How To Save Money Online | Full Guide
Do you want to save money online but don’t know how? Been scammed while trying to save online and have lost interest in online saving? Then, this article on “How To Save Money Online” is for you.
Over the years, the hunger for financial freedom has increased as such, people have learned to save up, budget, cut spending, etc. The essence is to not owe debts, be rich, and live their dream lives. Saving out some money is a systematic strategy that can help you escape some financial situations in life. Currently, just saving in your bank is not enough. What happens when you need money and you find out your bank account is frozen for some reason? That’s where saving money online comes in.
By saving on different platforms and different ways online you are guaranteed to avoid problems such as frozen bank accounts, losing all your funds due to a stolen credit/debit card, or being forced by robbers to withdraw all your funds and become totally broke.
No one ever asks for your online saving balance and that’s an advantage for you, you can’t be ripped off of what the ripper has no idea of. So, in this article on “How To Save Money Online,” we also discuss the benefits of saving online, its importance, its disadvantages, and how to prevent being scammed while saving online.
What is Online Saving?
Online saving refers to any saving primarily based online. The account is created online, verification is done online, and all forms of transactions are carried out online. Also, For online savings, you do not need to be physically present nor deposit physical cash.
Advantages Of Saving Money Online
Some people wonder “is saving money online worth it?” So, we have listed the reasons why saving money online is worth it.
#1. Reduces Spending
The money in your bank account or cash at hand can easily be spent. You tend to buy too many unnecessary items because you have the money on hand or can just withdraw or pay with your bank card. At the point of payment, transactions happen quickly and you don’t have enough time to think things through, before you do, it’s too late. When you save online you have that mindset of “this is my saving, this is the money I’ve set aside for some particular purpose”, this mindset makes you think hard before you request a withdrawal.
#2. Serves as backup
Say goodbye to bankruptcy due to a stolen credit card or debit card, your online savings have you covered. Imagine saving $1000 online and while someone empties your bank or your spend loosely, you then remember you have some backup online it saves you from some depression.
#4. Personalized saving
You can’t be questioned for having a large sum of money online provided you have verified the limits.
#5. You can earn while you save
The cool thing about saving online on some platforms is that you can earn while you save through staking, investing, or buying stocks. However, we can’t guarantee that you’ll make profits from every online saving or stock you buy. We advise you to do your research on the right platforms, investments, and stocks. Note: You must not necessarily engage in investing or buying stocks to save online. You can save online without going through with any of those.
#6. Saves Time
Setting up or signing up for any platform which you choose to save is very easy, as it does not require any physical verification. Registration is so swift and no queueing to register/sign up.
#7. Reduces Stress
As said above, Registration is so swift, and no queueing to register/sign up.
#8. Helps Secure Funds
saving online is another way of securing your funds to save up for a project, plan, or just for saving purposes.
#9. Secrecy of Net worth
Do you know that the net worth of a person who saves online and transacts online can not be known? Yes, that’s one of the benefits of online saving “Secrecy of Net worth“. It can’t be known because of the following reasons;
- Online platforms like Binance, PayPal, cash app, etc, do not give out their client’s/customers’ details.
- The fact that no one knows how many platforms you save with is another reason why no one can tell your exact net worth.
Disadvantages Of Saving Money Online
#1. No Next Of Kin
Next of kin is a written statement by you on who you want your wealth or item to go to I.e a successor. Unlike, the bank or lots of other firms most online saving platforms have no space where you add your next of kin. This is so because there is no way the death of their clients can be confirmed.
#2. Network Error
Sometimes you might urgently need to make a withdrawal and it seems not to be going through due to network error or some updates going on. However, it is a very rare occurrence that almost never happens.
#3. Lack of Internet Connection
Imagine wanting to use your money urgently and when it’s time to transact you find out this no internet connection. This is however a rare occasion it might occur when you go on camping etc it’s not quite a major disadvantage.
#4. Scam Risks
As security becomes tighter, scammers become wiser. You face the risk of being scammed if you do the following things;
- If you Don’t do proper research before engaging in saving in the platform/company.
- Giving out personal details to untrusted persons; sometimes some random. Persons might claim to be a customer service representative and then ask for some of your personal details. Always do your research (DYOR) and make sure you contact the right customer service. Plus, customer service representatives are not allowed to ask you for some personal details like pin or password, 12 phase key, security questions, or any details that can grant access to you dashboard, profile or account.
#5. Company Bankruptcy
Doing your research on a company’s history is very important in other to know the company’s net worth and if they are reliable before you choose to save with them.
Different Ways You Can Save Money Online
Below are ways you can save money online
#1. Saving Money With A Broker
Yes, you can save money online using a broker. Brokers act as intermediaries between buyers and sellers and can help facilitate the buying or selling process. Saving money online using a broker is nice because brokers often have access to a wider range of financial products and can provide advice on which products might be suitable for you, based on your financial goals and risk tolerance. Using a broker can also save you time and effort by handling much of the administrative work and research involved in buying or selling financial products. However, it’s important to keep in mind that brokers typically charge fees for their services, so it’s important to carefully consider the costs and benefits before deciding whether to use a broker to save money online. Below is an example of a Broker;
Brokers are Major used by traders to trade stocks, currency pairs, commodities, etc. However, you can save money in the brokerage by just depositing your money and leaving it there.
Note: We are not affiliated with any of the above-listed Brokers.
