4 Sensible Places To Put Your Money

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If you handle your finances well, you don’t have any debts, and your spending is under control, you should be able to start saving some money. Now that you’ve got that extra money to put aside, you need to decide what to do with it. If you just leave it in a savings account, you’re not really making the most of it. It’ll just sit there without appreciating but if you put you’re clever with your money, you can watch it grow and by the time you come to retire, you’ll have a nice chunk of cash waiting for you.

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But you’ve got to be careful with your money because if you make bad decisions and go in for risky investments, you can easily end up with nothing at all. That’s why you should consider one of these sensible places to put your money.

The Right Savings Account

Putting your money into a savings account and sitting on it isn’t always the best idea and you won’t see huge returns, but it can work if you do it right. It’s a low risk way of seeing some steady growth without the worries that you get with investments and things. But you’ve got to be careful about which savings account you put it into. There are some accounts that offer better interest rates but you won’t have access to the money for a certain period. This isn’t ideal if you don’t have a separate emergency fund and you might need to access that money to pay for home repairs or something like that. However, if you’re sure that you won’t need the money, those accounts can work very well. It all depends on what your financial goals are really. If you’re trying to save up for a car or a trip away somewhere and you need the money fairly soon, you’re better off going for a savings account that you can access any time you like. The interest won’t be as high but you can be more flexible with the money.

When all of your cash is in a savings account, you need to keep a close eye on inflation. If the rate of inflation is higher than your interest rate, your money is losing value in real terms. That’s why it’s important to keep an eye on it and move your money around regularly so you’re always getting the best deal that you can.

Invest In Property

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If you’ve got a decent amount of money put aside, you should think about investing it in a property. As long as you can cover the deposit on a house, you can find tenants to cover the mortgage each month plus a little bit extra. It’s a great way to secure your money as an asset rather than holding it all as cash and it’ll give you a regular monthly income that you can either save or spend as you choose.

Location is one of the most important things that you need to consider here. If you buy a house in a run down area where people don’t really want to live, you’re going to struggle to find tenants. When you’re looking at a property, you should always do research into things like crime rates, schools, and average house prices nearby. If there aren’t very good amenities, it’s dangerous, and a lot of people are selling their houses cheap and moving away, you shouldn’t be investing in a property there. However, if you start looking in the most popular places, you’re going to spend a lot more money. Ideally, you want to find an up and coming area where the house prices are still relatively low but you’re likely to get interest from tenants. Find a good real estate agent and they’ll be able to advise you on where the best places to look are.

As well as investing in a second property that you can rent out to tenants, you should also think about investing a bit of money in your own house. If you spend money on adding extensions or converting rooms, you’ll add a lot of value to the house. Even though it seems like you’re just spending the money, you can consider it an investment because you’re increasing the value of your assets. If you need money later in life, you can remortgage the house for more money. You might decide that you want to downsize your house in the future as well, especially as you get older. If you start investing in the property now, you’ll get a lot more for it when it comes time to sell and if you move into a smaller place, you’ll have a lot left over to live on.


This is a bit of an odd one but it can be a good way to combine a hobby and an investment for the future. If you’ve got an interest in collections of any kind, like rare coins, art or even wine, you could start to treat it as a savings tool. A lot of these collectibles appreciate in value by quite a bit so they’re a good place to put your money. You’d be surprised at some of the things that are worth a lot of money. Lego sets, for example, sell for a lot online because the pieces get lost and there aren’t that many complete sets floating around anymore.

You do need to be careful with collectibles though because some of them don’t appreciate in value at all and in a couple of years, they’ll be worthless. A lot of people get caught out because they spend money on things that they think will be worth a lot and it turns out that nobody is interested in them. The best way to avoid any big mistakes is to consult an expert. If you’ve got some rare coins that you think might be worth something in future, take them to an expert that knows what they’re talking about and ask them. They’ll be able to give you a better idea of whether it’s worth spending your money on or not.

Mutual Funds

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When most people think about investing, they think about playing the stock market. But if you don’t really know how it works or where to put your money, that isn’t the best idea. You’ll probably end up losing it all pretty quickly and you’ll have to start saving again from scratch. But a mutual fund is an easier way of getting the same returns without as many of the risks. A mutual fund works by taking money from lots of different people and then investing it on the stock market. They spread the money out so if one or two investments go bad, they’re still making a profit overall. All of the investors get a slice of the profits that the mutual fund makes. So, you can grow your savings without having to have an in-depth knowledge of the stock market. Your potential for earning isn’t anywhere near as high as it would be if you invested the money yourself in a few different stocks, but the risks are far lower as well.

A lot of people don’t really know what to do with their money because they’re a bit scared of investing. They assume that they’re guaranteed to lose all of their money because they don’t really know what they’re doing so they just let the money sit in their bank account. But if you do a bit of research and seek some expert advice, you can use these sensible investment strategies to keep your money safe.


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