When it comes to watching your savings grow, sometimes it can be like watching a plant. You watch and watch, but you barely notice any real growth.
Whether you’re trying to build a nest egg or save up to make a large purchase like a home or automobile, you’ve been told to exercise great patience. But is that really true? Believe it or not, there is a lot you can do to add a little oomph to your savings and attain your savings goals faster. Continue reading for some tips that will help you build up your savings faster.
Invest some of your discretionary funds
Financial gurus will tell you that it’s very hard, if not impossible, to save your way to wealth if you don’t have a job that pays you a wealthy wage. But the truth is that, short of being born into the lap of luxury or having an executive salary, the best way to generate wealth is to invest.
You may not know much about investing, and there’s no such thing as a perfect investment strategy, but you’ll never make a dollar as an investor if you don’t try. You can invest in the stock market, foreign exchange, commodities, or real-estate (to name a few), but you have do do your due diligence to figure out which investment platform is best for you.
If you’re not an experienced investor, then you should rely on the guidance of experts no matter what investment platform you choose. If you’re interested in alternative investment options, then Yieldstreet may be the investment company for you. They offer access to revenue generating products, investments backed by collateral, and investments with low stock market correlation.
Is Yieldstreet legit? According to Yieldstreet reviews on Nerdwallet and other digital financial publications, they definitely are. Before you invest with them, do your own due diligence and see what the experts and other investors have to say about them. If you want to grow your savings quickly, then high yield alternative assets like land, venture capital, or gold may be the optimal route to converting your savings into wealth.
Cut down on your monthly bills
Sometimes the best way to increase your savings is to cut your monthly bills. You can reduce everything from your utilities to your cellphone bill by making some changes to your accounts and modifying your use of certain services.
North Ireland is one of the global pioneers when it comes to democratizing utility services. With the ability to choose your electricity provider, you can pick the company that gives you the best rate options and service. With the many electricity suppliers NI and other countries like the U.S. and Canada have to offer, cutting your electric bill is now much easier than it was decades ago.
Pick a second job or side hustle
One of the greatest assets that you have at your disposal is time. If you’re an hourly employee, then you’re literally selling your time at an hourly rate. If you have more time to offer, then you can leverage that to create more revenue.
Even though it doesn’t sound like the sexiest option in the world, picking up a side hustle or second job is a great way to increase your savings quickly. If your full-time job is enough to cover all of your living and discretionary expenses, then you can dedicate all of your earnings from your second job to investment opportunities that build your annual income and savings.
Limit how much you go out for food and entertainment
If you were to audit your spending, it would likely surprise you how much money you spend on eating out and entertainment. If nothing else, COVID-19 should have helped you to find ways to entertain yourself and your family in the comfort of your own home.
One of the best ways to boost your savings potential is to cut down on how much you go out for dining and entertainment. For the price of taking a family of four to a dine-in restaurant, you can feed a family of four for a week. For the price of one movie ticket, you can get a streaming service and watch new movies at home and avoid spending a small fortune on popcorn, candy, and drinks. When you’re looking for ways to grow your savings, every penny counts.