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Want to save money in a short period of time? Today's contributed post has you covered.
Whether you’re building funds for a vacation or looking to get your foot on the property ladder for the first time, you can save money more quickly by using some of these solutions.
Related to save money quickly:
Cutting back on big expenses will give you more disposable income to throw at your savings. This could include eating out less often, driving less often and maybe skipping a vacation. Some people go as far as to take their car off the road or even downsize to save money. The important thing to remember is that these cutbacks will only be temporary – whilst it may feel like you’re lowering your quality of life, you’ll be able to go back to your old ways once you’ve saved up your target amount.
You can accumulate savings faster by putting your money into a high interest savings account. Interest rates are fairly low nowadays on most average savings accounts – online savings accounts tends to have better interest rates. You can also consider government bonds and trusts for putting your money in as these tend to have high interest rates too.
If you’ve already got some money saved up, you could consider investing it as a means of growing it. Not all forms of investment are fast – renting out property is more of a long-term strategy for example whilst the likes of stocks can have a much faster return. You can learn how to invest in the stock market online. It’s also possible to get advice from an investment broker.
You may be able to save up some extra funds on top by collecting your spare change. This could involve putting any coins in your wallet in a piggy bank. Alternatively, you could try apps that save up spare change digitally by rounding up every purchase you make on card to the nearest dollar (some of these apps even help you to invest this money). You’ll barely realize this money going into your savings, but it could make a big impact.
There may be times when you can save up with somebody else to reach a goal more quickly. For example, if you’re saving up to buy your first property, it could be worth planning to live with someone and then you can both save up together. This could also be a way of saving up for weddings and vacations.
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