Money Moves That Could Set You Up for Life
Make Your Savings Very Hard To Get At
One of the keys to growing your savings is to keep the money in an interest-bearing account, and don’t touch it. Open a separate savings account at a bank you don’t typically use. An internet bank can be good for this purpose since you won’t be able to walk into a branch and take out the money.
Earn On Your Savings
Make sure you put your savings in a place where you can earn interest. Put your funds into a high-yield savings account, or, if you don’t need immediate access to your money, consider investing it in a certificate of deposit. Certificates of deposit are another way to save and earn a higher rate of interest,
Diversify Your Savings
You don’t have to put all your money in a high-yield savings account or a CD account. Diversifying your savings strategy to include a mix of high-yield savings accounts, CDs and money market accounts can ensure that you are earning interest while still being able to access funds if and when you need to.
Invest In Stocks
Although stock prices rise and fall all the time, in general, the stock market follows an upward trajectory. If you are saving for the long term, investing in stock can be a great way to grow your wealth.
Use Alternative Investments
Stocks, bonds and mutual funds are just the tip of the investing iceberg. You can invest in just about anything, and some unusual ways to invest money have paid off big in the past. Keep in mind that some of these investment ideas are very risky and may be unregulated, so be sure that you can afford to lose the money you’re investing if things go south.
You can still invest even if you don’t have enough discretionary income to buy whole stocks or alternative investments. Apps like Stash and Acorns allow you to invest whatever money you do have, even if it’s not a lot.
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