Traditional Ways Of Saving Money
Traditional ways of saving money are fast becoming obsolete because of new technological advancements.
It is not very feasible for most people in the US to use plastic as a means of preserving their savings because it is quite expensive.
There are many other methods that people use to save money. They include using an allowance system, saving in a particular interest bearing account and investing in bonds and mutual funds.
A few traditional ways of saving money are by maintaining your savings in a bank account and using interest-bearing accounts.
These are among the safest ways of investing money since you only risk losing what you put in as opposed to having to risk losing all of it.
Saving money without sacrificing modern conveniences is now also possible. You might need to only to minor changes to your lifestyle, but otherwise you will not be giving up too much.
Here are examples of modern as well as traditional ways of saving money with different options available.
Apps for iPhones are one of the most innovative ways of using mobile apps to save money.
By simply adding your bank account details to the app, you can automatically transfer your earnings into the bank account.
This eliminates the hassle of remembering every single date when you have saved your earnings. Some of these apps even have the option of paying bills right from your phone.
With this option, you don’t need to go to the bank every month just to pay your bills.
Some of these websites even allow users to compete with other people for prizes every time they redeem coupons.
Investing in fixed deposits is one of the unconventional ways of saving money because of the risk involved.
The risks are relatively higher than when you opt for traditional ways of saving money like cards. But the reward is much greater, and thus people prefer this option.
A fixed deposit usually lasts for a longer period of time. For this reason, you can be sure that you will be able to earn more interest.
Most of the conventional ways of saving money focus on paying bills using cards or a savings account.
But many people also tend to fall into the trap of paying high interest rates for loans. This leads to a situation where they are forced to borrow from the banks.
Banks also tend to charge a higher rate of interest for accounts that have a small balance. These high rates of interests make it impossible for people to save money despite having regular income.
They can no longer afford to pay high interest and maintain a fixed savings account.
The purpose behind creating this type of bank is to give the effect of a traditional savings account without the traditional hassles.
With a piggy bank, you can easily withdraw money whenever you want. You need not worry about low interest being charged or the fixed deposit scenario.
This bank is a perfect tool for those who need extra income.
If you need some extra money and don’t want to opt for traditional means of saving, you should try some of the apps that are available these days.
Some of these apps work like credit card applications but they allow you to save and spend money the way you want.
They even allow you to get free Apple iTunes Gift Cards that can be used towards your purchases from the iTunes Store.
You don’t need to go on a hunting spree to get these cards, just visit a number of the stores and get yourself one.