What is the best way to save money? How can you save money for all the nice things you want like a holiday, new car, deposit for a new house or just more money in your bank account for a rainy day? Now we won’t ramble on and make a long post as there are a few ways and we will make you more aware of them in this post, even though you may have come across them at some point. Its important to consider them and take advantage of them for your own benefit.
Now every month you get a fixed amount of money coming in through your job or business, with that income you have fixed outgoings and sometimes varying outgoings like tax, bills, insurance and many other things like food and clothes.
Every month you should note down your monthly income that could be just yours or you and your partners which is even better, more people working in your household equals more money coming in and also note down your monthly outgoings like some of the points we mentioned above.
Now whats left should be money that is left after all your needs and expenses have been paid, now when accounting for food and clothes be fair as you need to eat great food but not spend too much and overindulge as it could be money saved. The same goes for clothing if you have all the clothes you need those designer pieces can wait as you could save that money, so don’t buy the items if you don’t need them and think carefully about it before you buy.
For the above items you should think about it, take 5 minutes out and ask your self these questions:-
- Do I really need it?
- Have I already got that at home?
- Am I wasting?
- What else could I do with this money? Like save for a new car, for a deposit on a house etc…
Now with all the money saved after fairly evaluating all your monthly expenses you could save that money or invest it to make more. Here we will make you a little bit more aware of where you can put your money to grow it.
Where to put your saved money for more later on:-
- Savings accounts – Savings accounts and Cash ISA are probably the best and safest way to save money as banks are offering better interest rates again (still not as good as they were before the crash of 2008 but are getting better) and they allow you to put a certain amount of money away either in one lump sum or in monthly instalments to get that certain rate of interest each year. Now these rates can range from 1%-5% for certain amounts of money but its worth it nonetheless as you could be gaining those all important dollars or pounds for just keeping your money in these accounts. So check them out when you have a minute.
- In the stock market over a long term and gain the interest on bonds that have matured or in stocks that will gain over the long term. Check out our article on How to make money in the stock market here where you can find out how to invest:- http://monthlymale.com/how-to-make-money-in-the-stock-market/
- Buy and sell items where you would buy items for a smaller price and sell at a higher price. Now this could be anything from cars to clothes, make sure you know your market inside out and how much similar items are sold on the market for. Here you need to do your homework and stick to what you think your good at. Check out our article here:- http://monthlymale.com/how-to-make-money-buy-and-sell/
- With the the above you could then go online and make more money by having an online website that offers advertising or products for sale. Find out more here:- http://monthlymale.com/start-your-own-website-blog-or-online-business/
If you need any further help in starting your own business we have an article that can help you here:- http://monthlymale.com/guide-to-a-successful-business/
Now these few ways we have shown you above are great ways to save and earn some extra income. If you choose to invest your money you could then put that money into the savings accounts to gain more on what you make.
Our purpose was to make you more aware of what you may already know but also to show that there are great ways to save and they should be taken advantage of as they are easily available to all of us. Go and open that savings account to gain that bit more, Why not?
Also investing money is something we all do and your assets are an investment like your houses and other items you may have that God Willing will go up in value, so when you sell them you could be making more money.
With the above mentioned always do your own research to make sure there are no gimmicks and catches and make sure your happy with the decisions you make, if you have the slightest of doubts its better to stop and leave it altogether as the last thing you want is regrets. Always be 100% sure and 100% happy.
[image from gritandpearl.co.uk]