Many people think one can only save if they have a lot of money, but that is a myth. You can start saving with very little and keep increasing as time goes by. Here are ways you can start saving even if you are not prosperous:
1 Start with small amounts
Starting is the most crucial part of the saving process. It is hard to start so you can start with very little. You don't need a lot of money to begin saving. Saving small sums of cash is good because it enables you to learn how to save without exposing yourself to undue risk. To get started, you can save as little as ksh100 per month, this might be a little at the beginning, but it eventually adds up.
2 Utilize Investment Apps
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Investing has never been simpler, thanks to investment apps. They enable you to invest tiny sums of money without incurring hefty fees. Robinhood, Acorns, and Stash are the most famous investment programmes. These programmes provide various investment choices and make it simple for beginners to begin investing.
3 Consider using a Robo-Advisor.
Robo-advisors are another excellent choice for those who want to begin saving but need help determining where to begin. Robo-advisors build and oversee portfolios of investments for you using algorithms. To create the best portfolio for you, they consider your objectives for investing and risk tolerance. Betterment, as well as Wealthfront and Private Capital
4 Conduct your research
Before investing, it is critical to conduct the study. You must understand the fundamentals of investing, such as the various kinds of assets accessible and the risks and benefits associated with them. It would be best if you also did your homework on the businesses or accounts you intend to invest in. Take a look at management, fees and costs.
