Saving money is about keeping your money somewhere safe. Because your savings will be your resource during hard times, you should make sure that you keep it somewhere safe. You should know where to save money so that you can draw something when you are financially burdened.
Saving money is also knowing which expenses you can cut down on. This is where budgeting comes in handy.
Here are some tips on where you can safely save your money.
Where to Put Your Money
Keeping your money safe is also keeping your future safe. Make sure that your money is in a safe place so that you can sleep well at night and be encouraged to grow your savings on a regular basis.
Yes, you read that right – banks. Do not just save your money on a single bank. If you can open two or more bank accounts on different banks and send money to each of those accounts on a regular basis, say, every payday. This can help you budget more efficiently.
You will probably say, ‘How can having two or more accounts help me save money safely?’ Well, securing your money on different accounts will ensure you that you will still have money even when one of the banks where you save your money collapses. You will still have half of your savings if you have two accounts on separate banks even if one bank closes.
- At Home
You can also save your money at home – aside from banks. If you don’t know where to save money at home, you can have a safe installed inside your bedroom. But most of the time, robbers are heading straight for bedrooms because they are the most likely places where people keep their money. Choose a place inside your house where robbers would consider as a very unlikely place to keep your money. Don’t follow cited examples on articles on the Internet so that robbers who are reading safety tips won’t have an idea where you would keep your cash – just use your common sense.
If you can, build your safe on your own. Do not have someone else install your safe because it is also a safety hazard. Yes, most security companies are very strict with their policies and their employees but you never know. It is better that you know where to save money on your own – without having anyone else know your secret hiding place.
For saving purposes, don’t save all your money inside your safe because inflation will kick your money’s value down.
You can also save your money in cooperative institutions that allow members to deposit their money on their care. These institutions also offer interest rates on savings, enabling you to earn money while keeping your money somewhere safe.
The only downside to this is that your savings cannot be withdrawn over a specified timeframe. But that is the point of saving up, right? You have to know where to save money and keep yourself from using it until you finally need it badly. If you just withdraw your savings, you won’t be able to save enough for your future and for emergencies. Better keep your money somewhere safe and avoid looking at it frequently. Just monitor your savings to make sure that your savings is still there.