How can i make my bank account grow faster? need advice

Discussion in 'Investing and Retirement Saving' started by Tiplady, Nov 11, 2015.

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  1. Tiplady

    Tiplady Newbie

    There is no better feeling than watching your bank account grow and the best way to do this is to plan and organize your finances. Many people ask how to make your bank account grow and there are many ways you can do this. The best method are the simple ones and it is a case of saving more, earning more and letting your savings work harder for you.

    The first step to financial prosperity is to save as much money as you can. If you cannot save then the chances are your account is overdrawn and you always pay interest and fees making the banks richer and you get stuck in a viscous cycle of debt until you become bankrupt. You have to learn how to save!

    #1: Make a budget

    The first thing that you must to do is work out how much your income and expenditure is each month. This is not a hard process and do not be scared to do this, a lot of other people are in a similar financial situation so you’re not the only one. When you can see where all your money is coming from and where it is going it is easier to control everything.


    #2: Look to reduce your expenditure

    Once you have worked out your monthly budget you need to tighten your belt and look for saving you can make. If you have been very relaxed with your money then the chances are that you can save a whopping 50% on your expenditure, this means that if you were spending $1000 on expenses then you are now only spending $500. What a difference this would make to your life. Here is a list of where you can cut the waste in your finances.

    1. Magazine subscriptions
    2. Eating out when you can prepare a meal
    3. Membership to clubs that you never attend
    4. Having more than one mobile phone
    Once the waste is cut out you need to tackle your biggest expenses and reduce them. The first biggest expense would be your residence; if you have your own property and you are paying a mortgage then you should consider remortgaging and securing a lower rate. You might even want to consider if there is chance that the debt can be paid off by checking if the bank has lost the copy of your mortgage agreement.


    If you are renting then consider renting a room out or going to accommodation where the rates are cheaper, this way you can save a significant amount. Imagine you are single and rent a flat that has 1 room, and then by sleeping in the lounge you can free up a room for another person and instantly half your rent or even more, just run this by your land lord before you do this.

    Shopping is another big expense and you need to start getting a handle on this. I always say in my articles there are 6 ways to reduce your shopping bill by half, if you can take these points on board then you can save even more than you thought.

    1. Buy items you only need
    2. Buy non-perishable essential items in bulk from Costco
    3. Downshift a brand
    4. Use as many coupons and vouchers
    5. Buy in bulk during special offers
    6. Buy clothes and furniture only when there is a sale
    The next thing you have to do is tackle all your utility bills and insurance. In a typical household you pay gas, electricity, water bills along with car insurance and house insurance and line rental for telephone and broadband as well as mobile.

    You can save money on these by switching to the cheapest provider by visiting comparison sites and then finding whether you can save a bundle. Normally people are able to save 20 – 30% on these items and over time this would be significant. Remember if you look after the pennies the pounds look after themselves.

    #3: Find ways of making more money

    Once you have tightened your expenses it is time to use your creative thinking to make more and more money.

    If you are currently employed find out what it takes to get a pay rise. If your current job does not have any prospects then find another job where you can gradually increase your income. If you can increase your income by $1000 ever year then this will create an enormous amount of wealth in the long run.

    Sell all the clutter you have in your house on and then see if you can make some sort of business out of it. The chances are over the years you have accumulated junk and it is time to clear the cupboards and make some cash.

    Once you get your head around selling on check to see if you can generate another $100 per month selling items that there is a strong demand for. Many people buy and then sell on and make a living so it is possible.


    If you have dreamed of always running your own business then why not create a business plan out of something you enjoy doing, if you have been interested in health and fitness then why not do some research into creating a health and fitness store. This won’t happen overnight however if you can work towards the plan it may become a reality one day.

    You can also try other things like learning the stock market or even blogging for money. I am personally writing 5 articles per day for a year to generate some passive income. Overall there are 6 ways to generate another stream of income and you need to focus your energies on developing these.

    1. Stock Market
    2. Selling and Buying Online
    3. Blogging for Money
    4. Writing articles for money
    5. Renting your property out
    6. Creating a business
    If you are currently earning $2000 per month and then in a year you can earn $3000 a month from developing all these streams of income then you can really make an impact on your bank account.

    Now that you have tightened your expenditure and you are looking ahead to increasing your incomes you will have savings every month that need to work hard for you.

    Your first goal is to accumulate as much capital as you can in your bank account and therefore you have to find the bank that is offering the highest rate of return. Lock your savings away for about 5 years or make it a notice account.

    There are some accounts that can offer 10% on regular savings so if you can save $1000 per month then at the end of the year you will end up with approximately $15,000, in five years the compounding effect will make you generate $100,000. The key to success here is securing the highest rate of interest and locking your money away for a long time.

    So there you have it, the secret to making your bank account grow faster is to find savings generate more income and make your money work as hard as it possibly can. If you can follow these rules your account will start to explode.

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