As the US economy continues towards recovery, many young people, newly employed and inexperienced in financial matters, are beginning to learn how to save and use their money wisely. Although growing up, our idea of saving was stuffing coins in a piggy bank, nowadays there are ways not only to save, but also to grow your earnings without spending.
First of all, setting up an online savings account is a great way to make sure you’re saving a certain portion of your paycheck. You could even setup an automatic transfer to make sure that a designated portion goes to your savings account with every deposit. Unfortunately though, these won’t do much to help your earnings grow. Most savings accounts offer low interest rates, but money saved is money earned, right?
Low risk investments are also a safe route; though don’t expect to be raking in six-figure returns any time soon. Securities bonds are always a good bet, but if you’re feeling a bit risky, buy shares in some time-tested, growing companies. If you don’t know the stock market that well, educate yourself first and invest conservatively.
There are several other ways to invest your money and grow your savings. Don’t just stuff your couch with cash. Make a few wise investments, and let that money grow for a later date.
Photo Credit: Grant Cochrane