If you’ve been working hard for the last couple of years and you have a sufficient amount of savings collected up but not yet enough to give up your full time job and kick your feet up just yet, you might want to consider putting your money in an investment account so that you will be able to collect more money and reach your target faster. Most people live pay check to pay check with very little remaining to save up, however if you do have some money left over from previous years, putting safely in an investment account is a way of collecting money without even realizing it in the form of interest payments.
Different ways to save up money
One way you could invest your savings is to buy gold. They say the price of gold always goes up ad rarely ever comes down.Buying gold guarantees that you will not have a sudden change of heart and accidentally end up spending the money as you will need to go through a long process to go out and sell the gold in exchange for money. Another great investment is putting your money in to a fixed deposit or call deposit where you opt to have your interest money collect with your initial deposit and auto renew. If you are Muslim and you are against interest there are different kinds of halal investment opportunities available that are similar to fixed deposits.
In case of emergency, you can always take out your fixed deposit money at any time with some banks simply holding back the interest for the present term only in case you decide to take the money out at a different time than stated on the fixed deposit slip. Halal investment opportunities to work in a similar way to fixed deposits without the use of interest.
Get a part time job
Another way to collect a bit of extra cash and increase your savings is to get a small part time job or freelancer job that you can work from home during your part time. This job can be as simple as selling your art or your baking to friends to collect some extra pocket money that you will need to guarantee will go in to a separate bank account to your salary. You will need to make a commitment to yourself that the money from your part time job will only go in to your account and never out. When you have reached a sufficient amount, you can invest it in a fixed deposit.