How to Make Your Money Work for You

How to Make Your Money Work for You
Saving money in one place often means having to spend it somewhere else, but that doesn’t
have to be the case. In fact, you can get yourself into a position where your money works for
you instead of you working for your money—all it takes is the right approach and practice. The
following article will show you how to make your money work for you with three of the most
effective ways to set up your finances so that they’re helping you reach your financial goals, not
holding you back from them.
Get a bank account
If you don’t already have one, open a savings account. Experts say you should have three
months’ worth of living expenses in your account at all times—even if you earn enough that you
don’t need it. This is where much of your working money will go and grow from month to month,
so having easy access to it is vital. Think of your bank as a fat wallet.
Start a Budget
One of the first things you should do if you want to save money is create a budget. Start by
listing your monthly income, then list your monthly expenses. What’s left over is what you have
left over to put towards saving money. It sounds simple, but starting and sticking with a budget
can be a challenge, so here are some tips on how to make it work
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Save up
Before looking into how you can make your money work harder, it’s wise to have a little on
hand—just in case. While there’s no hard-and-fast rule about how much savings you should
have on hand, experts generally agree that everyone should be able to cover three months of
living expenses in case of an emergency. Having six months of expenses saved up is even
better.
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Earn interest on your savings
It’s easy to get into a saving mindset when you’re living paycheck-to-paycheck. Saving,
however, is something that can be done on any budget—even if it means just setting aside a
few dollars each week in an interest-bearing savings account. The money you put in now will be
much more valuable in 5 years than it is today—and your future self will thank you.
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Start Investing in Mutual Funds
While there are some advantages of investing in individual stocks, such as being able to pick
your own companies and avoiding fees and minimum investments, one of the major drawbacks
is that you don’t have much diversification with just a few companies. Mutual funds give you
instant diversification with many companies, so you know your money is safe no matter what
happens with any single company in your portfolio.
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Borrow Wisely
While saving your money is always a good idea, having a lot of it tied up in something that earns
you little interest is a quick way to feel broke. Borrowing from yourself can be a great option: If
you have funds saved up in a 401(k) or an Individual Retirement Account (IRA), go ahead and
borrow from them. Just make sure you pay yourself back with interest—otherwise, it’s like
paying interest on your savings account instead of paying off your credit card debt!
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Use Credit Cards Responsibly
If you’re trying to make your money work harder, use credit cards responsibly. Credit cards let
you make purchases now, and pay them off over time—effectively borrowing from your future
self (and saving cash in your present-day pocket). If you’re trying to save up a down payment on
a home or car, putting some expenses on a card can be a smart move.
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Decide if you need life insurance
Insurance planning is as much an art as it is a science. If you have enough cash in place so that
your family would be okay if you died today, then maybe they don’t need life insurance. But that
doesn’t mean you shouldn’t have some sort of life insurance policy on hand.
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