What’s the Best Thing to Do with the Money in Your Savings Account?

Putting money into a savings account is not only recommended but a true necessity. The increasing instability of our economy has created the need to have some sort of financial insurance for the years to come, regardless of whether you have a stable source of income or not. However, it can be difficult to constantly make deposits, knowing that the money will be essentially locked away (although you will still have access to it) until you truly need it.

Luckily, there are ways to increase the amount of money that you have in your savings account without actively working for it. This is done by investing a portion of it.

The basics of investing the money in your savings account

Realistically, when you first open a savings account, your first objective should be to save enough money to last for 4-5 years. However, depending on your income, this could take many smaller payments or a few large ones that are difficult to budget. The alternative is to start investing the money from your savings account.

First, make sure that you’ve saved up enough money to cover around 6 months’ worth of expenses. Ideally, you should already have 5-6 times that amount in your savings account. This will act as an emergency fund in case you ever need it. As for the rest of the money, it can be invested. You will essentially make the money work for you.

What can you invest in?

There are a few ways through which you can invest your money and each of them has different advantages and disadvantages:

  • Shares – By buying a share you get a stake in a company. As the company becomes more profitable and its value grows, so will the price of the share. After a while, you will be able to sell them for more than what you paid;
  • Fixed interest securities/bonds – These are loans that you give to various companies or the government. Once you invest your money using a bond, your money gets locked away. However, after a set amount of time, the money is repaid to you in full, along with a predetermined interest rate;
  • Foreign currency – If you have a feel for how international finances change over time, you can invest your money in foreign currency. By buying US Dollars or Euros when their price is low and selling them when it is high, you will be able to make a profit. The main advantage of this method is the fact that the more you invest, the more you will make. Furthermore, the inner workings of foreign currency investment are easy to grasp, making it a great choice for beginners;

Be smart about how you use the money

Once you start making money off of your investments, you will have to use it wisely. Putting it back into the savings account may not always be as useful as it seems. Instead, consider using some of it to improve your financial situation:

  • Pay off any outstanding debt that you may have – If you have any unpaid loans or ones that are very expensive, consider repaying them. By reducing your monthly expenses you will be left with more money to invest or deposit, in the future;
  • Create an emergency medical fund – If you have any medical issues that may get aggravated in the future, consider saving up money for the upcoming treatments and medical procedures. This will allow you to pay for them without touching your savings account;
  • Invest in your property – Renovating your come is also a good use of your money, especially if do not intend to move in the near future. By investing in your home you will not only raise its value but also increase its long-term durability. In other words, if fewer things break, you won’t have to spend as much on repairs;


By using an investment broker or an online robot adviser, you should be able to earn considerably more by investing the money from your savings account than if you were to only rely on compound interest. This having been said, however tempting it may be to invest all the money from your account, always make sure that you have something to fall back on.

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What Makes Quick Loans Advantageous?

Have you ever been in an emergency wherein you need cash urgently? Waiting for the next payday or borrowing from friends and relatives that quickly may not be possible. Why not apply for a quick loan and have the money you need in a few hours? Nowadays, some lenders offer quick loans. You can submit your application online, and after a few minutes, the lender could approve your loan and release the funds to your bank account. You can then withdraw the cash that you badly need.

Here are the advantages of taking quick loans.

Easy Application

As long as you have access to the internet, you can easily apply for a quick loan. Several lenders offer quick loans with no credit check. Compare each lender’s offer before filling in the application form. Check the amount that you can borrow, the annual percentage rate, and the payment terms. Once you have found the best deal, fill the form and hit the submit button and wait for a few hours for the funds to be available in your bank account.

Fast Approval

Lending companies that offer quick loans require few documents, which most borrowers already have, such as a valid identification card and address. If the lender is satisfied after verification, he would approve the loan and process its release, which usually takes a few hours. If you applied in the morning, you would most likely have the funds in your bank account a few hours after and you can withdraw the funds to meet your immediate need.

Less Interest

The interest rate that lenders charge would depend on the amount of the loan and the repayment period. The bigger the loan and the more extended payment period you choose, the higher the interest. With quick loans, the maximum amount that you can borrow can be £10,000, and you can pay it in less than a year. However, you can borrow what you need and pay it within a few days. Doing this would set you free from your debt as soon as possible; saving you from paying more interest and from the stress of worrying how you can pay back your credit.

Improved Credit Score

A credit score is a rating that you receive regarding your credit history. If you pay your credit card balances and loans on time, you will get a high credit score. With a high credit score, you could apply for a loan in banks and other financial institutions and get loan approval. Quick loans usually do not consider credit score when lending money. However, the sum that you can borrow may be small with a high-interest rate and short repayment period. Prompt repayment of your loan would add some points to your credit score that would qualify you to borrow from financing companies where such score is necessary.

No Penalty for Advance Payment

Most long term loans would not allow you to pay your mortgage in advance. Borrowers that want to be debt-free before the term of their loan ends cannot make an advance payment. If they do, the lender will penalize them. With a quick loan, you can pay the amount that you borrowed after two weeks even if you stated that you would pay in four weeks. Since quick loans can be risky on the part of the lenders, they welcome early repayment in full.

If you need cash badly but you have no one to help you, applying for a quick loan is the easiest and fastest solution to your problem. All you need is to go online, find the lender with the terms that suit your needs, apply, and get your cash after a few hours.

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