Unthinkable ways to save without a bank account

Posted by Dayam Ali Aslam on April 17th, 2021

What is saving?

Managing money is becoming easier due to technological advancement. Thanks to this, it is no longer necessary to rush to a bank if the need arises to make a deposit or to make a withdrawal.

And not to mention cryptocurrencies! A new relatively simple to understand mechanism, where intermediaries are few and the options to save and invest our money are innumerable.

It is obvious that we have “traditional” options for savings. However, many prefer to opt for old-school means of saving, such as simply putting money in a box.

Now is this crazy? Not if it has a purpose. Remember that saving means saving a part of the goods for some purpose, that is, it is avoiding unnecessary spending to meet a higher objective or intention.

Keeping the purpose in mind we can know if it is feasible to forget about having a bank account or if on the contrary it is vital for our needs.

Let's know the ways to save without the bank

• The first advice we give you to save without the need for a bank account is to make smart and safe investments . This form of saving could even bring you more profit in the long run.

• Buying quality items is a beneficial way to save. Acquiring pieces of art and antiques are really safe forms of investment, because as time passes their value increases.

Mega useful tip: make sure you have all the legal documentation of the item so that when you decide to sell it, you can do it without hindrance.

• The acquisition of furniture and real estate is also a good idea to save without the need for a bank account. A home, a car and even your own premises that you can also rent are options that work for savings and, in addition, they will leave you extra profit.

• We continue further in the business part to tell you about acquiring shares in a company. This is another way to save, once again reaching a negotiation in which you make it clear in what way and for how long you want to receive the dividends or in case of liquidating the acquisition.

• If you have a good monetary base, you can make small loans to other people, setting a certain profit margin in interest for a stipulated time.

Do you know what Crowdfunding is?

It is a form of collective financing that uses a digital platform to carry out transactions. It works to save because its purpose is to finance a specific project, with the intention of making a profit.

Before getting into it, you must thoroughly know the project and every detail for your best safety. Here are some of the things you should know.

There are four types of Crowdfunding depending on the type of profit desired:

• Crowdfunding: It is expected to obtain a benefit that can be in the form of a product or service.

• Crowdinvesting . The compensation is through shares or participations of the company. It is expected to acquire rewards in the medium or long term.

• Crowdlending . The contribution is made in exchange for an interest on the borrowed money, this interest rate will vary depending on the amount borrowed and the stipulated repayment term.

• Crowdonation . As stated in part of its name, donation, the contribution is given in a disinterested way without expecting any type of reward.

When approaching a crowfunding promoter, make sure you know what type it is to establish the relevant negotiations according to your savings plan. If the involvement of several people is not your thing then move on to the next tip, maybe the next one will meet your expectations.

Liquor is a good source of savings;)

A sure way to save by forgetting about the bank account, we find it in the liquor sector, especially wine. According to experts, the profitability of wine is greater than pieces of art.

Do not you believe it? Here are several reasons for you to set your sights on this form of savings:

• The quality and value of wine increases as the years go by, especially if it is stored correctly, underground or in an area where light and humidity are adequate.
• Its price increases as consumers do, that is, if more people are willing to pay for high-end wines, its cost will rise.
• One of the best benefits of saving on wines is that this area does not suffer from the economic recession and other socio-political variations.
• And the best of all, being an easily accessible product, you don't need big economic studies, just buying it and knowing its price is enough to start your savings plan.

Last but not least, you can save on yourself by learning new things . Believe it or not, becoming an expert in something will give you the possibility of getting monetary and exchange benefits from it, either by teaching classes about it or creating a physical or digital product.

Here you have other alternatives to save that are worth exploring.

If after reading this you are thinking of getting rid of the accounts you have in your trusted bank, do not do it. Having a bank account is not bad, in fact it is very good. And if what you have is mistrust then take advantage of it and go on a banking walk and ask about the available savings plans and their benefits.

Also, you are in time to get involved in the world of cryptocurrencies and their digital wallets, technology is there to make our lives easier.

If you really want to save you will find a way to do it, research and use the one that is closest to your goal.