I find that it can often be quite difficult to keep increasing the amount of money in my savings account, considering that it is way too easy to transfer money from savings to my debit account. As a young adult, I have trouble not spending money that I don’t need to when whatever small item I want is just a card swipe away. I can only imagine how my easy spending habits would be magnified with a steady income.
My best savings strategy by far has been to lock my savings into something that can’t be accessed online within minutes of opening up my bank’s website. Whenever I get a respectable savings balance, I make a withdrawal and go to my local pawn shop where I purchase all the bullion I can afford which is pretty much always silver. Of the silver bullion options out there, I prefer pre-1964 – 90 percent silver coins.
These are commonly referred to as junk silver, but the term is misleading. If you compare the look and feel of a silver quarter to the crap that passes for pocket change today, you will find that it is a beautiful and real store of value. This may be odd, but I think the clink a handful of silver makes is much more satisfying than that of modern coins.
Someday I may liquidate my silver savings to fund a surefire business idea or pay for an emergency expense, but until then, it will remain in a safe place where it can’t be stolen without extreme difficulty or sold by myself when the current dollar price becomes too tantalizing to pass up.
Cha Ching and until next week (hopefully),