When tied to a budget one of the most important questions for some could be, “How can I get the most from my money?” It’s no wonder serious thought is given to where that hard earned dollar is placed because getting the most use out of it is the goal.
Putting your dollar to use for you is where you want to begin. How you do that is by making some sound investments. You want the returns on those investments to start a comfortable and secure financial nest egg. Here are some suggestions on how you can spend your money to increase or free up some of your dollars while on a budget.
Invest In CDs
What is good about a CD is it’s FDIC insured. This means if something happens in the money market your invested money is secure. It has the governments backing. Also a CD has the potential of earning more than in a Money Market.
There are draw backs to investing in CDs though. You need to be aware that once you sink your money into a CD, you need to let it sit till it reaches its maturity rate. Some can be up to half a year, while others can be to a year. So be sure the money you put into a CD isn’t going to be needed.
CDs can be bought through a bank. Be sure you check with the bank regarding how long they require their CD to sit before it can be withdrawn, without being penalized. If you have the money to invest, think about a CD.
Invest In The Food Market
What, are you crazy you might be asking. No, seriously a commodity is something that people need. Even during the time of a recession people still need to eat. This means people are going to be buying food. While all sorts of money markets might be crashing around you, this commodity will not!
Why? Because you cannot bankrupt a commodity, it’s as simple as that! So shop around, talk to someone who knows about investing in the food markets. Find a broker who’ll make that money, you invest, work at it’s highest yielding point.
Start A High Yielding Savings Account
Here again, a savings account will be FDIC backed, so while your money sits earning on interest, it’ll be safe. The government is going to back your money should something happen.
If you do start a high yielding savings account, it’s going to require you put in X amount of money to earn that interest. So be aware you’ll need to let that money sit. Also be aware, if you should fall below the line of that savings requirement, it has the potential of being closed and moved into a different type of no interest or low interest account.
Not all investments need to be put into some sort of market either. You can do things yourself, in your home, to make your money work for you now! How?
Invest In A Wholesales Club Membership
The savings add up when you can buy in bulk! Be sure it’s a need though and you’re not going out spending money, you’d normally not spend, on something you don’t use. Not all bulk items are money savers.
Being a club member can bring you the perks of that club. Sometimes they offer incentives as a member; free products, reduce costs, less taxes and so on. This adds up and you’ll find yourself cutting back on spending rather than increasing. You can then channel your savings back into the budget or sock it away.
Sign Up For A Library Card
Why? Because a person can check out that long awaited book instead of buying it! It might mean waiting to read it, but it wont be spending money a person can’t really afford to spend.
Another perk for owning a Library Card is now most libraries have movies for viewing. It costs a lot of money to go to the theater now-a-days. If a family of five goes to the movies, that family could end up spending close to a hundred dollars in one night to see that movie. (Cost of the movie and snacks) Unless they are rich, that takes a huge bite out of a budget.
If you can wait to see that movie, then check it out at the library. If the library doesn’t have it on hand, they can get in contact with other libraries in their county and have it sent to your library. Think of all the money saved and used in another avenue of life.
Invest In A Microwave And Crockpot
What? The last thing a hard working person/persons wants to do at the end of the day is come home and cook. Because of this families are eating out and spending money they don’t often have.
Owning a microwave or Crockpot means food can be prepared or be cooked with little effort and time. Money that would have been spent out eating, is then put to better use somewhere else in the family budget.
While these suggestions might not work or be of interest to some, the goal is to either reduce spending or make what money is earned, work in a savvy way. If investments yield money to cushion a nest egg now, or in the future that is great! It will depend though on how much effort one is willing to expend in making a budget work for them or their family.