This is how you make money grow

It used to be very common to save in an account in addition to your current account. Nowadays, that is not always financially attractive. Therefore, many people start looking for alternatives. This often yields more returns.

Still, it's not smart to say goodbye to the savings account altogether. A savings account remains essential even when interest rates are low. The savings account acts as a safety net for unexpected expenses such as repairs to your car or household appliances. Before considering alternative investments, we recommend building a financial cushion.

If you own your own home, paying off extra on your mortgage can be a wise investment. This reduces your debt and therefore your monthly expenses. When you sell your home in the future, this will likely result in a lower outstanding mortgage amount, leaving you with more to spare.

Opening an annuity or bank savings account, into which you make regular deposits, can be a smart move. After you retire, you will receive periodic payments, which can supplement your state pension and any employer pension.

Investing in improving and making your home more sustainable, such as through insulation, solar panels or a heat pump, can also be a good solution. This can lead to lower energy costs, an improvement in your energy label and a possible increase in the value of your home. Professional advice can help you properly assess the costs and benefits.

Investing in stocks and bonds is an increasingly popular alternative to traditional savings. Your wealth can grow, but there are no guarantees. The safer option is to choose a mutual fund. The fund invests your money in shares of different companies. This way the risk is also more spread out.

More adventurous investors can opt for options and turbos. These are investment products that often allow you to make quick profits, but they also have a higher risk of losing capital.

It is very important to be well informed about the opportunities and risks of investing before taking this step.

Some investors are considering investments in cryptocurrencies, such as bitcoins. Although some people have made significant gains, the values fluctuate widely and can also lead to losses. So be careful.