Financial Freedom

4 Sensible Places To Put Your Savings

This post may contain affiliate links and/or it may have been a partnership. Please view our policy page for more details.

Trying to manage your finances effectively when you have a family to support is tough, and if you ever hope to save up any money, you’re going to need a strict budget. Getting the balance right so you can afford everything that you need and still have a bit left over for saving is tough, but if you can manage it, you still need to decide what you’re going to do with your savings. If you just leave that money in the bank, you’ll get a little bit of interest in it but if you really want to improve your financial position, you need to find better ways to hold your savings. These are the four sensible places to put your savings.

 Saving money is worth doing, but knowing 4 sensible places to put your savings is even better. Are you taking advantage of these options?

Photo by Fabian Blank on Unsplash

Pay Off Debts 

Before you start thinking about putting your money aside, you should think about any debts that you have. When you owe money, those interest payments are eating into your budget every month and that’s money down the drain. But if you can break free of those debts, you’ll have a lot more money to play with each month which means that it is a lot easier to save. That’s why it might be best to use the extra money that you have to pay off your debts faster, then start looking at better ways to save. 

High-Interest Savings Accounts 

The easiest sensible places to put your savings is to put them in a high-interest savings account. If you shop around and find the best deals, you can watch your money grow over time. But the biggest mistake that people make is sticking it in a savings account and forgetting about it. The deals are always changing and you can often get a better rate by moving your money around regularly. You also need to watch out for inflation because if the rate of inflation is higher than your interest rate, your money is losing value. 

Term Deposits 

A term deposit is a fixed-term investment that gives a good interest rate is another good sensible place to put your savings. You deposit the money and you can’t touch it until the term is up. They last from 6 months up to 5 years. If you compare term deposit rates and find the best deals, you can earn a lot of money on your savings. The only problem is, you can’t get at the money so if you are likely to need it for emergencies, this isn’t the best option. 

Certificates Of Deposit 

A certificate of deposit (CD) is similar to a term deposit because you have to keep the money in there for a certain period. But it is a bit more flexible because you can take it out if you really need it. If you do take the money out early, you will usually get a penalty and lose some of the interest. This is a good option if you don’t want to lock the money away completely just in case of an emergency but you don’t think that you will need it in the near future. 

Getting your finances in order and putting some money aside is the first step, but you need to do something with those savings if you want to see your money grow.

Leave a Reply

CommentLuv badge

This site uses Akismet to reduce spam. Learn how your comment data is processed.

A healthy lifestyle can benefit a child in many ways. These three key things will help ensure they have a healthy lifestyle. #healthylifestyle #parentingtips #lifestyle
How Can a Healthy Lifestyle Benefit Your Child?

Most parents tend to look for ways in which they can...

We all need to make a difference in our environments. Here are tips on how to be more eco-friendly at work.
How to Be More Eco-Friendly at Work

In a changing world, it’s important for all of us as...

Being a wife to a hard-working man has some challenges of its own. Do you feel this pain points too in your life?
Being A Wife To A Hard Working Man

My husband wakes up at 3:30 AM for work, while our...

Choosing a nursery is one of the biggest decisions you'll make for your kids. Here is some advice on helping you decide the right one. #parentingtips #parenting #parentingadvice
Advice for Parents Choosing a Nursery

When the time comes for you to start choosing a nursery...

By using these budget ideas for lazy people you'll get yourself on track to saving money and even earning more of it. #budgeting #savingmoney #budget #moneymanagement
Budget Ideas for Lazy People

A budget is a necessary evil, even for lazy people. If...

Use these seven tips to help you manage your money during the holidays. Which of these money management tips are you using? #moneymanagement #money #holidaybudget #savemoney #sharinglifesmoments
7 Tips To Help You Manage Your Money During the Holidays

Managing your budget during the holidays can be a challenge. More...

Knowing the principles of personal financial management will help you to have financial freedom faster. These simple tips will help you get started.
The Principles Of Personal Financial Management

Being able to manage one’s finances should be incredibly simple; but...

Student loan debt affects so many people in the US. Here are five tips for clearing student loan debts quickly.
5 Tips For Clearing Student Loan Debts Quickly

So many people leave college with a mountain of debt and...

Here are the key bathroom renovation ideas you'll want to do to increase your home's value. They aren't overly costly either.
8 Bathroom Renovation Ideas that Will Increase Your Home’s Value

If you wish to increase the market value of your home,...

Here is some helpful advice from the experts on how you can start protecting the foundations of your building.
Top Tips for Protecting the Foundations of Your Building

Over time, poor drainage, tree roots, and soil shrinkage can all...

Be sure to explore the various kinds of furniture out there. Here are some features in design a sectional sofa that you might want.
Design Features to Look for in a Sectional Sofa

When buying furniture, it’s always a good idea to know what...

Keep your house comfortable with these climate control tips. Which of these climate control tips are you using?
Stay Comfortable with These Climate Control Tips

When the weather is at its most extreme it can be...

Juggling everything can be a challenge. Read these tips to pull off working at home, parenting, and marriage.
Tips to Pull off Working at Home, Parenting, and Marriage

Working from home can be a liberating experience, especially if you...

Make sure that you check out these business books for entrepreneurs to help you gain the right business mindset and tools for success. #entrepreneurs #mindset #businesssuccess
Top Business Books for Entrepreneurs: Part 2

I’ve got a huge list of business books for entrepreneurs lined...

Transform your life with these top books for entrepreneurs this year. These books will help you have life-changing experiences.
Top Books for Entrepreneurs: Part 1

As an entrepreneur who has been working independently off and on...

Here are some tips on how to make money letting a property. These tips are going to help you make more money.
How to Make Money Letting a Property

Putting your savings into property is a great way to invest....

Enter to win the Christmas Jars amazing family friendly movie in this giveaway. #ChristmasJarsL3 #giveaway
Christmas Jars Movie And Giveaway

There some family-friendly movies that are well worth watching. Zeva and...

Prepare to be moved by another Kendrick Brothers' movie, OVERCOMER this weekend August 23, 2019. Get your movie tickets now! #overcomermovie #Flyby #ad
OVERCOMER Movie Thoughts

I’ve been a fan of the Kendrick Brothers Production movies since...

Get your family ready to watch the UGLYDOLLS family movie this weekend. Learn more about it here!
UGLYDOLLS Family Movie May Change Society

We live in a society where a person’s appearance is one...

DUMBO movie is coming to life. Learn more about this movie and a bit of information about myself here.
DUMBO New Edition Releases Soon

One of my favorite movies growing up was DUMBO. I was...