Investing in your future is very important but we all know that saving money is a complex and difficult task. Especially when you have a family and home to look after. We’re all no strangers to the struggle, yet more people than ever are deciding to invest in their future and put their savings into a huge money pot and gain extra cash from it. However, with saving accounts having an all-time low interest rate, and the possibility that ISA’s will become taxed under the £20K threshold, people want a solution of where to put their money so they can save and gain long-term returns. Unfortunately, saving isn’t as easy as it used to be; the rise in property prices, renting and having children means that more people are becoming stuck in a rut and not appropriately putting away funds as they should be.
A short piece of advice would be to ensure you’re always saving, even if it’s not for a particular item or occasion. Saving puts your financial habits in order and allows you to control what is going in and out of your bank account clearly. Investing in your future, whether that is just a small rainy day fund, or the exciting holiday of a lifetime, it’s important in order to feel at ease with your finances. After all, there is nothing worse than getting in an unavoidable situation and not having the money to get out of it
So, how can you invest in your future and save/gain money as time goes on? We’ve got the answers for you.
Cut down on luxuries
Despite being an obvious tip, cutting down on luxuries is an easy and quick way to gain some money and be able to save it. Cutting down could even be changing your local food shop to somewhere a little more affordable, or not buying things you don’t need. For example, if you’re someone who typically goes to Waitrose and buys cakes and biscuits every week for your home, but you want to save, try a supermarket such as Asda or even B&M Bargains. It’s surprising how much of the same stuff you can find in stores with significantly lower prices.
Make good choices
When it comes to spending, always try to make good choices. While it seems like a perfect idea at the time, spending money when you don’t need to can hinder you saving money. We aren’t saying you shouldn’t do anything for yourself but making a choice is difficult, and if there is a way to avoid spending money, then it would be best. If you are going to spend money, always try to get better, more cost-effective deals. Using a tool akin to Checkout Saver is excellent in this respect, as this is a way to combine various savings techniques, like cashback and discount gift cards, to help you minimize your spending. Making money quickly can also help to solve any issues you have, but the ways to do this are sometimes limiting.
Invest your money
Investment of any kind can give you money to save; sometimes with certain buy to let opportunities, you can have a second income coming in from your property investment. Investors who spend time researching the marketing and looking at below-market value properties will be those who see the highest returns. RWinvest is a leading property investment company that guides investors through their journey and encourages them to get the highest yields and returns possible. Depending on your preferences, you can purchase a property for let and then save up the rental payments every month into another savings pot. Eventually, you could even put the extra money you’ve saved into another property and build your portfolio.
Investing in property gives you the opportunity to save and gain money without the instability and insecurity of the stock market or other industries that offer returns. However, you should keep in mind that property investment is a long-term financial strategy, and the rewards won’t be handed to you on a plate quickly. You must work hard to earn the cash and save it up, but it’s definitely worth it.