5 Ways To Help Your Money Grow (Instead Of Losing It at Your Bank)

Your money is earned, it gets paid into the bank, and then it sits there until you spend it. Right? Though you might not question this system, it actually makes little sense when you think about it. You want to be able to grow your money, rather than waiting for inflation to make it worthless. Here are five ways to help you increase the value of your money, instead of just losing at your bank.

1. Choose a high-interest bank account

If you upgrade your bank account or switch banks, you might be able to earn interest on whatever you leave in your account. There are lots of different accounts which will allow you to earn interest at a high rate. You can also choose a savings account which does the same thing, but isn’t available to withdraw whenever you would like – it’s up to you. You can typically see more gains on savings accounts, but if you think you might need to access your funds in a hurry, then it’s not the right choice.

2. Start investing

If you can trade well, you can often make a good profit on your investment. Of course, first you will need to learn to trade, but you can do this easily online. Once you know the ropes, you can start with a small investment and build your confidence from there. Remember that being savvy can really help you to make big gains. There are people who invested in Bitcoin right at the beginning, for example, who saw a very small investment of less than a day’s wage multiply into millions over the course of a few years. There is definitely plenty of potential for gains like this in the future, and even if your profit is more modest, it’s something.

Also Read: - 5 Easy Tips Regarding Investments for People from Non-Financial Background

3. Shop smart

Shopping with your brain can actually help you to earn more money, even while you’re spending it. Of course, you don’t have to spend it all, but this will help in situations where you were going to spend money anyway. There are apps and sites out there which will give you the earnings you’re after. When shopping online for clothes or birthday presents, go through affiliate links to get discounts and cashback. When getting your groceries, use apps to scan the barcodes and get cashback in your app account. There are a lot of different brands out there, so choose carefully and see how much you can make back.

4. Buy property

Real estate is a huge investment opportunity. Yes, the market hits highs and lows, and it isn’t always predictable. But all that matters is that you sell for more than you paid, and that doesn’t have to mean holding onto the property for a long time. You can flip it, meaning that you buy it cheap, perhaps do a little makeover at a low cost, and then sell it for a higher price. Or you can keep it and rent it out for some passive income, which will eventually cover the cost of buying it.

5. Lend it out:-

Just about everything is part of the sharing economy these days, and it turns out that loans are, too. There are a few peer to peer lending sites out there, where you can lend someone money in exchange for a high-interest rate. Of course, you do run the risk that they are no longer able to pay you back – but if that is the case, you may be able to turn to the court system to get your value back.

There are so many ways to make your money grow, it simply doesn’t make sense to leave it lying in the bank anymore. Put it to work instead, and see how much you can make.

About the author:

Alana Downer is an experienced financial expert and a blogger who often spends her time online, discussing financial challenges and opportunities that businesses face. Currently, Alana is writing on behalf of Learn to Trade - experts in the field of trading and investing. Personally, she is a huge fan of travelling, preferably to some uncharted places.
5 Ways To Help Your Money Grow (Instead Of Losing It at Your Bank) 5 Ways To Help Your Money Grow (Instead Of Losing It at Your Bank) Reviewed by Pravesh Kumar Maurya on 05:31 Rating: 5

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