If you are looking for a way to put your spare cash aside, you have many options to choose between. Some of them are a little more traditional, the kind that you probably think of when you think about savings. But others will be a little more unusual, either because they are much newer or just because they have not been publicized very much since their inception. Either way, it is always worthwhile knowing what your options are, so that you can be sure you are making the best possible decision for your financial future. In this post we are going to take a look at a few of the less usual ways of keeping your money aside which you might want to consider.
Invest In Bitcoin
Unless you have been living under a rock for the past few years, you will almost certainly have heard of Bitcoin. This is a so-called cryptocurrency, meaning a digital currency which doesn’t exist in any physical way. Instead, there is actually no such thing as a Bitcoin – only a series of transactions known as the blockchain. For all its many ups and downs, this is becoming an increasingly popular way to put money aside for a rainy day. If you invest in something like a Bitcoin IRA, it’s perfectly possible that you will end up saving considerably more than if you were to invest the same amount in more traditional ways. As ever, take your time and be careful before you rush into anything – but be aware that this can be a powerful way of saving money.
Give Yourself A Time Limit On Shopping
When you go out to shop, it might pay to give yourself something of a time limit. Even if it is a relatively long one, this can be a great way to ensure that you do not overspend too much, and it can be incredibly satisfying to see that you have saved a lot of money this way. At the end of the month, you might be pleasantly surprised at how much money you have left which would otherwise have gone on food and so on. With a time limit, those impulse purchases are much less likely to happen, and that alone can really make a considerable difference.
Only Use Cash
If you want to keep your spending down, another great way to do so is to make an effort only to use cash. If you do this, you will find that it really does make a huge difference to how much you tend to spend. Spending in cash ensures that you don’t let yourself forget just how much you are spending, and that is ultimately what you need to do here in order to spend less. It is also psychologically distinct from spending on card, which can often feel like no transaction is really taking place. This might seem so simple so as not to make a difference, but the truth is that only using cash can make a huge difference to your finances overall. Give it a go and see.