Last Updated on Apr 8, 2020 by James W
Saving money can be a very difficult task, putting aside a certain amount of money each month is something that requires a lot of willpower! However, there are 3 things you can do to help you save money, instead of just leaving it in your bank account and being tempted to spend it!
Open A Savings Account
Savings accounts are not a new invention, but many people are only just finding out about them! Savings accounts allow you to pay a fixed rate into the account each month, slowly accumulating wealth. This account is usually tied to your current bank account, so if you want to view it you can with ease.
However, you cannot spend it with ease. Savings accounts are not linked to your debit card, companies like Bank of America only allow you to withdraw the money into an account, meaning that you’re less likely to spend it because the ease of spending isn’t there! Saving is all about resisting temptations, so by not constantly seeing how much you’ve saved up, and by making it a bit more difficult to spend the money, it means you’re less likely to!
When you read this you’ll think this isn’t a saving tip at all! But it can be. Gold is becoming ever rarer by the day, which means that it’s value is increasing. You can buy gold in all forms of different weights, there’s something to suit what everyone can afford! If you check the gold buying rate today you can see how much it is selling for per gram, and then make your buying decision off of that.
The reason that gold is a good savings investment is that it will never lose it’s value. The value of gold is only ever increasing, so by buying gold not only do you have your money invested in a good that is physical and that you literally cannot do anything with but sell (this takes out the temptation of buying things with your savings!) but it also means that you will actively make money on your gold!
As previously mentioned, the value of gold is only going up so you could find yourself making quite a bit of money when you go to turn your gold back into cash!
Paying Into A Pension
This is another excellent way to keep money aside, however it’s different to the other ways mentioned due to the fact that you only see the benefit when you retire! Pensions work by giving you an allocated money per month after you’ve retired, this money comes from the government and from money that you’ve paid into your pension fund for all of your working life!
The government does offer specific pensions for veterans, so before you start paying into a pension check if you’re entitled to a better one! Paying into the pension does mean that you’ll have less money to spend before you retire, but after you’ve retired you’ll see the benefit because you’ll have an increased amount of money in your pocket every month!
Saving money is a fickle business, it’s very tempting to just go and spend your hard earned cash but it’s always worth keeping a small little stack of money aside just incase something goes wrong and you need some quick cash! If you’re looking for more than the 3 ways covered here, read this article for some more inspiration.