Getting the Most Out of Your Savings

money (Photo credit: 401(K) 2013)

Getting the most out of your savings seems to be harder than ever these days. With interest rates incredibly low and bank fines high for any mistakes that you make, it is easy to believe that you’re not actually saving money at all. Before the financial crash, cash ISAs and savings accounts were used by everyone, providing a solid (although not astronomically high) rate of interest that rewarded savvy, money conscious savers across the globe. However, the crash changed the entirety of the world’s financial outlook and now; the way we save is entirely different, with people struggling to accrue any interest whatsoever. Due to this, people have started looking for alternative investment strategies to ensure they get the most out of their savings; here are just three ways you can do just that:

Start an eBay Business

Technology continues to play a greater and greater role in our lives and, because of this, a number of business opportunities have emerged. Recently, we’ve seen online shopping site eBay become the epicentre of the online retail world. A place where you can buy anything from golf clubs to new cars, eBay has something for everybody; all at an affordable price. With over 14 million active users, a prospective audience for your products is huge and, because it’s all online, you don’t even have to leave the house to start earning a profit. Start small with unwanted home items and then build up to business level.

Trade Forex

Another way that you could potentially make money online is by trading forex. Much like you do when you go on holiday, forex is the process of changing currency from one to another, exploiting the exchange rate to make a profit. The markets are difficult to navigate and it takes a great amount of research to ensure that you limit the risk of losing your money. However, unlike an eBay business, the set up cost is low and all you’ll need is a Metatrader account. Very high risk, the rewards for forex traders are high, but there is always the potential you could lose a great deal of money, too.

Invest in Stocks and Shares

The world of forex is very immediate, and if you’re looking for longer term investments, then stocks and shares may be your thing instead. Of course, this is also a potential investment minefield, and it will take a copious amount of research before you begin. But, when you’re all set up, you can monitor your trades without even leaving the house. Something that is ideal for many of us.

To conclude, savings accounts at banks accrue far less interest than they used to and, to get more out of their savings, people have started looking elsewhere. Starting an eBay business, trading forex and investing in stocks and shares are three ways that you can do just that. But, don’t be restricted to just these three things, the world’s your oyster, so have a good look around and invest wisely.