When it comes to saving up money everyone does it differently. Some people shove extra dollar bills in the bottom of their sock drawer, some people open a traditional savings account, and some people simply save their spare change in a big glass jug. These are all optional, although some are safer for your money than others, and there are some ways to build on the money you’re saving at no cost to you.
Maybe you are already saving money, but you’re not sure if it’s the best way. Maybe you’re looking to start saving some money but wants some tips on how to save the most. Here are a few ways people have saved money over the years, and why you might want to do them too.
Get A Savings Account
Most people that want to save money do it with a savings account. It’s the most common way to save money, and there are options. Take some time to look at the banks you are considering and what savings option they have available. You could go with something basic, maybe find a place that offers interest bearing accounts, or only start a Christmas fund, depending on what you need to save for.
Find A Hiding Place Around Your Home
While a bank, or credit union, is probably the safest place to save your money, some people still don’t trust them, for whatever reason. If you are one of those people you may be considering other ways to save that don’t include institutions. You could find a place to tuck money away at home.
Your sock drawer probably isn’t the best option, though. Get a fire safe that is heavy enough that someone can’t pick it up and leave your home with it easily, or get a wall safe put in (also fire proof). You want your money to be safe in your home no matter what happens.
Take some time to learn about ways to invest your money that can bring you money back. Investments are a great way to protect your money and make money, and all you need to do is talk to a money professionally that can help you put your dollars in the best place.
Keep Change In A Jar
If you want to go old school, and you maybe don’t have a lot of money to put away in the first place, you could start by saving your loose change in a jar. It will add up decently if you’re spending cash more than using credit and debit. You’d be amazed at how much change people get on a daily basis. Instead of lugging it around in your purse save it up and roll it at the end of each year.