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5 New Ways To Start Investing This Summer

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5 New Ways To Start Investing This Summer

Have you thought about finding some spare time this summer to start investing your money from the year? Whether you have started your career or have some saved cash from various jobs, this summer is a great opportunity to start thinking about investing for your future.

Here are five ways to invest now to pay off those loans.

1. Pick An Amount To Commit To

Start with choosing a regular amount of money that you’re comfortable with stowing away at the end of each month. Or at the end of each week. However much you desire. A good starting point for the summer may be a few bucks per week, if you’re working less. Throughout the rest of the year, you may be inclined to put away ten percent of your income every month. Whatever you decide, try to stick with it.

2. Create A Savings Account

The monthly amount you put away can be stored into a savings account - whether it’s with a big bank like Bank of America (NYSE: BAC) or a smaller credit union. For the summer months, $20 a week can we make a tremendous difference by the end of a twelve-week summer. Discuss with your local bank or a bank you already use to create this savings account and hold yourself responsible for continually putting your money away.

3. Get Digital

Download an online investing tool to make take your investing anywhere you go. Some smartphone apps allow users to create their own diversified portfolio across various domestic and international stocks and bonds. Money is transferred from your bank account every month, without any management fees, allowing you to keep all of your earnings from each investment.

When you’re ready to invest, create a financial membership through the application. Making a premium investing account is available for free, with no trading frees. This allows users to add as little or as much as they chose. A personalized portfolio is available for you, but adjust it however you like. This is a carefree way to start your first portfolio fully managed for you, with the ability to make adjustments as you see fit.

4. Invest In A New Skill

Is there a new skill that could learn during your summer downtime to help advance your career? This could be anything ranging from a new computer language, to an actual foreign language, to a course online. Try to brainstorm ideas of what would help you get that next pay raise or a promotion down the line.

5. Time For Some Retirement Planning

The summer months are a great time to evaluate what your company has to offer you. Employee benefits such as a 401(k) plan or an individual retirement account should be taken advantage of. Speak with your current employer about what is offered from your company.

Your company may not offer an employer-sponsored retirement plan. If this is the case, then an IRA or Roth IRA plan creates tax-deferred returns on investment from your income, until you begin withdrawing.

Posted-In: Education Personal Finance General Best of Benzinga

 

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