Ways to Grow Your Savings

July 3, 2017

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Ways to Grow Your Savings
Posted on Monday, July 3rd, 2017

Saving up money for investing in property is a slow process and not everyone is patient. Thankfully there are ways of “adding to the pot” so you can reach your goals faster.

Open a savings account

But not just any account. Banks offer a service called a “high interest savings account” that lets the money work for you. It’s like a set and (almost) forget option. Depositing a small amount of savings over time will increase interest rates. Interest is deposited monthly and the amount given depends on how much is sitting in the account.

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Take on remote work

Of course many potential investors have full-time work, but a freelance job or contract brings in something extra. It can also be a great way to let out your creative side if you have a knack with design or writing.

The freelance market is competitive but the options are endless. Typical freelance work revolves around industries like UX/UI Design and writing. There’s also markets for coding, social media management and remote assistant work. Taking on a “consultant” role in the field you normally work is a good place to start.

Budget

Ah, yes. The “B” word that is the bane of shopaholics and anyone who owns a credit card. Budgeting is a must if you want to get serious about saving and there’s nothing holding you back from having those little pleasures again later. You might even learn to live without them.

When budgeting people look at what they want after a certain period of time, like a home deposit. The first things that go out the window are gym memberships and frequent dining out/takeaway. Sometimes credit cards get cut up or at least get put on ice.

Saving for an investment isn’t an impossible task. It takes time but the end result is well worth it.

Peter Mastroianni
Peter Mastroianni is a property finance expert and the co-founder of Loans Only, specialising in investment lending. He is the author of two top-selling real estate books and host of The Rentvesting Podcast. Peter is passionate about supporting the next generation of investors rethink the traditional home ownership model. He does this by championing the ‘Rentvesting’ strategy through www.rentvesting.com.au.

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