Saving money is both fun and a challenge. But it’s a challenge that can be beaten. With financial common sense, knowledge of what you can do in the world of finance, and the will to make some daring moves – you can keep more money in your pocket.
Here are six tips to save some money and keep your savings account fat and healthy.
Variety is the spice of life, and in finance there’s plenty. Bonds (the safe option), shares, investment funds, unit trusts and other collective investment schemes, real estate, the autos sector… the list goes on.
Read the financial press to see which companies are doing well, or have done well, on the stock exchange. Chat to the bank about its own investment products as well, since you can also benefit from some free advice. Then you can decide how you’d like to invest your money.
Set some saving aims
The best way to achieve something is to know what you want to achieve in the first place. Decide why you want to save the money… what you want to save it for. Are you saving for a holiday, relocation, the car you’ve always wanted, or something else?
When you know you’re aims, work out how much you can and need to put by then get to it. Time is money (saved). Obviously, think about placing your money in a savings account, rather than just a standard account, so you can earn more interest.
Deduct, deduct, deduct!
Why not keep your savings account fat by deducting everything you can — within the confines of the law, of course. You can make deductions on your tax return if you have dependents such as children living with you, providing the dependents meet certain criteria.
They say money can’t buy you love, but it can work the other way round, to an extent. Your boyfriend or girlfriend can also qualify as a dependent if they meet the criteria — one of these is having lived together for a year or more.
Ever thought of relocating?
If you fed up of the taxman dipping into your income whenever he feels like it, you might want to consider relocating. Places like Bahrain and the UAE have become popular with expats who want to earn a good living, live an enjoyable lifestyle and hold onto their hard-earned gains. That’s because there’s no income tax out there, and you can also avoid paying tax to your home country.
What it says on the tin. Purchase online and you can save money, because you can purchase directly from the supplier. Banking wise, if you bank online, you can also save money on things such as credit charges and services. Not only this, you can monitor your savings and expenditure easier, and pay money into your account or use other banking services at more convenience to you.
If you’re looking for a savings account or other product, it pays to shop around. Different savings accounts can offer different rates of interests, or if not that then other beneficial terms and conditions which can help your money grow.
We live in unprecedented economic times, it’s true, but that doesn’t mean that savings can’t be made. By the same token, nor does it mean that people can’t make money. If you think carefully, invest smartly, spend wisely, and know what you’re entitled to, you and your savings can come out way on top.
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