Saving money isn’t always easy, and for those of us on a low salary or without much disposable income to put away at the end of the month, it can sometimes feel like saving up is a pretty impossible task. Whether you’re trying to save up for an event such as a holiday, to buy a new purchase such as a new car, or simply want to have to money stashed away for a rainy day, here are three great ways that you could earn and save some more cash.
Stocks and Shares
Although the stocks and shares market and investment banking may be a little confusing if you’ve never really been into that kind of thing, there are many ways that you can invest your money and make it stretch a little further. If you work for a large company, you may be able to make an investment in the company that will be taken directly from your salary each month. How much you choose to pay per month is usually down to you, and you’ll usually have to pay it for over a few years before you see any return. If you’re in no rush to save, it’s a great way of having money stashed away that you can’t access, so it just keeps growing. However, investing isn’t always safe – you could lose all your money if the business performs badly. If your company offers a share scheme and you’d like to take part, it’s a good idea to find out first whether or not your payments will be protected. If they are, you’ll still get everything you’ve paid in back, even if the business doesn’t do well.
High Interest Savings Accounts
If the world of investment banking, stocks, and shares completely baffles you, you might want to consider a simpler way to save and hopefully earn a little bit more money. Opting for a high interest savings account is an excellent way to make your money stretch a little bit further, as the more money you pay into your account, the more interest you’ll make on it. If you find it hard to put away enough money each month, setting up a direct payment from your salary or main current account into your savings account each pay day is a great way to ensure you’re making regular savings deposits. With a savings account you also have the freedom to make deposits as frequently as you’d like at an amount of your choice so if you find that you can pay less one month but more the next, they’re a suitable flexible option.