When you are on a finite income, you may want to find other ways to maximize your expendable cash. While you could consider taking on more work, this may not be feasible, especially if you have family or other commitments. Instead, it could be a far better idea to look at the ways you can grow your existing money, or manage it a bit more sensibly. By educating yourself about the different financial options available, you may be able to look after your money better than before.
Use an ISA
When you deposit money into an ISA, such as those offered by Wealthify, you can be given a tax-free allowance each year, which can accrue monthly or annual interest. This allowance is limited to each individual, so it could be a good idea for each adult within your household to open their own ISA.
The type of ISA you choose can depend on your personal circumstances. Some may open one that can be accessed at any time, especially if they want to increase their savings and use the money within a short timeframe. Others could instead opt for a long-term ISA, such as one specifically for retirement, or saving for a house, which will allow you to save for years, and reap the benefits of that interest.
Use the Stock Market
Learning about the stock market can help you to invest money wisely, and see potential gains. Keeping yourself in the loop regarding updates to the stock market, as well as the trends at certain times of the year, can go a long way. You can usually invest as little or as much as you like, and withdraw at any time.
It is important to note that it is possible to lose your money when trading in the stock market, so it could certainly be beneficial to learn as much as you can first. You may be able to do this through research and the use of news and financial articles, as well as apps that simulate the stock market.
Look at Your Existing Expenses
Sometimes, making your money grow can be more about making smarter spending choices with what you have. This can involve browsing round different grocery store websites to see which is cheaper, comparing your bill providers to see if switching to a different company could save you a few dollars, and even using a gas map to figure out which station has the cheapest fuel for your car. By reducing the amount you need to pay for these essentials, you can leave yourself with more money to put into savings, as well as teach yourself some better money habits.
Making your money grow through working for you, and by changing the way you use it, can help to relieve some of that financial pressure. Rather than needing to opt for credit cards or loans to get by, you could give yourself that bit of freedom that comes with more disposable income.