Most families would love to have a little more money tucked away for a rainy day. When you’re running a household, it can be difficult to save, let alone grow your money, but it is possible to boost your balances. Here are some ideas to consider if you’re looking to increase your income.
Shopping around for the best savings accounts
Many of us are guilty of opening a savings account with our current account provider because it’s simple and easy. While this might be the best option, it’s well worth shopping around to see if you could do better in terms of interest rates and account perks. Use an online comparison site to weigh up the pros and cons of products offered by different banks and financial organisations. It’ll take you a couple of minutes to find out if you’ve got the best deal with your existing savings account.
Investing in the stock market
Another way to save and grow your money, although it may pose a slightly higher risk than other options, is to invest in company shares. To start this you would first of all need to do some very careful research, speak to people and potentially a financial advisor, and them set up a share dealing account via a stock broker, and then choose the company that you want to invest in.
Make use of tax-free savings allowances
If you’re a dedicated saver, and you like to put money away every month or transfer a lump sum now and again, make sure you’re aware of the benefits of options like an ISA. There are different types of ISA available, and these accounts allow you to save a certain amount of money without paying tax.
Investigate investment options
If you have money set aside, and you’d like to boost your earnings in the long-term, it’s wise to explore potential investment opportunities. Property is a popular type of investment, and it can provide you with extra cash in the short-term, as well as increasing the value of your estate. You could buy a property to let, invest in a holiday home to rent out or purchase a fixer-upper to do up and sell, for example. If this option appeals to you, have a look at sites like Property Investor Market and do some research. Figure out how much you want to spend and choose a location that matches the type of acquisition you’re looking for. If you want to rent your property out, for example, it’s beneficial to choose a house or flat near transport links, schools and shops and to get an insight into the rental market in the area before buying. In addition, you could consider investing in a business proposition or buying stocks and shares. It’s always a good idea to seek financial advice before proceeding with any kind of investment.
Invest in yourself
When it comes to generating an income and earning more money, buying bricks and mortar and shares are not the only investment options. It can also be hugely beneficial to invest in yourself. This might mean undertaking further study or completing a training course, which maximises the chances of getting a better-paid job, or even setting up a side hustle or launching your own venture. Use your skills, talents, experience and passions to think of ways you could boost your earnings.
If you’re looking to grow your money and give your savings balance a boost, there are various steps you can take. Explore different savings accounts, make sure you’re aware of tax-free incentives, invest in yourself and consider opportunities like buying property or delving into the stock market.