Ah Christmas. The time of year when all our bank accounts take a bit of a hit as office secret santa begins and all your aunts and cousins come out of the woodwork looking for a gift under the tree. Not to mention the dreaded ‘what to get your mother-in-law’ conundrum!
Whilst most of us will have a budget aside for presents, decorations and all the holiday trimmings. It’s always nice to see a simple envelope under the tree with cold hard cash. I mean, a girl can only be so happy about receiving another bath salts and shower gel gift set!
This year, why not do something a little different with your Christmas money? Instead of splashing your cash on New Year’s Eve, why not put your Christmas gifts to work and make your first investment?
“Christmas doesn’t come from a store. Maybe Christmas perhaps means a little bit more.” – Dr. Seuss via The Grinch
How to get started
1. Select your funds
Time to start thinking about where and with whom you want to invest. The research provided on FundCalibre can be a good starting point, and less overwhelming than staring down a list of 3,000 possible funds. And take comfort in the knowledge that our investment researchers have analysed in depth each fund and trust before assigning them a rating. When selecting your funds keep in mind you want to be building a diversified portfolio.
2.Top up your ISA or pension – or open one
Once you’ve chosen a fund or trust you can then invest in it. If you already invest, simply go to your current platform or provider and give them your new instructions – even if it is the holiday period, most will be open between Christmas and new year to take your calls or you could invest online at any time.
If you are new to investing, then it’s time to pick an investment platform. Platforum has a guide to some of the different platforms available or you can get additional help by reaching out to a financial adviser.
3.Keep the ball rolling
Now that you’ve started a good habit, keep the momentum going. Remember, you can invest as little as £50 a month or larger lump sums every so often if it fits your budget better.
4. Stay on top of it
You’ll need to keep an eye on your investments to ensure you’re getting the most out of your money. Consider adding a reminder to your calendar to review and update your portfolio, at least once a year, as your priorities may change.
Got stuck along the way? Have a look at our investment dictionary to help you wade through the jargon.