Many people think that investing is far out of reach for them. They feel like they are already at their wits ends when it comes to having enough money to cover all of life's expenses.
However, as the old adage goes, "Where there's a will, there's a way." If you want to finally get started on your investing journey, here are some tips to get you going.
Out of sight, out of mind is the idea here. If you can't see the money you are saving, in theory, you should never miss it. Even if you have to start with just $5 or $10, it's worth it.
I once saved $500 with an automated savings app. When my daughter asked for Barbies and Michael Jordan tennis shoes for her birthday, I purchased stock in Mattel and Nike with my savings instead.
You can use an app or set up direct deposit into an online bank account to automate your savings. Whatever you do, just start so you'll have the money you need to invest when the time is right.
Cutting back expenses
This area is a huge one and it deserves a lot of attention. Look through your bank statement to find out what you are spending money on each month. Can you cut out some subscriptions or services you don't need much?
Consider cutting back or eliminating luxuries that you don't need to help jumpstart your investing. Your future self won't be disappointed.
Picking up a side hustle
After you've cut back all you can, consider picking up a side hustle to make extra money. There are so many ways you can have additional streams of income — working both in and out of your home.
For example, there are plenty of legitimate work from home gigs that don't require any start-up fees. The tasks vary from administrative support to social media scheduling and even teaching English from home.
Then, of course, there's the gig economy where you can drive with Uber or rent out spare space on platforms like Airbnb.
Thankfully technology has given us several options to save and make more money than ever before. It shouldn't take you too long to amass $500 to start investing.
If you are really risk-averse, you can check out apps that help novice investors to get going. Otherwise, pick a few single stocks and throw some ETFs in the mix to get going on your investing journey.
The key is to just get started!