Increasing Your Rate of Savings to Invest More

Increasing Your Rate of Savings to Invest More

If you are thinking of investing, but don’t know how to save money to invest, then today we are going to discuss using the money you are already putting aside as savings as capital to earn more.

The rate of your savings is the key when talking about earning interest on your savings. For the first ten years after you start to invest, the rate at which you save will have the biggest impact on your returns. You can overcome any bad investment decisions that you make at first if the amount you save is hefty enough. 

“Try to save something while your salary is small; it’s impossible to save after you begin to earn more.” – Jack Benny

Does that mean you need to worry if you can’t afford to save too much right now? I don’t think so. The important thing to pay attention to, at this stage of your investments, is whether you can increase your savings rate over time. There are a few ways to do that. 

You can dedicate at least half of your raises to saving up for investments, or increase the rate over the period of five to six years, once your income begins increasing. Increasing your savings rate by as little as 5% every year for a period of ten years will result in sizable returns on investments. 

The returns you get in the early stages of investments will not have much impact on the final result. In this stage, you can afford to make a few mistakes and still come out on top as long as your savings rate is maintained.

“It’s not how much money you make, but how much money you keep, how hard it works for you, and how many generations you keep it for.” – Robert Kiyosaki

Making small changes to increase the amount you save up requires a lot of meticulous planning. This is why I often suggest keeping a set time aside when you plan your finances. Being clear on what your financial goals are and understanding the incoming and outgoing money flow will help you create a tight budget.

You will learn to identify problem areas that you can work on and also find solutions to tackle those problem areas. This will give you a chance to save more by budgeting and running a tight ship with your expenses.

To save more, initially, you have to live far below your means so that you can maximize your savings rate and the part of your net income that you put toward your savings and investments.

Final Thoughts

People always will tell you that it takes money for you to make money. It is more or less the truth. When it comes to investments, the more money you can put toward it, the more chances you have of generating a great amount of passive income. The same is with businesses, the more you can put into its launch, the greater you have the odds of success. 

This being said, you cannot discount research, learnings, and your planning, but does play an important role. Learn to increase your rate of savings so that you can invest more.

How to Earn Free Google Play Credits

Did you know that you can purchase cell-phone service plans and pay your cable using Google Play Credits?

Google Play Credit is the amount that gets deposited into your Google Play account after you add money. You can add money to your Google Play account via a credit card or a debit card. Usually, people use Google Play Credits to make in-app purchases or upgrade to the pro-version of an app. In this post, I am going to share with you ways to earn free Google Credits.

Here Are Some Easy Ways to Earn Free Google Play Credits

1) S’more

S’more is an Android app that pays you to perform easy tasks like filling up survey forms. Primarily, this is a lock screen rewards app. If you are not willing to fill up forms and give your opinions about several products and services, you can simply let this app display adds on your lock screen. Once you earn enough points, you can redeem and get paid.

2) GrabPoints

GrabPoints has great reviews. It is one of the highest-rated rewards websites. However, there is no mobile app. You have to use the web version on your phone. Begin by signing up for free. Then spend 30-minutes to an hour per day to fill up survey forms, watch videos, complete offers and download the recommended apps. You can redeem the rewards via Google Play Credits or PayPal.

3) Bananatic

Bananatic pays you in form of Google Credits in exchange for reward points known as Bananas. You can earn Bananas by playing games, sharing content on social media, testing mobile apps, watching videos online and much more. Before playing a game, the app lets you know the number of Bananas you can earn from it. So, you know not to waste your time playing games with less return on investment. You can earn up to 3000 Bananas by finishing games like War Thunder.

4) Google Opinion Rewards 

Google Opinion Rewards is Google’s very own rewards app. It is now available in 22 countries (including places like India, Singapore, and Turkey). This app does ask for your personal information. Based on your profile, they will send you a questionnaire. 

Each survey can help you earn half a dollar. The amount depends on the country you reside in. Sometimes they also ask you for your opinion about things like logos, websites, articles, font style, etc. Certainly, this information is asked by various companies who want to know what you think about their public profile.

5) MistPlay

MistPlay is for avid gamers who wish to earn a few bucks for their efforts. It doesn’t offer any other ways to earn money. No need to fill up survey forms or watch videos. You get to do what you love the most. To get started, download the app on your Android phone (the iOS app is still in the beta phase, although you can join the waitlist). Choose a game and begin playing online.

How to Redeem My Google Play Credits?

To redeem your credits today, simply tap-open the Google Play Store app. Log in with your Gmail account and tap the Menu (located at the top-left corner, three dashes). Tap on Redeem and then enter your gift card code that the above-mentioned websites offered you as compensation. Done, now you can use the credits any time you want.