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When you have some spare money it is a good idea to try to find somewhere to put it so that it can earn some interest. With rates very low at the moment it can be difficult to know where to put it. There is really a choice between a savings account and an investment.
A savings account will keep your money and add interest on to it. This could be instant access or you may need to leave it in the account for a fixed term in order to get paid. In these accounts you will not lose the lump sum, unless the company goes bankrupt but you may not gain that much. There is quite a big choice of savings accounts from different financial institutions. You m=normally will find that you can get instant access, fixed term and bonds to choose from.
An investment is much riskier prospect. You could lose the money that you put in and in some rare cases you may lose more than you invest. However, you may be able to get a better return on your money. There are many different types of investments to choose from. Most people think of stocks and shares but you can also trade in forex too. Buying gold and silver, antiques or painting in the hope that they will gain value is also a form of investment. Buying property is as well.
Choosing between savings and investments can be difficult. If you only have a small amount of money, then there may not be enough for some types of savings or investments and so that will narrow your choice down a bit. However, you will still have a decision to make.
It is important to bear the risk in mind. There is very little risk with a savings account. Most banks have some back up so that even if they go out of business any money held in there will be paid back. Therefore if you want a very low risk place to put your money, this could be it. If you want to take more risk then you could choose an investment. The main advantage of taking risk is that you might get a much better return, but of course you may not.
Therefore research is the key. Once you have considered how much risk you are prepared to take, then you will need to take a look at what is available for you. You may want to use a broker to help you, if you feel inexperienced, but there is plenty of information online that will help you with your decision. Consider whether you need the money or whether you can afford to lose it and that should help you to make up your mind. Whether you are a risk taker or not will also be a big factor in your decision. Make sure that you spend some time considering your options and deciding hich will be best for you.
Loren is a freelance blogger who occasionally writes on finance and relationship, She recently read this article http://eedition.calgary.24hrs.ca/epaper/viewer.aspx about credit cards and found it very useful.
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