Don’t Leave Your Money Languishing in the Bank

If you have any money in savings at all, you’ve probably noticed that you’re getting barely any interest at all on your returns, unless you’ve invested in something rather riskier than average, and even then, it’s probably not a great deal. For many people right now, it simply doesn’t make sense to put your money in the bank, where it will languish doing nothing very much, not if you want it to work for you anyway.

Here are a few things you might want to try instead:

Peer-to-Peer Lending

Peer-to-Peer lending is becoming an increasingly popular way of investing your money for a greater return than you’d get in the bank. Basically, it involves lending directly to business people who are looking for a cash injection, cutting the banks out of the equation. Obviously, it is not completely risk-free, but because your investment is typically spread out in several loans to lots of different people, it is still pretty low risk.

Invest in Property Overseas

If you want your money to work with you, invest in overseas property. It is often a lot cheaper to buy property overseas in beautiful areas that attract tourists than it is at home. You can then rent out your property to holidaymakers for an income of hundreds, even thousands of dollars each month, depending on the type of property, the market and the size of your mortgage You can even use your property as a cheap vacation home for you and your family a few weeks out of the year if you want to save money as you make money, too.

Go for Gold


Gold is a timeless commodity and, although investing in gold isn’t quite so foolproof as many people can believe, it is still a pretty safe bet when you want to avoid the banks, and you aren’t too keen on investing in the stock market.  You’ll have to hold onto your gold until you see a sufficient price rise to make it worth your while, but eventually, in most cases, you should see a return on your investment.

Pay Your Debts

Okay, so you won’t make money by paying down your debts, but if the interest rates on your debts are more than the amount of interest you earn in savings, paying down your debt is the sensible thing to do, and in a way, you will be making money in the savings you accrue.

Antiques and Collectibles


This is probably the riskiest alternative to banking on the lost, but I’m including it because it’s a much more interesting way of using your money and one that could really payoff if you have an eye for antiques or collectibles. The best way to start out on this path is by buying pieces you truly love and then increasing your knowledge as you go along. You have to be prepared to take a hit because it could happen, but at least you’ll have used your money doing something you loved if the worst does happen.

Do you keep your savings out of the bank? What do you use them for instead?

No comments