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Deadly options: The simple trick that lifted my savings

 

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Unless you were born into the finite group of people that never have to grind for their money, you probably know there’s no simple solution to getting financially comfortable. A Deadly Option to consider is finding ways to make your money grow, without having to do too much heavy lifting. By that I mean, finding a bank account that pays you for your savings. 

Picking a bank

We all have to work for money, but how do we make it work for us? A complex, broad and sometimes confronting question, one I know I have wrestled with for years. Recently, and through the great mentorship of my partner (who has a proper deadly financial brain, one I pick often), I started practicing with simple savings solutions – ones that really benefit a person like me who has often lived on a pretty-tight budget.

This savings technique is about taking that small amount of income and using the right financial choices to stretch it further. How?… by picking the right bank for me. 

Changing my thinking

Up until recently I was kind of careless about my choice of financial institution. My thinking being that “all banks are bad; I might as well just stick with one that’s good for Country and doesn’t invest in fossil fuels”. And while I can’t make too much of an assessment as to the broader character of our banks, I did realise that there are options out there that aren’t just sustainable for Country, but also for you and your savings/spending goals. 

I’m going to shoot straight and say, everyone’s different, I can’t and wouldn’t want to tell you which institutions I’m talking about, only that you should do your research and thank yourself later.

What I can wholeheartedly say though, is that this research is going to pay off in the short, medium and long term, the reason being that using a particular banks savings/spending account system is going to suit everyone differently. For me, it was finding a bank that was separate to the main one where I get paid to and transferring regularly and incrementally into a savings account with high interest rates. 

The next step for me was: Don’t own a card for that separate savings account, or at least don’t walk around with one. This way, the money you are slowly accumulating is growing both from your regularly deposits (no matter how big or small) as well as a trickle of interest on top. Then, also having the safety net of not being your main spending account, which in turn will (with some banks) mean you get a higher interest rate. 

It may seem simple to some, complex to others. I know I found it difficult to wrap my head around, I saw it as too much life admin. But in the end, you’ll be patting yourself on the back whenever you do have a look into that savings account, as there is actual change, one that is going to set you up properly for any financial challenge that comes your way.  

So go out and do some research, find a Deadly Option that works for you and in turn for Country. Picking the right institution is important, but Mob investing in our futures is what is the top priority. 

Like every article on TomorrowMoney, this is not personal financial advice. 

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