They say money can’t buy happiness. While that might be true, we all know it’s necessary if you want to pay your bills, buy a house someday, and have some great experiences on the side.
Everyone’s money goals are personal. But for most of us, we’re wanting to grow our money for the future, ideally without having to give up the things that we enjoy doing today.
The good news is if you’re smart about it, it’s achievable. Here are a few ideas to help you get started growing your money — without having to go without all the things you love.
You can have your cake and eat it too if you monitor your spending and make adjustments that you can work with.
Take note of your spending
One of the easiest ways to start saving money is to understand how you’re spending. This can be easy to do. Start by recording your daily spending for a week. You might be surprised at how quickly small and often unnecessary costs add up, and from there you can pick areas where you’ll be able to make some savings.
Of course, it’s important to consider what your ‘no-go zones’ are. If you’re realistic about what you’re willing to go without you’ll be more likely to stick with it.
Invest in yourself
Once you’ve dealt with the money going out, the other thing is to look at how you can increase what’s coming in. There are lots of ways to create additional income – from investing in education or upskilling (so you get that promotion and pay rise), to turning a hobby into a way to earn some extra cash.
In a nutshell, investing is just about putting resources (usually money) towards something you hope will pay off later. Putting money towards studying or learning a skill that will increase your ability to earn more in the future means you’re an investor. And if you’ve ever pulled a late night to impress your boss then you’re investing in yourself. You can also use your creative skills and turn a passion or part-time gig that you do in your spare time into making you some extra cash.
Invest in shares
Investing in yourself can teach you a lot about investing your money as well. Investing your money can be a great way to grow wealth over the long term – and you don’t have to invest an amount that means you can barely make ends meet. In fact, you can pick an amount that suits your lifestyle.
Investing little bits here and there lets you have it all — you get a return in the future, but you don’t have to give up too much today. The amount will be different for everyone, so it’s really about picking an amount that works for you.
It can be challenging to know where to begin, but the good news is there’s a lot of helpful information around to get you started. Platforms such as Sharesies, which lets you invest as little as $5 at a time, are a great way to help you get going in a way that works for you and builds your confidence.
Get started!
Just like anything, the best way to get started with achieving your goals is to do it. And the good news is the earlier you start, the better. If you’ve considered the above and reckon you’re ready to start growing your savings, good on you! Before you know it, you’ll notice your funds growing, and you’ll be more inspired than ever to continue.
By Sonya Williams, Sharesies Co-Founder
Sharesies is a platform that aims to make investing an easy and accessible option for everyday Kiwis.
