How to double or trouble your money?
“Giving up on your goal because of one setback is like slashing your other three tires because you got a flat” – Toby Mckeehan
A good chunk of the UK population is feeling the financial pinch due to the increased cost of living. Inflation has reached a whopping 9.1% and is expected to rise again to 11%. Inflation is so high because of escalating food and fuel prices, and wages cannot keep up with the rate at which prices are rising.
Moreover, doubling your money such as savings may seem like an impossible endeavour, almost like running in the Olympics with no prior practice and expecting to win. But still, many dream of increasing their money but end up causing more harm than good to their money by making financial decisions that place them in a severe financial pickle.
We often speak about saving money because sometimes money needs to be saved from us, as at times the wrong financial decisions are made, such as overspending. After all, we are fantasising about that nice top we saw on the shop display, the nice shoes that will go with the dress you recently bought, or the latest game release that makes some people overindulge. By the end of the splurging, you find yourself running after your money, asking, “Where did it go? It was here just a moment ago”.
However, nothing is impossible, and doubling your money is possible with persistence and effective saving strategies. It does not have to be all doom and groom; in the next part, we will give some tips on increasing your finances and how to invest your money.
The most common method of investing if you want to try to avoid money slipping from your fingers is to spread your funds across different types of investments, such as saving accounts. Higher returns could be earned from savings than just storing money in a bank.
Although spreading money across different investment methods is often recommended, it is essential to be aware of the risk as some investments carry more risks than others, such as stocks and shares, as even the most experienced investors sometimes lose a part of their money.
If you are a beginner at the beginning of your investment journey, start small open a savings account such as Easy access, do your research, work your way up, and if you choose to invest in more risky options, make sure you have enough left over to sustain your household. And invest as little as possible in risker investments so that if you lose your money, you are not losing such a substantial sum that will have you banging your head against a wall.
How to double your money/savings?
Create a budget plan with a saving strategy
Creating a budget plan is a worthwhile investment of time as you can plan your saving and spending strategy within the budget plan. Intellisaving recommends applying your saving strategy before your spending strategy, which would mean you prioritise your saving method before spending one in your budget plan.
To double up on your expenses, you need to track where your costs are coming from; this can be done through an app that tracks expenses. Many people use apps which track expenses to figure out where they could start saving.
Check your credit score
Track your credit score through free credit check reports and monitoring; some credit score providers will even give you tips on improving your credit score. Checking your credit score may help keep you motivated as you work hard to improve your credit score by adapting good financial management habits, which in the long term could go towards doubling your
Make your payments automatic
Make automatic payments of your incoming bills so you do not risk being charged penalties for not paying back on time.
If you have a savings account, you should also set up automatic transfers from your current account to savings account that way you are ensuring that some of your incoming salary is going to your saving account every month
Try to be consistent with saving
Try to set some money aside every month even if you cannot save as much as the other months and have to adjust the amount you usually save to a lower amount. Do just that; save what you can
Do you have any talents which could earn you extra income?
Plenty of sites enable you to make money from your talents in your spare time. For instance, if you are DIY savvy, TaskRabbit could be the site for you as it connects those who need help with odd jobs with people who are looking to make some extra cash and have the knowledge needed for the job. There are also websites for graphic design knowledge, such as Fiverr.
Write music reviews in return for cash
If you are a music devotee, you might be delighted to hear that you could get paid for reviews of unsigned musicians. You can get paid based on how good your review is; best of all, there is no limit on the number of reviews you can write.
Get cash or vouchers for product testing
Companies that are about to launch new products often need people to sample new products before the product is launched; this can range from food to the latest technology releases- you can get rewards for giving feedback in the form of cash payment or gift vouchers. Usually, access to product testing is accessed online on websites.
Conduct research on schemes and discounts
If you don’t seek, you will never know if you could be saving through schemes and discounts, so search on websites such as the government site for your eligibility for projects and discounts or contact advice services such as Citizen’s advice bureau.
Download a saving app
Intellisaving is a money-saving app that integrates numerous savings and ISA accounts into one platform. The platform has several features for users to explore, such as a comparison feature which displays the highest interest rates per saving category, such as regular saving accounts showing results from over 80 banks and building institutes that the app supports. The app has a watchlist option for users to add the saving products that pick their fancy.
There are also articles with money-saving tips such as ‘FCS: How your hard-earned cash savings are protected in this unprecedented time?
With Intellisaving, your saving and ISA accounts are in the right hands.
Start buying store’s own brands
If you are strapped for cash or want to save some extra dosh, look out for retail own brands such as supermarket own brands such as Sainsbury’s and Tesco’s, which are usually cheaper and can do the same job as the more expensive brands.
Sometimes financial difficulty is through no fault of our own, as at times, you could do everything by the book when it comes to your finances and still find yourself burdened by your finances. The most important thing is not to give up and to keep looking for new solutions and strategies that help to steady the economic boat.
However, other times it is the decisions that are being made and spending choices that are rocking the financial boat or causing a further strain; therefore, it is vital to cut down on unnecessary expenses and look at where you could start saving by tracking expenses and then trying different saving methods until you find the ones that work for you.
After all, you don’t want to spend so much that you find yourself listening to a heartbreak playlist dedicated to the deduction in your money.