviews like this one on the DiversyFund lawsuit to get a taste of exactly how these platforms work. They could be your path to a safe but sure return on your money, not to mention a good boost to your portfolio!
Think About Buying Bonds
Bonds are often misunderstood. They’re a way to invest money so they carry risk, of course, but if you buy them from the right source this risk can be more or less offset. Treasury bonds, for example, which are backed by the government are the safest type of bond you can have in your portfolio. It’s best to buy these when the economy is enjoying a boom, but even when a recession is in place, the government often lowers prices. Buy low and wait for maturity and rake in a sure amount of profits in the meantime.
Take Your Time
A final point to finish up: if you spread your investment methods out and pay in consistently on an annual basis, you’re much more likely to see a good return. Once or twice a year is usually the safest way to invest, but if you’ve got the cash, investing monthly could be the right balance for you. Try both methods and see how they work out.
Your savings could very well work a bit harder for you and net you a great return in the long run. Look into ideas like these and see how far they could take your initial savings sum.