Investing money doesn’t require you to have a lot of pennies. Actually, you can simply invest, let’s say a $50 per month. It sounds like a little money, well it’s true but after year, you’ll get surprised with that you’ve earned. They secret in building wealth is developing good habits. Regularly putting money for your savings is just one. Here are some ways for you to start investing with little money:
1. The piggy bank
Try putting it on an empty jar. You can also design and label your jar, be creative. If you don’t have an empty jar, you can also put it on an envelope, shoebox or anything that can be closed. As time goes by, you can increase the amount you’re putting in every week.
2. The techie-way
Roboadvisors can help you in investing! If you haven’t heard it before, Roboadviser were created to make investing as simple and accessible as possible. There’s no investment experience required, and the set-up is very easy. This platform automatically track your investments in the background and pay lower fees in the process.
One of the famous and recommendable roboadviser is Wealthfront. The fees are totally reasonable at 0.25%, but it gets more exciting because you can get your first $5,000 managed free.
3. The retirement plan in your job
Being in a tight budget is inevitable sometimes. With the electric bills and monthly dues in your house, it’s totally understandable. The simplest step of enrolling in your 401(k) or other employer retirement plan may seem beyond your reach. But there is always a way! You can begin investing in an employer-sponsored retirement plan with amounts that are so small you won’t even notice them.
Blooom is one great example of a platform tool for hands-off investment management of your 401(k). The said platform can offer you a free 401(k) analysis, telling you where and how they can optimize your investments. If you’re finally decided to use their services, you’ll be charged a reasonable amount of $10 per month. Not bad right?