With the continuation of the Coronavirus pandemic, people have started thinking ahead to their futures and how to secure the lives they’ve always dreamed of having.
One of the ways that they’ve started to look ahead and plan for their desired futures is to consider better ways to start saving their money so that, years down the road, they’ll be able to be financially secure.
One of the best ways for the people of today to become the financially stable people of tomorrow is to start saving their money. An easy way for people to do this is to figure out ways to invest their money so it grows.
Two of the biggest ways are to either:
- Invest their money into a savings account that will provide interest at a specified rate on a specified schedule.
- Use an app like Acorns that will take your purchases and invest the difference between your total and the next nearest whole number (e.g., If you purchase something for $5.95, your card will actually be charged $6.00, and Acorns will take the remaining $0.05 and put it in a savings account for you).
Both of these options are great if you’re hoping to start saving money – you just have to choose the one that is best for your specific situation.
When you invest the money into a savings account, you’ll have to plan for an immediate “loss” of money to put in the savings account, but you never have to worry about it again after that.
On the flipside, with Acorns, you’ll be charged a bit more than you expect with every purchase, which can make it hard to balance your checkbook.
You just have to choose the best option for you and watch as you start saving money!