Thanks to the web, investing your money in Ireland is easier than ever. It’s also more affordable than ever, with Moneycube offering access to regular investments from just €250 per month, and lump sums from €2,500.
But the basics still apply when figuring out if you can afford to invest. Read on to learn more about the bases you’ll want to cover when you start investing.
1. Understand your options
There’s a huge amount of information out there on investment options for people in Ireland right now.
Here are just three examples.
Firstly, you can click the links on the right for some of our most popular blogs (couldn’t miss that out, could we?).
For a global perspective, Moneyfarm’s Investing 101 blog is a great resource.
And to join in the conversation back in Ireland, maybe head on over to the investing pages on askaboutmoney.com.
The Moneycube route
At Moneycube, we can help you put lump sums from €2,500 to work in investments. And we can set up regular investments from as little as €250 per month.
We help you consider investment types, amounts, and risks. We provide investment advice on fund selection and get the admin done, all at great-value fee levels.
Read more about our investment service.
2. What’s your goal?
What are you hoping to achieve by investing? Maybe you want a lump sum to earn more than the near-zero rates from your bank. (Here’s one way to do it). Or perhaps you want to get into a good monthly habit of tucking some savings away for the long term. (Here’s how).
Whatever the case, it’s worth thinking about how long you want to invest, whether you can kick off with an initial chunk of cash and add to it over time, and how much risk-reward you’re prepared for.
3. Before we start
When you invest, the value of your savings can go down as well as up. What’s important is that you give your money time to ride out any short-term dips in investment performance. That’s why we recommend keeping at least three months’ worth of pay in an emergency fund.
And if you’ve got family depending on your income, you may want to consider income protection when deciding how much you want to invest. You’ll also want to clear any expensive debt, like credit card or overdraft balances if they’re not paid off each month, before you can afford to invest.