3 Ways To Make Money Work For You

  1. Paying into my company pension — This is often overlooked by so many people, but with mostly all companies now paying a contribution into their employees’ pension pot, this is essentially ‘free’ money and best of all, you are not taxed on it, so contribute as much as you can towards your pension each month. I currently contribute the maximum percentage allowed in my pension scheme and my employer contributes the same amount.
  2. Paying into a high interest savings account — In the current economic climate the interest rates are not great, but if you are lucky to have a savings account that pays you a decent amount of interest per month compared to other savings accounts, then then it’s worth having because every little helps. I am currently using Goldman Sachs Marcus Savings Account, the interest rate has gone down quite a bit since I opened it, but it’s still better than what other banks are offering.
  3. Investing in a Stocks & Shares ISA — Given the current economic climate, this is the best time to open up a Stocks & Shares ISA. The reason for this is because you are investing in a bear market, so majority of stocks and shares will be a lower price than if you invested in a bull market, which essentially means you are buying when the market is having a sale and the only way from there is up. If you are investing consistently on a monthly basis for a long period of time, you will also benefit from compound interest too, so you are likely to make gains on your monthly investments in the future. I have opened up a Stocks & Shares ISA with Vanguard and I am currently investing in their index funds which has given me a decent return so far.

--

--

--

Finance professional, blogger and a firm believer in making money work for you, instead of you working for it.

Love podcasts or audiobooks? Learn on the go with our new app.

Recommended from Medium

Apparently we’re not that good with finances

Top 10 Money Earning Apps In The World

Here’s the Top 5 lessons Grandpa taught me about business

Reliance Rights Entitlement- “Issue”​

Credit Repair: How to Fix Your Credit Report Fast — Debt.com

How to Finance the Growth of Your Vacation Rental

Is it possible to get a car loan with no job but a small income?

All the Mistakes I Made Buying my First Apartment

Get the Medium app

A button that says 'Download on the App Store', and if clicked it will lead you to the iOS App store
A button that says 'Get it on, Google Play', and if clicked it will lead you to the Google Play store
Kalpen Patel

Kalpen Patel

Finance professional, blogger and a firm believer in making money work for you, instead of you working for it.

More from Medium

5 lessons I’ve learned while budgeting

Three Ideas To Get You Saving Over $500 Each Month

How to Increase Your Credit Score to Buy a House

3 Mistakes That Will Make You Poor For Life

3 Mistakes That Will Make You Poor For Life