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Saturday, April 24, 2021

How Families Can Make Their Money Grow

If you're reading this blog, you probably are looking for ways to have more money available for your family's needs. This reader sent in some ideas about how you can do that.


In this day and age, the idea of growing your money sounds bizarre. We tend to scrape by with what we get each month, and therefore never have the opportunities to save, invest, or grow our money. Making money go the extra mile gets even harder if you have a family. Sure, you love your partner and kids, but there’s no denying that having extra mouths to feed makes it harder to grow your money. That’s why it’s so important to work together as a family to make your money grow. After all, more money would benefit everyone in the family. Keep reading to find out how you can do this.

Invest

Invest, invest, invest. It’s one of the most popular tips you’ll find if you ever research how to grow your money. And it’s popular for a reason. If you invest a small amount of money wisely, that money will grow until you have much more than you started with. You can invest in a house, a car, a business, or the stock market. Many people don’t invest because they are scared and intimidated. If fear is holding you back from investing, try using investing apps for beginners to help you find your feet.

Savings

Another way of growing your money is to save it. This is a less risky option than investing, and it may offer you more peace of mind to know that you are in charge of your money. Keep in mind that not all forms of saving will grow your money – you’ll likely need to open a specific account, like a fixed deposit, that has higher interest rates. However, any form of saving is essentially a way of growing your money, since you’ll have more money left over at the end of the month. Whether that means having a piggy bank, walking instead of taking the car, or even saving money while eating out.

Save small change

Speaking of piggy banks . . . saving small change is also a way of making your money grow, albeit slowly. While this isn’t the most effective way to go about things from a financial point of view, it is a great way for families to teach younger members about the value of money and how to manage it. Have a piggy bank or a savings jar, and add all your change to that jar. Having the visual aid will help teach kids that saving is a good way of managing your money. If you’re not sure whether saving small change will have any valuable effect on your finances, click here for a more in-depth article.

Plan ahead

You can’t grow your money if you don’t plan for the future. This means setting up a monthly budget for the entire family as well as each individual member, and it also means having a financial plan when it comes to big expenses, such as a house. Education is very important, so it might be wise to invest in a study policy for your children so that you don’t need to struggle when it comes to paying for their studies.

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