Lifestyle
Congratulations! If you're reading this, it means you've successfully saved money, and that's a big accomplishment! But saving alone isn't enough. After all, what's the use of building up your savings if you're not going to make the most out of them?
Putting your savings aside and completely forgetting about them may not be the most effective strategy. It increases the risk of gradually spending them and decreases the potential for growing your wealth. Instead, consider putting your savings in a place that can help you generate more money.
You have several choices for what to do with your savings. In this article, we will share the best options with you, and you can choose one or more depending on how much you've saved.
1. Invest in the stock market
Investing in the stock market is one of the best ways to build wealth by capitalising on the success of fast-growing companies.
Whether you've saved 1,000 or 50,000 JOD, investing is wise. By buying shares in the company or companies you choose, you can benefit from a percentage of their profits. And who knows? The share price may increase significantly over time, bringing you large profits when selling. But it's important to diversify your investments and not focus on one company alone. This way, you can reduce the risk of loss.
Our mobile banking app lets you invest in a wide range of stocks easily and securely. You can buy whole or fractional shares. To learn more, read our article: "How to start investing with as little as one dollar."
You're just a few steps away from building your wealth. Open a trading account now and start buying and selling stocks from your phone with as little as $1 by following the steps here.
2. Buy gold
What sets buying gold apart is that it's a low-risk investment that retains its value, withstands market fluctuations, and protects your money against inflation. This makes it an excellent way to diversify your investment portfolio.
You can also earn a profit by selling gold. The key to maximising your profits is knowing the right time to buy and sell, which is when prices are high.
If you want to start investing in gold, our gold account is the best option. By opening a gold account on our app, you can buy and sell gold with just a few taps without visiting a branch! You can find the steps here.
If you want to learn more about investing in gold, read our article "A guide to investing in gold."
3. Create a term deposit
Instead of keeping your savings in your current account, consider creating a term deposit. By depositing money into one, you earn regular returns. This option allows you to invest your money for a fixed period and regain it when the deposit matures.
Term deposits are considered a low-risk investment that delivers steady financial returns in the long term. The longer you decide to keep your funds in one, the higher the interest rate you'll get. But you should know that if you decide to break a term deposit before its maturity date, you'll need to pay a fine.
Find out how to create a term deposit here.
4. Start your own business
With all the money you've saved, you can start a small business to build a stable financial future, address the local market's needs, and create job opportunities for others.
This is a smart move, but it takes courage and planning. So, be sure to devote time and effort to searching for a profitable business idea, studying the market, and developing a clear business plan.
By using your savings wisely, you can turn your ideas into reality and become the owner of a successful business, which brings you financial stability and professional success.
But before you start your own business, read "What every SME founder needs to know."
5. Buy a house
Yes, you have to spend money to make more of it! Buying a home is a great investment, even if you own one already. The value of homes increases significantly over time, so if you buy a house today, you can earn a lot of money when you sell it 10 years from now.
And that's not the only way to profit from a home. By renting out one, you can receive regular rental income to add to your savings or even expand your investments.
If you don't have enough money saved to buy a house, you can get a mortgage loan from Bank al Etihad and use your savings as a down payment. When you finish paying off the loan, the house will probably be worth much more.
6. Put your savings in a savings account
This option is similar to a term deposit, but instead of locking your money, it goes into a savings account that pays interest every 6 months based on your balance. And you can withdraw your money anytime.
Open a savings account today.
7. Open a Tharaa savings account
With a Tharaa savings account from Bank al Etihad, you can make the most of your savings and get a chance to win life-changing prizes! Simply open a Tharaa savings account, deposit your savings, and regularly add funds to be automatically entered into various prize draws.
You could be one of our lucky winners this year! Prizes include 999 JOD for one daily winner, 9,999 JOD for one weekly winner, a BMW car for one winner in December, a sea view apartment in Ayla Oasis - Aqaba for one winner in December, and a grand prize of 100,000 JOD for one winner at the end of the year!
Finally, don't forget to treat yourself! Spotted a watch or bag you fell in love with at first sight? Go ahead and buy it. After all, you get instant cashback when you use any of our cards.
