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Not all of the best investments in your life will come in the form of a stock or bond. Here are some of the best skills you can learn to make more money, save more money, and grow your money over time.
#1) Set Up an Automatic Savings Account
If you have a hard time putting money away into a savings account, set up on automatic transfer process that will allow you to do it without having to think about it. Savings accounts earn interest so it is extremely important to keep some of your money in there as opposed to having it all in a checking account.
Waiting until the end of the month to put away what’s left is not going to give you the same results as just putting it away at the beginning of the month before you even had a chance to look at it. But transferring money into your savings account isn’t enough to grow it, you actually have to leave it there. Your savings should not be an account to dip into at random.
#2) Don’t Get Stuck With One Bank
Don’t think that just because you started with a bank that you need to stay with them until the end of time. You should have a good relationship with your bank, be low on fees, and overall feel like you’re in a good setup and not battling them all the time. You should earning interest with your savings accounts, not just paying bank fees for their services.
#3) Think Over Purchases For a Month
When you’re shopping for unnecessary items, give yourself some time to really think about whether you need or not. If you can wait a week to a month odds are you will probably forget about the item anyway. If you didn’t forget about it, then you know it’s something that could actually add value to your life. Obviously not everything can be shelved for a month to mull over but in reality a lot of things really can.
#4) Get a Rate Reduction on Your Credit Cards
If you’re paying for interest on your credit you can either transfer your balance to another account or you can call your current card and ask them to reduce the rate. Depending on how much money you owe you can actually save quite a bit of money over the course of a year. If it’s going to take you many years to pay off your card, then it will end up saving you even more money.
#5) Ask For a Raise
Asking for (and receiving) a raise is more efficient than changing jobs because you end up putting in the same amount of time as before but simply get more money for it. This does need to be done at the right times however and it should always be done carefully and only when you truly deserve it.
#6) Invest ASAP
The longer you wait to start investing money the less money you will end up making off of your interest. Start as soon as possible even if it is only small amounts. If you can find some places where you spend frivolously, switch up your habits and start putting some of it away in the bank instead. Saving $200 a month at a 7% return rate for 30 years cold turn into a quarter of a million dollars. So yes, it’s worth it to save whenever possible.
#7) Meet With a Financial Adviser
If money managing isn’t your specialty, or if you just don’t really know what the best things to do with money are, you should meet with a financial adviser. They can take a comprehensive look at what you’ve got going on and tell you what your best options are. Saving money and growing it takes a lot of commitment, so knowing that you’re doing it in the most effective way can be helpful.
#8) Set Up Account Alerts
Most banks these days have apps that can help you track your spending and set up alerts to let you know the statuses of your accounts. This is helpful if you’ve been trying and failing to save up money in the past. Instead of looking at your bank balance just at the end of the month or something, you can keep track of it all the way throughout and stay more accountable to your spending and saving habits.
Do you have plans to start saving and growing more money? Let us know if any of these tips struck a chord for you or if you have any other favorites to add!