Are you wanting to join the investing world, but think you don’t have enough money to begin? Think again.
You don’t need a crazy amount of money to start investing. Although the more you have, the more you can earn back, and you have your safety net to fall back on, that doesn’t mean you can’t get yourself started. It’s possible to start investing with only tens of dollars, rather than thousands of dollars.
If you’re a beginner investor but think you don’t have enough money, we have five tips that will get you going.
Get Started With Saving
Before you being, you do need to have a bit of money set aside to toss into an investment account. Again, it doesn’t have to be much, but it does have to be something.
Spend a few months setting money aside, even if it’s only $10 a week. Every week you’ll watch that dollar amount grow, and you can use that as your initial investment. Remember, you’ll have to adjust your budget or spending to make up for the money you’re setting aside.
Read Up on Investment Newsletters
Investment newsletters through popular websites are an excellent way to understand the market, and to get stock recommendations. If you’re planning to buy individual stocks, then staying up-to-date with these newsletters will be a huge asset for you. Take a look at some of the best investment newsletters out there to gather information.
Use an Investment App
If you’re unsure on how to invest but still want to give it a try, consider using an investment app. These apps will link to your bank account and credit card. Every purchase you make, the app will round it up to the dollar amount you select and invest that money. It may not be a lot, but it’s an excellent way to start. Look for ones that have a portfolio set up with an account manager.
Use an Online Brokerage
Part of the process of learning to invest is to find the right platform and company to use in the beginning. The more comfortable you get with investing, then you can start to go on your own. As you start though, it’s better if you get help through an online brokerage.
These online platforms help guide you through your first investment and are typically quite affordable. They are user-friendly, and lots offer advice and information to help.
Keep Tabs on Your Investment
Once you get your first few dollars into an investment account, don’t ignore it. You want to keep track of your investment portfolio. It’s important to monitor it because you may not to change what you’re investing, or put more money into your current investment.
There’s a line between monitoring your investment and going crazy with over checking it. You don’t want to check your investment every hour of the day. All you’ll see are the small movements that won’t affect you very much. However, you do want to get in the habit of regularly monitoring it, so you know you’re working towards your goal.
Don’t shy away from investing because you think you don’t have enough money. Everyone has to start somewhere.