Unfortunately, there’s no sustainable get-rich-quick solution to growing your money. You can either commit to saving and allow your money to grow slowly over time, or you can spend everything you earn and have nothing of value left to show for it. Growing your money takes time, effort and a lot of patience.
At TWiCE, we believe that making the commitment to grow your savings now will automatically put you in a better position for the future. No-one knows exactly what the future holds but you can always plan ahead as much as you can, giving you viable options should circumstances change.
There are a few things that spring to mind when we think of “growing our money”. For some of us, we may think of pinching pennies and spending little to nothing. For others, you may feel the need to earn more in order to save more, but here at TWiCE, we believe that growing your savings is more about being smart with how you use and invest your money rather than how much you earn or spend.
In order to save sustainably, your income should be enough to cover your essential needs with some disposable income remaining. When you are in a position to save, grab that opportunity with both hands. Setting up a standing order from your current account into your savings account is always a good idea. An automatic transaction enables you to save money each month without even thinking about it. If you’re stuck with how much to start saving each month, starting with a small percentage of your income, say 5% or an amount you can manage is good. You can then slowly increase that percentage over time as you begin to become more mindful of where your earnings are going.
Another way to grow your money is by shopping around price comparison websites to find the best interest rate offers. Don’t just stick with the 0.25% interest that many high street banks advertise, explore other alternatives. You could be surprised by what you find if you take some time to look.
We have lots of great hints and tips when it comes to saving and growing your money but for us, the most important part is having the willingness to stick it out long term. Commit to saving and growing your margin. Committing to being a saver doesn’t mean you can’t spend money at all or enjoy your life - it just encourages you to be balanced when if comes to your finances.
Disclaimer: The above information does not replace financial advice. Please ensure you seek independent financial advice before making any decisions regarding your finances. We also recommend that you carry out your own research to ensure that this is right for your own unique circumstances. Please note that we sometimes link to other websites but we cannot be held responsible for their content.