Sunday, June 7, 2020

4 Ways To Increase Your Savings Pot.

October 15, 2019 by  
Filed under Business, Money, Opinion, Tech/Internet, Weekly Columns

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( We all work hard and we all want to be able to pay the bills and then put some money aside each month to grow our savings pot. Some months we can do it and others it can be a struggle, we know how it can go. We also know that we sleep a little easier knowing that we have a good emergency fund to fall back on and a healthy growing savings fund. That is why today we want to share with you 4 ways to increase your savings pot. 

Keep your savings separate 

The first thing that we would recommend that you do is keep your savings separate from your everyday living expenses and checking account. 

By keeping your savings separate from everything else you are much less likely to dip into them every few weeks and you are more likely to set up regular deposits into them. If it suits you to do so, you might want to put them into an account that you do not have very easy access to, perhaps you need to go in person to make a withdrawal or you need to give a few days notice to withdraw. This might help you to resist dipping into them from time to time. 

Try a side hustle

You could add to your income each month by trying a side hustle, running alongside your day job. 

There are plenty of options open to you here, from dropshipping to pet sitting, you just need to think about your skill set and interests. Can you freelance in some capacity or perhaps you could start blogging and look into earning from that?

Be realistic about how much time you can devote to your side hustle, and remember that even a few hours a week can make a difference to your savings pot. 

Invest your funds

With interest rates as low as they are, returns on savings are quite poor at the moment. There is still a lot to be said for having a separate savings account, as in our point above, but if you are then able to invest some of your funds you might find you can get a better return. 

Along with traditional investments, you might invest in businesses, property or perhaps bitcoins. There is plenty of help at hand if you do want to invest, from independent advisors through to automated apps.  According to this review on Bitcoin Era there are legitimate apps to automate trading to help even the most inexperienced investors to begin trading if you would like to try trading in cryptocurrency.

Sell your unwanted belongings

Most of us have things hanging around our homes that we no longer use or need. Instead of having them around cluttering up the house, why not sell them?

Alongside the big auction and selling sites that you could use, there are websites and apps devoted to helping you to sell certain products, from books to DVDS to phones. These can be an easier option than selling directly to the public as the company themselves buy the products from you, albeit at a lower rate than market value. 

You need to weigh up the time it takes you to sell versus the profits and then choose the best route to go down. 

Staff Writer; Jerry Brown

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