Is Your Bank Balance Sitting Stagnant? Here Are 15 Ways to Grow It

Is your bank balance feeling a little too cozy, just lounging around, not doing much? Maybe it’s been hanging out in the same spot for a while, getting a little too comfortable. But just because it’s sitting there doesn’t mean it has to stay that way. Here are 15 ideas that’ll make your money move, grow and even have a little fun along the way.

Start An Emergency Fund

An emergency fund is an essential safety net that can shield you from life’s unpredictable moments. Start with a modest goal—perhaps one or two months of living expenses—and gradually build it up over time. In the end, the peace of mind that comes from knowing you’re prepared for the unexpected is invaluable.
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Invest In Low-Cost Index Funds

When it comes to growing your wealth over time, low-cost index funds offer a simple solution. These funds track the performance of broad market indexes, such as the S&P 500, giving you exposure to various companies. Index funds work well for anyone seeking to build wealth over time, particularly if you’re not a professional investor.
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Contribute To Retirement Accounts

Retirement accounts like IRAs or 401(k)s are the cornerstone of long-term wealth building. By contributing regularly to these accounts, you give yourself the opportunity to benefit from compound growth. The earlier you start, the better, as time is your greatest ally when it comes to wealth accumulation.
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Pay Off High-Interest Debt

If you have high-interest debt, such as credit card balances or payday loans, it can feel like a heavy burden dragging you down. Paying off this debt as quickly as possible is one of the best ways to make your money work for you. Once you’ve cleared those high-interest balances, you free up more of your income.
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Explore High-Yield Savings Accounts

Unlike traditional savings accounts, which offer meager returns, high-yield accounts can help you earn more on your balance. While the rates may not compare to the potential returns from investments like stocks, these accounts give a guaranteed return without the risk. It’s an effortless way to watch your savings grow.
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Build A College Fund For Your Kids

Education is a long-term investment in your child’s future, and setting aside money for their college expenses can take the pressure off when the time comes. A college fund, such as a 529 plan, allows you to make regular contributions that grow over time. Plus, the sooner you start saving, the less you’ll need to contribute each month. 
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Purchase Real Estate

Investing in real estate has long been a solid way to build wealth. The value of property tends to appreciate over time. Additionally, rental properties provide a way to generate passive income, allowing you to earn money while your property grows in value. Once you make the investment, you can enjoy the potential appreciation of your property.
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Start A Side Business

If you have a passion that you’re eager to share, why not turn it into a side business? Not only does a side business provide a new stream of revenue, but it also allows you to explore something you’re passionate about outside of your full-time job. With the flexibility to scale at your own pace, it’s an exciting way to make your money work harder.
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Invest In Dividend Stocks

Dividend stocks provide an attractive option for those looking to earn passive income while benefiting from the long-term growth of the stock market. By investing in companies that pay regular dividends, you can enjoy a steady stream of income in addition to any appreciation in stock prices. Reinvesting dividends can also amplify your earnings.
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Consider Peer-To-Peer Lending

Peer-to-peer lending is a modern twist on the traditional banking system, allowing you to lend money directly to individuals or small businesses through online platforms. As a lender, you get the chance to diversify your portfolio and earn interest on your loans. However, it’s important to carefully research borrowers and platforms.
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Save For Future Large Purchases

Large purchases, whether a home, a car or a dream vacation, require careful planning and dedicated savings. Putting money aside for these goals in a separate account allows you to keep track of your progress and avoid debt. It’s much easier to budget for these big-ticket items when you break them down into more manageable savings goals.
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Fund A Health Savings Account

A Health Savings Account (HSA) is a great tool for those looking to save for medical expenses while reaping tax benefits. The best part is that your contributions grow tax-free and can be withdrawn tax-free for eligible medical expenses. An HSA also provides flexibility, as you can carry over the funds from year to year.
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Invest In Precious Metals

Precious metals, like gold and silver, have long been viewed as a safeguard against economic uncertainty. Their value often rises when traditional markets struggle, making them a strong option for diversification. Though the price can fluctuate, precious metals are tangible assets that tend to hold their value during times of inflation or recession.
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Diversify With Mutual Funds

Mutual funds pool money from multiple investors, giving you access to a variety of assets like stocks, bonds or real estate. This diversification reduces risk and is especially beneficial for those just starting out in investing. For those who prefer a hands-off investment strategy, mutual funds provide the perfect balance of risk and reward.
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Donate To Charities Or Causes

Charitable donations can often be deducted from your taxes, providing you with a way to lower your taxable income while helping those in need. Moreover, the sense of fulfillment that comes from giving back can enrich your life in ways that money alone cannot. If you’re in a position to give, consider using your savings to make a difference.
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