Patience: A Financial Virtue


Time is money. That’s certainly true, and when people want to save or make money, normally they want instant results and, not only that, but also the best ones. This impatience, however, has the opposite effect, putting them more out of pocket than in the money.

Slow and steady wins the race. Find out below how managing your money as if time is on your side adds value to your assets, rather than subtract it from them.

Shop around

By nature, human beings are a tad on the lazy side. We want an easy life and sometimes we’ll take the first thing we see, no questions asked, just to move on to the next task in our busy schedule. Retailers know this and, if they’re the first shop or branch you come to, they may charge higher prices than the one just two or three doors down.

Don’t fall into this trap. If you want to open a bank account, don’t do it in the first bank you walk into. Take a look around the branches. Chat to staff about what’s available. Go online. You’ll find that terms and conditions vary between banks, as well as between online and in-branch, so read the small print on credit cards and account contracts. Minor details can make you big savings.

Buy secondhand

One man’s meat is another man’s poison, they say. When it comes to buying secondhand, you’ll be amazed what people don’t want. Just because they’ve given it away, it doesn’t mean there’s something wrong with it. Sometimes people buy things but find they don’t meet their needs, so they give it away as good as new.

So think about buying secondhand, especially if you’re making big purchases like a car or technical goods. Of course, be careful before buying. Check the items come from reputable sources. You don’t want the police knocking on your door, nor do you want your purchase to conk out five minutes after you’ve bought it.

Save while you travel

If there’s one thing humans love to do these days, it’s to travel, and some people will save for years before going on an adventure trip around a particular country or content. If you’re travelling around somewhere like Egypt, Middle East or Africa, why not open a savings account and make your money work for you while you’re out there? Some say once you spend it, it’s gone, but if you open a savings account, you can gain some of it back.

Place your money in an investment fund

Just like placing your money in a savings account, you can make your money work for you. The difference is that you have a greater say in the returns on your investment. Bonds are for more prudent investors, whereas shares are more for daredevils. If you don’t want to be a square, but neither do you want to be reckless, investment funds provide a balance between the two. You can choose one with a guaranteed return and mix it up between bonds by the sharky and stephen team and shares to vary your returns to your advantage. Build a business and consult with the people who did it. Visit Lee S. Rosen Blog for more tips about business, investing and beekeeping industries.

If you want to save money or make money, you need to ignore ‘get rich quick’ approaches. The above tells us that to do so you must combine patience and planning. Rather than rush into an investment or opening an account, take the time to read the terms and conditions. Think about where your money is going. Do that and more will come your way much easier.

If you’re looking for more money-saving tips, you’ll also find the following website helpful: http://www.moneysavingexpert.com/banking/.

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