At the start of the year, it is a great time to look at your finances and see how you can improve them. With low interest rates on savings accounts, money sat in the bank isn’t as beneficial as it once was and people are looking for new ways to make their money grow. If you have managed to get some money together and save up or if you have inherited or gained a considerable amount of money, then it can be hard to know what the best way to use it is. We look at some ways you can make your money work for you.
Invest in Rental Property
One of the best ways of doing this, is by investing in property. Around one in twenty people in the UK own an additional property which they rent out for extra income, and this popular strategy is surprisingly easy to get involved in. Property investment specialists RW Invest have a wide range of property investment options which are perfect for making money out of your savings. From Purpose Built Student Accommodation developments with high rental yields and affordable entry prices, to renovated city centre apartments with high rental income, there are a number of lucrative options for you if you are considering property investment. Property is an asset that continues to increase in value, and many of the world’s most successful people have chosen property as a way to make their money work for them. Property investment can be cheaper that you think, and UK cities like Liverpool and Manchester are perfect for reasonable first-time investments.
Find the Best Account You Can
Though interest rates aren’t as good as they have been in the past, it is still wise to try and find the very best account for you. There are a number of different comparison sites which can help you compare different accounts, with the information you have about what you are looking to save. There are a number of different options out there, including fixed accounts, regular savings accounts, easy access accounts and ISAs, and each have different pros and cons. It is worth shopping around, speaking to different banks and finding an account which will make your money make the most for you.
Consider the Stock Market
Another popular option for making the most of your finances is investing in stocks and shares. There are a number of different ways that you can do this. If you want to get heavily involved and would like to use what stocks and shares you invest in, then you can open an investment account and begin purchasing stock. If you would prefer a more hands-off approach, using a broker can allow you to grow your funds without the hassle. You can also choose how much risk you want to take, from stocks in fledgling companies to investing in big funds that are relatively low risk. It is important to realise that shares can go down in value as well as up, so make sure you do your research and invest wisely. You can also invest in a stocks and shares savings account which will follow the market, or you could invest a lump sum.
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