At the risk of raining on your parade, we don’t think you’re ready to invest yet. Why? Well, investments are a volatile game. By definition, they just have good months and bad months.
We have a very recent example. In March 2020 as coronavirus hit, the markets tanked. It was quite a nail-biting time. The FTSE 100 fell by 5% on one particular day.
Pretty much every investment provider had panicky people hitting the phones, wanting to sell. By the end of 2020, markets had not only recovered, in some regions they had soared. So those people who ran for the exit lost out. And those who sat tight made money.
Until you are very genuinely comfortable with the market’s ups and downs we would not suggest jumping into investing.
As an alternative, we have put some interesting new budgeting apps through their paces. These should help you save as you learn more about the ups and downs of markets.
And maybe put a toe in the investment water with a robo adviser which will get you started on the investment journey with very small sums. Check our Best Buy tables for ready-made options which let you start from as little as £1.