What to do with your Money Instead of Putting it into Savings


Throughout the coronavirus crisis, central banks throughout Europe have sought to underpin their quantitative easing measures with historically low base interest rates. 

So, while savings rates are gradually creeping up from their all-time lows recorded last year, most accounts continue to offer a paltry average of 0.85% across the board.

With this in mind, you may want to consider seeking out alternatives to traditional savings accounts, especially if you’re in the market for a superior return on investment. Here are some options to keep in mind: 

  1. Stocks and Index Trading

The stock market offers a viable and potentially reliable return on your accrued savings, and one that strikes the optimal balance between risk and reward.

The traditional market sees you invest in individual stocks and company shares, requiring you to assume ownership of the underlying asset and retain this as a secure store of wealth.

In some respects, however, indices trading is a more reliable strategy. The reason for this is simple; as it enables you to invest in a broader and more diverse of options that minimises your exposure and distributes your risk more evenly. 

You can even target blue-chip indexes such as the FTSE 100 or the DAX30 in Germany, affording you access to multiple, large-cap equities that can deliver incremental dividends over time.

  1. Forex Trading

Another option is forex trading, although it’s important to note that this is a considerably more volatile marketplace that affords you access to inflated leverage.

It’s also a more flexible asset class, as international currencies can be traded as derivatives in a way that allows for large scale speculation. This way, you can profit even as the market and individual assets depreciate in value, with this offering significant appeal and potentially larger, margin-based returns.

However, while having access to leverage of up to 100:1 allows you to open up disproportionately large positions that offer optimised returns, there’s also the potential to lose more than you may be able to afford.

So, this option is only really ideal if you have a healthy appetite for risk, while it’s also suitable for those of you with large amounts of income to invest.

  1. Set Up Your Own Business

This is another increasingly popular option, and one that can provide those of you with an entrepreneurial bent the opportunity to shape their own professional destiny.

This applies to everything from your working schedule to wealth and the accomplishment of long-term financial goals, while becoming a business-owner also allows you to scale your efforts and build a potentially life-changing entity.

However, you should note that this will require significant energy and passion, while you’ll ideally boast genuine commercial acumen and a solid foundation of expertise.

Also, you will be required to cover startup costs and secure funding for your business, so your ambitions will need to be tailored to suit your capital holding and real-time circumstances.

Batch Cook and Freeze Pasta to Save Money on Food

When you are on a tight budget, eating healthy becomes a little difficult. You are trying to cut corners to make ends meet. You do not have the luxury of having options when it comes to anything, even food. If you are in a situation like this, then planning is the key to keep eating healthy without having to break your bank.

While talking about budget tips to stock up on healthy food, I talked about freezing fresh and seasonal produce to help them last longer because buying in bulk is a good money-saving tip. If you can plan around that, then that is great!

Batch cooking is another way to ensure that you are eating healthy every day. This requires some level of planning as well. You can plan it over the weekend and work accordingly.

If you are a student or are working two jobs, you will be thankful for this student life hack that has been around for quite a long time. If you didn’t know that you can freeze pasta, this could be life-changing for you.

Also, read Tips to Get Your Food Budget Under Control

When I say you can freeze pasta, I am talking about cooked pasta. You do not need to freeze your dry pasta as it lasts for almost forever.

Your cooked pasta can be frozen with all the vegetables and sauces, and it will be perfectly fine for consumption. Any type of pasta – penne (my favorite), macaroni, lasagne, spaghetti, or any other type will work. 

Tip: Make sure that you keep the past still slightly chewy so that it still is good when reheated. Soft pasta will struggle to make it through the reheating process.

Final Thoughts

If you don’t have enough time or are on a tight budget, use this trick to eat healthy throughout the week. Cook a big batch of pasta and freeze it, so that you can reheat portions over the week.

Pasta is a versatile dish. You can make so many different types, and by adding vegetables and sauces, you are adding nutrition and taste. It can last you through the whole semester or your budget crunching time without making you feel sorry for yourself for not even having good food.

For more frugal tips, make sure to follow this blog. Comment below and let me know if you already knew about this student life hack, and have you ever applied it.