5 Ways to Get More into Your Savings

5 Ways to Get More into Your Savings

You may or may not be surprised what #1 is...

#5 Your Old Collection/Clutter

If you’re an avid collector, maybe it’s time to start selling a few of your things. You may be surprised what you may have in the attic or in your garage. With the recent popular of the tv show Mad Men, vintage furniture and decor are snatching top dollar. Now may be the time to cash in. How about old baseball cards? You can sell these items online through the OfferUp app as well as Craigslist, Ebay, and Etsy. Take that cash, drop it in your savings account, and don’t look back!

#4 Peer To Peer Lending

You can act as a bank! People all around are looking for small loans through the internet and you can act as their bank and earn interest in return. These Peer to Peer sites act as the meeting ground between lenders, and borrowers. Prosper and Lending Club are 2 of the leading sites in peer to peer lending. Just make sure you do your research first. There are rewards, but there are also risks. Keep in mind, if the borrower defaults on a loan, even if it goes to collection, you’ll still pay fees up to 35% of the collected amount.

#3. The Stock Market

You can start investing in stocks online from your home computer. Sites like E-trade and Scottrade make it convenient to trade from home. Is the stock market risky? Yes. But it can also be very rewarding. Many novice stock traders like to invest in big company names like Apple, and Google to minimize their risk since its unlikely companies like those will be going obsolete. Do you research and find companies that pay dividends. You’d be amazed that finding a solid company can pay solid dividends and have a much greater return on investment than a bank.

#2 Bonds

Bonds are kind of like Certificates of Deposits with Banks and are considered low risk when compared to the stock market. When you buy a bond, you are letting federal and state governments or companies borrow money from you. You can wait till the bond matures or you can sell it in the open market it matures. Though bonds have lower risk, they do have less reward but many people like this option as it is less risky yet offers a higher return than your bank could. If you’re interested in bonds, an easy place to start is getting bonds with Federal Gov’t.

#1 IT’S AS EASY AS SHOPPING! Shop for the best rates

By far the easiest way to earn more on your savings and put more money in your pocket… find the institution with the best interest rate! If you’re going to have your money sitting in an account, it might as well be in an account that’s earning the best savings rate possible. You obviously have internet access or you wouldn’t be reading this article so start searching! Better yet, we’ve made it even easier, this online bank offers 10-15 times the interest rate of your average bank!

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