Where Your Money Could And Should Be Going

Most of us have had debts to deal with in the past. But if you’re slowly getting back on track, you might be wondering what you should be doing with the money that comes into your bank account every month. It can be tempting to spend it on all the great things we see in the stores or advertised on the telly. But is that really the best use of our hard earned cash, or should we be looking to use our money to make us financially secure for the future?


Sounds boring, right? Unfortunately, turning your back on what’s to come could spell financial disaster for you. It doesn’t matter how young you are, if you’ve not covered yourself for tomorrow, you might end up back in the misery of debt.


We’ve all got bills, and we’ve all got wishlists of things we would love to buy. Most of us have our priorities straight. We know to get the bills paid first. But if you are lucky enough to have some disposable income after that then think seriously about squirreling some of it away. You can secure your financial future in several ways.


A pension plan is something many of us don’t have. We work for ourselves or freelance or part time which means that there is no employer saving for our pension. If you don’t do it yourself, you might not have anything as an income when you need to retire. The longer you pay in, the bigger your income could be when you stop working.


Investing is another way to generate a profit or an income later in life. If precious metals like gold are increasing in value, then buy some. You can find out more about buying silver at http://atkinsonsbullion.com/silver to give you an idea how it works. If property prices are zooming up, then get yourself on the ladder. You could even use purchases of stocks and shares as an investment. Put your money somewhere that will increase its value. Make your earnings work for you.


High-interest savings accounts are still hard to find these days. But at least with an ISA you can avoid paying tax on your savings. Many people use their ISAs to save up for the University fees or for a deposit on a house. So long as the interest rate exceeds to year on year increase in the cost of living, they are a good place to shelter and grow your cash.


Should you invest in you? That depends. If you know your investment will make its money back and then some, then absolutely. Education and qualifications can often lead to better-paid jobs. Training can also help you get the promotion you’re after. Investing in your health means you are less likely to be out of work for illness. If you’re self-employed, this could be essential to your livelihood.


Speaking of being self-employed – investing constantly in your own assets, such as your skills, your website, your tools, etc can be daunting in the moment, but is sure to pay off in the long term. Your efficiency will increase, which will lead to more earnings going forward.


Make each penny you earn count. Pop a percentage away in an investment that will reap you financial rewards and security. Don’t go without, though. A little treat once in awhile is what makes life delightful!


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