Many people give up the investing because they don’t have required funds. Contrary to popular belief, you don’t need thousands of dollars to start your investment. You can always start slowly, building your investments and profit. The important thing is to have good saving habits and to put some money aside every month. Along the way, you will be in a much better financial situation. Here are the 5 ways which can help you.
Cookie jar is a good approach
Saving and investing are two closely connected operations. If you want to invest some money, you either have to save it or already have it. If you think that saving takes long, then you are very wrong. If you haven’t tried this approach before, you can start by saving $10 every week. In a year you will have $500. Over the time you can increase this amount. The thing which is similar to a cookie jar is a bank account. Open a separate checking bank account and put your money there. You need to have a firm hand and avoid all temptations.
Sign in employer’s retirement plan
If you are running on a tight budget, a retirement plan may seem unachievable for you. But there is a way to enroll in a retirement plan. That would be a small amount; you won’t even feel it. For example, you can start by investing 1% of your salary into a retirement plan. Once you commit to this, you can increase this amount over the years.
Choose investment software or good broker house
Most software based on a short inquiry you need to fill in make a decision how to invest your money. The most important thing here is to find a good and trustworthy software. People mostly choose this option because is cheaper. The software is a machine, and that’s the only downside of this, but they are usually very accurate. If you choose a broker house, you will be working with experienced brokers, which will give you a good insight.
Use low – initial investment mutual funds
It is perfect options for beginners; this gives you an opportunity to invest in stocks and bonds and single transactions. The only trouble of these funds is that minimum investment is between $500 and $5000. If you are a beginner, with limited funds, this option might be out of reach. But some companies will grant you investment if you commit to investing between $50 and $100 on a monthly level.