For millions of people, the coronavirus crisis has been about cutting their consumption and their spending. While they’ve been working form home, and continuing to earn a wage, they’ve not been spending cash at the usual rate, which as meant that savings have piled up in their bank accounts. With winter on the way, and no sign of the coronavirus crisis abating, here are some ideas for how you can invest these savings – making them go further, while enjoying the benefits of having some stockpiled capital over the winter months.
If you’ve been struggling along without a motor vehicle for some time, this would seem the right time to purchase one. Not only will this greatly enhance your mobility – helping you avoid public transport, where the virus is more likely to be caught – but it’s a great way to go on staycations in your local area, too. Look to MG dealers, and dealers of other classic and sought-after cars, in order to invest in a vehicle that will likely appreciate in value, which means that you’ll always be able to sell it on for a profit if you’re keen to get your cash back on your investment.
Stocks and Shares
Meanwhile, there are those who will have been keeping a keen eye on the markets in recent months. They’ll have seen stocks plummet well below the rates that they would be expected to be at during a normal winter. Some of the hardest hit stocks have been those companies in the travel sector – like airliners, cruise companies, and package tour operators. These would make smart investments in the current climate, as many millions of people worldwide are soon to use their saved cash to enjoy a long-awaited vacation in the coming months.
If you’ve been renting your property for as long as you can remember, then this might be the time that you’ll be able to consider purchasing a place. With cash behind you, and plenty of time to browse properties to find the right fit for you, this is a marvelous time to get yourself onto the property ladder for the very first time. Keep an eye out for the best deals in your area, and try to get the best value for your money by negotiating a price that suits you as the winter rolls on.
If you’re unsure about where to invest your cash – and there are reasons to be unsure, seeing as there’s a major economic downturn at the moment – it might be simplest to just move all of your savings from your bank account into a savings account. In these accounts, you’ll find that your cash goes further, accruing more interest over time, and leaving you with a few thousand dollars more if you come to extract your cash in the future. Find the right account for you by comparing the best savings accounts online, and invest your cash there today.
There you have it: some smart ways to invest your excess cash this winter – making the most of your coronavirus savings.