Making your money work harder for you

making your money grow

Making your money go further is always a good idea. Being able to do more for less lets you get so much more out of life. But, it is also important to save a little and do your best to make the money in that pot grow into a larger sum. There are lots of ways to do that.

This is a collaborative post. Images are from Pixabay.

Consider using ISAs

As you can see when you click here, ISAs provide you with a tax-efficient way to save. At the time of writing this article, adults were able to save up to £20,000 per year and children up to £4,368 using ISAs.

Adults have a choice of four different types. So, it is fairly easy to find one that will work well for you. It is worth investigating them all. Using them all can be a good way to diversify what you save. Having both stocks and shares, and cash ISAs, can be beneficial. As can having some of your cash in instant access ISAs, where you can access it should a family emergency mean you need money fast.

Look into the various investment vehicles

Once you have enough cash put by in savings to take you and your family through a couple of years, you may want to consider making some investments. For example, provide capital for businesses to get started or expand. Or buy some precious metals and stones. You could even invest in property.

It does not matter which you choose, but it is important to bear in mind that most investments come with an element of risk. If things go well, the interest you get back could be higher than it would have been if you had put all of your cash into a savings account.

However, it is important to realize that the opposite could happen. You may end up making less of a profit. Plus, in most cases, your capital is at risk. In other words, you could end up losing some of your money.

Invest in yourself

This last suggestion is one that most people completely forget, which is to invest in themselves. Improving your skills so that you can earn more is always worth doing. It keeps your mind active, gives you more choices and, in the long run, makes your life less stressful. If you are not completely convinced of the need to invest in yourself, I suggest you take a look at this article. It includes some important points which are not immediately obvious to most people.

Take the time to weigh up your options

Some of the ideas above are low-risk, some are high-risk. Which approach you take is very much up to you. But, it is important to fully understand how each option works and what the risks are. It is the only way to choose the approach that is best for you. If you are at all unsure, seek help from a professionally trained, but independent, financial advisor. You don’t want to be making long-term decisions about your future using general information that you find on the
internet.

Do you have any tips on making your money go further?

You might also be interested to read this feature on saving money for your children’s future.

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