There’s nothing better than payday and that feeling when you open up your bank account and see that all your hard work has been worth it and your money has arrived. It’s tempting to be happy with your money where it is, sitting in your account waiting to be spent…but it could be doing so much more for you.

While you’re out working, your money should be doing the same thing! Sound too good to be true? It isn’t. Take a look below to find out ways in which your money can help boost your income by working harder for you…

Switch bank accounts regularly

Switching banks used to be a chore. You had to visit the branch in person and suffer from the mountain of paperwork and general faff attributed with this process. Nowadays, however, it takes less than 15 minutes and is handled entirely by your bank.

The majority of banks have signed up to the 14-day switch guarantee, which means your bank switch must be completed within a two-week time period.

This quick turnaround means it’s a lot easier to take advantage of the latest deals and rates offered by banks. Often you can earn a bonus of more than £100 by simply switching. That’s free money just waiting to be claimed.

With poor interest rates on current accounts, get yourself a boost another way by playing the field and switching providers.

Save and invest your money

Whilst there’s nothing wrong with having your money sitting in your current account, you’re unlikely to earn much interest from this.

Saving accounts often offer increased interest rates and are intended to be used across longer periods. However, if their interest rates just don’t seem high enough for you at the moment, you can also look at investment options.

Buying stocks and bonds means that your money can increase based upon the markets but can also decrease as well – so you’ll have to do your research, take advice and only put aside an amount that you’re comfortable with. Spread the risk with a diverse portfolio, take your time to understand the market and think long term for the best results.

Cryptocurrency

If traditional stocks don’t appeal to you, then the world of cryptocurrency could be an alternative. Digital currencies have exploded in popularity over the last decade, and now there are more types than ever before to research and perhaps invest in.

However, the cryptocurrency market is volatile to say the least. So, as above, it’s important that you only invest what you would be happy to lose. Markets can alter wildly from one day to the next and can be very difficult to predict for beginners.

Yet you can make investments that predict these wild movements rather than having to hold the asset itself – making this volatility a potential attraction.

If this is of interest, it’s important to understand the product and do your research as you would with any investment. Luckily, there are several in depth guides out there which can give you an insight into the landscape, where to start and the rookie mistakes to avoid.