Strategise Your Savings

  • Mark Edwards ·
  • April 5, 2018

There is nothing better than having the financial freedom to do whatever you please, whenever you please. While you may not necessarily be able to buy happiness with money – you can definitely buy a new car, or house, or holiday. So having a large sum of money to tap into whenever you like is definitely a bonus. It makes living life comfortable, rather than just surviving through it.

Struggling with money is one of the biggest stresses in life, because while we may want to convince ourselves that it isn’t all about money – everything has a price. It’s not like you can just go to the grocery store, pick up what you want, and then walk right back out again. You can’t drive to a gas station, fill up your tank, and drive out again. Money creates an order that is needed otherwise the world would be even more chaotic than it already is! So it’s important to be clever and manage it properly so you don’t fall short of it.

There are a few different things that you can do with your money, whether you want to make more, or be clever with how you keep what you already have.

Here’s how.

Invest Your Money into Business Ventures

If you don’t know what investing consists of, it is essentially putting an amount of money into a business that you think is doing well with their success, who need investors so they can grow and do even more. Now, there is always a slight risk that comes with doing this, but if it all works out, you will not only get back all the money you put into the business, but you will also have a generous cut from the overall new profit being earned. If you’ve never done this before though, it’s important that you know and understand mutual fund expense ratios so you see the value of everything.

Savings Account for Secondary Job

If you have enough free time to get a second job, you can potentially earn a part time income that doesn’t have to be used up on bills and grocery shopping, because that all comes out of your usual income. There are plenty of jobs that you can do that are flexible to position around your schedule. Then you need to open a savings account, and every bit of money you earn from your second job should go directly into it. You can do this by setting up an automatic transfer so that you don’t even need to remember to do anything. The biggest trick here is to forget that it even exists so you’re not tempted to use it. Then one day when you’re in need of some money, you can have a look how much you’ve managed to accumulate.

The more you know, the better chance you have of maintaining a substantial amount of money, and never having to worry about not having enough or needing to borrow it. The sooner you start prioritising what you have, the sooner your life will become a whole lot easier.