How to Start Investing Your Money

Posted on July 09 2013

Investing money can be an intimidating concept for most people. Many people think you need to have a large sum of money to start investing it. However, this is not true. Investing small amounts of money over time can add up quickly without breaking your budget. The most difficult part of investing your money is getting started, follow these simple tips in order to effectively invest your money.

Small, consistent amounts of money
When beginning to invest, try starting by investing small amounts of money on a set, consistent schedule. This will help you to get into the routine of investing your money. With time, you can start to invest larger amounts of money, as your budget allows. However, carry on investing the minimum amount in order to continue your investing routine.

Automatic contributions
When you determine an amount of money to invest each month, you can sign up to have the money automatically taken from your account. This allows you to sit back and watch as your investments grow with little-to-no effort on your part. Automatic contributions are available for investments of $25 or more per month.

Dollar cost averaging
Dollar cost averaging refers to investing a set amount of money in a particular investment or portfolio for a set amount of time. Fewer shares are purchased when prices are high and more shares are purchased when prices are low. This averages out to a lower cost per share in your investment plan.

For more information about starting an investment plan, visit www.familylifecredit.org. Family Life Credit Services offer Financial Coaching to help you reach all of your financial goals. To get into contact with a financial coach, click here.

Image courtesy of Ken Teegardin/Flickr

Source: http://www.familylifecredit.org/start-investing-money/?utm_source=rss&utm_medium=rss&utm_campaign=start-investing-money

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