Money doesn’t grow on trees, as much as you wish it did. You don’t want to be living paycheck to paycheck, but it can also be hard to find the money to set aside for bigger savings goals like retirement, a house, or even just a long vacation. Having a way to make or save passively could be the answer to this problem.
If you have extra money or never even see the money until you need to use it, it’s a lot easier to resist spending. Here are ways you can passively build your savings account.
Automate your savings each paycheck
You can easily automate your bank account to take out money that will go directly into a designated savings account every month. Sometimes the hardest part is the actual act of setting aside money. You won’t have to do that anymore if you make it automatic.
Since you’re paid such a large amount on “payday,” you won’t notice if $50 or $100 gets moved elsewhere. You’ll simply learn to live without that money, and the next thing you know, you’ll have a significant amount of money stashed away for when you need it.
Pursue alternative types of investing
Part of wealth-building involves protecting your existing investments.
It’s important to diversify your portfolio by looking into alternative investments. Having investments that aren’t tied to the stock market can be very important when it comes to having a stable way to save and invest.
Different alternative investments have different minimums and requirements as an investor, so be sure to read up on websites like Yieldstreet for the latest strategies. You can learn more about their insight by reading a Yieldstreet review from a knowledgeable source, like CreditDonkey, for a deeper understanding of their ideas and investment advice if you want more info.
Monetize your blog
Do you already have a blog or website? Putting some ads on it is a great way to increase your passive income. You’ll literally wake up each morning and readers will have clicked on your ads, earning you money. Check out Amazon affiliate marketing or Google AdSense to see how you can make money from your existing website without putting in any extra effort. Take the money you make passively from advertisements and put in directly into your savings account.
Buy and flip properties
Buying desirable land at an affordable price and holding it while it appreciates in value is another way to increase your passive income. In just a few years, after doing nothing your land can appreciate an impressive amount. From there, all you have to do is sell this land to an interested buyer. This allows you to make a great return and turn quite a profit.
It’s easy to find cheap mountain land for sale thanks to the Internet. Locations like Ashe County in North Carolina are growing in popularity as vacation destinations. Consider renting out your real estate to vacationers or people looking for a nonpermanent home while you wait for your property to appreciate, introducing another passive income stream.
Switch your savings account.
When was the last time you went bank shopping? Automating deposits to your savings account is one thing, but if you switch banks altogether you might make an even better return. Make sure that you’re in a high-yield savings account with a good interest rate, and you’ll be making a better return thanks to the magic of compound interest. Ally Bank is one of many options offering better rates for savings accounts, helping you make your money work for you instead of working for your money.