What’s the most common thought of people as soon as they get into a new year? Making the list of good intentions swearing that the new year is going to be the right one to achieve them.
What does usually happen next? We follow the list as a Bible for a couple of weeks and then that’s it! We give up finding millions of excuses. So, for this year, let’s already abandon the tedious list and let’s focus on a single (if you’re very determinate even two) activity. For 2019 try to commit on saving money!
Saving money it’s a big challenge but it’s like an open door to many occasions like the purchase of a house, of a car, appliance repairs or start a freelance career. If this is the path that you want to follow, first start cutting your extra expenses.
It seems to be a simple task but most of the time we have no idea of how much money we spend on restaurants, drinks, cloths etc.. To be fully aware of how much you spend, take from your bank account all last year expenses (as a sample) and divide them in categories: food and groceries, clothes, personal care, entertainment, consumer debt, utilities etc..
Once you’re done, analyse them and consider if you can cut some expenses in the new year. For example, instead of going out for dinner/drinks 3 times per week, go out just once and the other two you can invite friends and/or relatives to your house. Your wallet will thank you 😉
But reducing your expenses it’s not the only strategy to follow. A smart move can also be to invest money in the stock market.
If you are not confident with the financial world, learn the basics of the financial market using Wall Street Survivor which is an educational website that teaches people the stock market concepts, how to invest money and how to create a general financial planning.
The availability of courses (most of them free) and , video lessons, articles is really impressive and as content are added on a daily basis it is impossible to not to stay updated.
To test what you have learned, you can take one of the hundreds of tailored quizzes designed to help you digest and integrate information that you’ve studied.
This website offers also the possibility to put theory into practice by using a stock market simulator and create a portfolio.
How does it work? You will receive fake cash to invest in real companies under real market conditions. The experience is the same as if you were investing in real stock markets because the trades are processed in real-time.
After this “training” you will have the right confidence to finally invest real money on real stock market. The web is full of online brokerage platforms such as Saxo Bank, DEGIRO, Interactive Brockers, XTB etc… To find the platform which suits you is important to consider at least 4 criteria:
- FEES: how many fees are you going to pay?
- ACCOUNT OPENING: is there a minimal amount of money to invest in order to open the account on a specific platform?
- DEPOSIT AND WITHDRAWAL: the deposit and withdrawal system may change from a platform to another
- USER FRIENDLY PLATFORM: search for a user friendly trading platform, the goal is to make trades easily
So be smart and save-invest in 2019 🙂