Even modest sums of money invested can provide significant returns. Here are seven methods to get started investing with a small amount of money right now.
The key to accumulating wealth is to form positive habits, such as putting money aside on a monthly basis. If you replace your barista-made cappuccinos with coffee brewed at home, you might save more than $50 each month.
Once you have a little money to play with, you can start to invest.
Here are a few ways to get there:
1. The Cookie Jar Approach
If you've never saved before, start small by putting aside $10 every week. That may not seem like much, but it adds up to more than $500 over the course of a year.
Put $10 in an envelope, a shoebox, a tiny safe, or even the cookie jar, the infamous bank of last resort. Despite the fact that it may appear foolish, it is frequently a crucial first step. Make it a practice to live on a little less than you earn, and put the money aside in a safe place.
The electronic equivalent of the cookie jar is the online savings account; it’s separate from your checking account.
2. Invest in professionally managed funds, from just S$100 a month
Smart Invest, an investment-linked insurance plan, gives you great flexibility to manage your investment portfolio. It is available in two plan types; a recurrent single premium (RSP) plan and a single premium (SP) plan, to further capitalise on market opportunities to suit your needs.
Start low, go higher as you wish
Smart Invest (RSP) recurrent single premium plan’s contribution starts as low as S$100 a month using CPF Investment Scheme (CPFIS) or Supplementary Retirement Scheme (SRS) funds. Smart Invest (SP) single premium plan starts with a minimum lump sum contribution of S$5,000 from cash, CPFIS or SRS funds.
Customise your investment portfolio
Enjoy the flexibility to review and rebalance your portfolio, as well as customise your portfolio by tapping into a diverse range of professionally managed funds across different asset classes, industries and geographic regions.
Manage your cashflow with ease
You can top up your investment amount anytime. When you need to manage your cashflow, you may make partial or total surrender of the portfolio.
3. Invest in a future of potentially greater returns
For someone who has attained your level of success, we understand that you’re always on the lookout for viable investment opportunities with attractive returns. One solution that can be personalised to suit your wealth accumulation goals as well as your evolving aspirations in life. Prestige Portfolio can help you do just that. It’s a personalised investment-linked plan that will offer you access to a wide range of Prestige Portfolio funds, all skilfully managed by a team of established and recognised award-winning fund managers.
Choose from a wide selection of funds
Invest in our range of funds spanning diverse asset classes and sectors, and build a portfolio that'll be managed by award-winning managers.
A customised and versatile plan to help achieve your needs
As and when your needs change, you’ll have the freedom to switch between funds, increase or reduce your premiums, or even make a partial withdrawal.
There are plenty of ways to start investing with little money - all you have to do is start somewhere. Once you do, it will get easier as time goes on, and your future self will love you for it.