#2. Online Banks (fintech)
Fintech also known as financial technology is one of the widely growing technologies that offer various monetary transactions and services just like the physical bank. There are different ways to save money online using fintech apps example, budgeting, Automated savings, etc. Below are some list of top fintech apps.
Note: We are not affiliated with any of the above-listed Fintech.
#3. Online Stores
saving money on online stores is not common because not all stores do a cashback or have a wallet. So, it’s advisable to know online stores that have wallets which can refund to your bank account after.
#4. Betting sites
Sports Betting site are another platform where you can deposit money and later on, withdraw them back to your bank account or online banks. However, the primary use of betting site are for betting so saving money inline on betting site comes with a disadvantage which is “The urge to bet“. While betting might be profitable, you can also loose lots of money and this is where your mental strength comes in. If you are that kind of person who easily gives in, then saving money online in betting site is not for you. Below are some list of top betting sites.
Note: We are not affiliated with any of the above-listed Betting Site.
#5. Buying stocks
Buying of digital stocks Like; Apple (AAPL), Microsoft (MSFT), Alphabet (GOOGL), Amazon (AMZN) etc is another way to save money on the internet. However, there are pros and cons. One of the advantages of buying stock is that as Time passes by, the value might appreciate which mean your initial saving has increased. While it also has a disadvantage since the value of the stock might depreciate. So, if you are not conversant with stocks do not save money online through stock buying.
#6. Blockchain Technology (Cryptocurrency)
There are several ways that blockchain technology can be used to save money online but Cryptocurrency trading is the most used. By buying and selling cryptocurrencies on a blockchain platform, you can potentially make a profit and save money although, you can also make losses if you are not an expert. The best way to save money online in cryptocurrency is by purchasing “Stablecoin“. What are stablecoins? Stable coins are crypto currencies that neither appreciate nor depreciate in value eg USDT.
Mistakes People Make While Saving Online
While saving money on the internet, some people end up a victim of scammer, and some lose their assets due to certain reasons. Below are son mistakes people make while saving money on the internet;
- Forgetting your Password
- Giving out their login details
- Logging in to the wrong URLs
- Not Doing Proper Research
- Trusting the Wrong Firm/platform
- Submitting contrasting personal information while signing up
- Impatience
How do I prevent being scammed while saving online?
As Technology advances so those the intellect of scammers So, for you not to fall a victim to such scams, Currentfaqs has provided you with some tips to help you avoid being scammed while saving money online:
- Use strong, unique passwords for each of your accounts and enable two-factor authentication whenever possible.
- Be cautious of emails, texts, or social media messages from unknown senders, even if they seem legitimate. Scammers often try to trick people into revealing personal information or login credentials through phishing attacks.
- Be careful when clicking on links, especially if they come from unfamiliar sources. Hover your cursor over the link to see where it will take you before clicking.
- Avoid giving out personal information, such as your social security number or bank account details, unless you are certain that it is necessary and that you are dealing with a reputable organization.
- Look for the “HTTPS” in the URL of a website and a padlock icon in the address bar before entering sensitive information. These indicate that the website is secure and your information will be encrypted. Ty
- Use a credit card instead of a debit card when making online purchases. Credit cards offer more protection against fraudulent charges.
We do hope these tips help you increase your chances of avoiding scams and keeping your personal information and financial details secure online.
How To Properly Save Money Online
How do I Earn while Saving Money Online?
There are several ways you can earn money while saving it online:
- Take advantage of cashback and reward programs: Many websites and credit cards offer cashback or reward points for making purchases online. This can help you save money on your purchases and earn rewards at the same time.
- Invest in stocks or mutual funds: You can earn money by investing in stocks or mutual funds through online brokerage firms. Keep in mind that investing carries inherent risks, and you should always do your own research before making any investments.
- Staking: You can earn money online while saving by staking cryptocurrencies in platforms like Binance and more. After every month. End you get a particular interest in crypto.
- Investing: why just let the money sit there when it can be put to good use? Some biotech apps provide Investment options in which you invest and get your ROI after some time.
By following these tips, you can earn money while also saving it online. Keep in mind that it is always important to be cautious and do your research before participating in any online earning opportunities.
More FAQs on How To Save Money Online
Just like we talked about an listed in this article you can save money Online and earn
Some risks come with saving money online, Some of them include; company bankruptcy, scam risk, etc. We have talked about them in this article and how to prevent them.
- Use strong, unique passwords for each of your accounts
- Be cautious of emails, texts, or social media messages from unknown senders, even if they seem legitimate
- Look for the “https” in the URL of a website and a padlock icon in the address bar before entering sensitive information. These indicate that the website is secure and your information will be encrypted.
Below Are Some mistakes people make while saving online.
- Forgetting your Password
- Giving out their login details
- Logging in to the wrong URLs
- Not Doing Proper Research
- Trusting the Wrong Firm/platform
- Submitting contrasting personal information while signing up
- Impatience
saving money online has lots of advantage
- It Reduces spending
- saves time
- personalized saving
- secrecy of Net Worth
- Reduces stress
- You can earn while you save
Conclusion
Saving money online as a student, teacher, parent, individual, etc is easier in this current generation thanks to the help of modern technology like Blockchain, fintech, and the rest of them.
After reading this article, you should now know how to properly save money on the internet and also avoid being scammed while doing so.
Reference
2. Forbes