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Investing for your retirement is an important step to take. The sooner you start saving and investing, the more time your savings have to grow. The benefits of compound interest mean that the sooner you start, the better off you’ll be when you’re ready to stop working and enjoy your retirement years.
Unfortunately, saving is easier said than done. The cost of living is getting out of control, and that’s made it harder than ever to set money aside for your savings.
If you’re ready to start investing, but you don’t have the capital to start right away, these ideas can help you find extra cash as quickly as possible and put it to good use.
#1 Start Small
You don’t need to a fortune to get started with investing. While certain investment products like mutual funds have a minimum deposit, many self-directed investment platforms have no such requirement. You will have to enough money to buy a share in a fund or company, but you have a lot more freedom to put your money to work for yourself.
Once you get started, you’re likely to feel motivated to keep it up and save more. All you need is to get the account started, and you’ll start seeing how investing can make your savings grow.
#2 Sell Valuables
When you want to kickstart your savings, it may make sense to raise a small sum of money right away.
If your budget is already at its limit, one way you can raise extra funds is by selling valuables that you no longer want or need. A great place to start is with anything valuable that contains precious metals, such as silver jewellery or coin collections.
When you want the best price on silver valuables, going to a silver buyer will likely get you a better price than going to a pawnshop or even a jeweller. A silver buyer like Muzeum will usually pay for the value of the metal, unless you have an antique or exceptionally rare collectible, in which case they may look at the market for such an item among collectors.
Selling your silver jewellery or coin collections can give you a tidy lump sum to start investing. It can help to take value captured in a non-income-generating asset like silver and invest it in assets that generate dividends or interest.
#3 Automate Contributions
Automatic savings can make investing part of your everyday finances. It’s easy to automate contributions to your retirement fund these days. You can make contributions monthly, biweekly, or with every paycheck.
There are some important benefits to automating your savings, including:
- You avoid the temptation to spend that money before you have a chance to save it.
- You don’t have to worry about forgetting to make a contribution.
- Automated savings will help you reach your investment goals.
You don’t need a lot of money to start investing for your retirement. In fact, waiting until you have more savings will wind up costing you in the long-run. The more time your savings have to grow, the more you get out of them.