Tips for Funding Your Investment Account

These days, you can get started in investing with very little money. However, the more money you have, the greater your potential to make more. Access to greater cash flow can also mean that you have some that you can afford to lose, which can be helpful if you are interested in trying out some risky investments or strategies. The tips below can help you get more money to fund your investment account.

Set Some Goals

You'll be more motivated to find cash for your investments and to stay focused on saving if you keep some specific goals in mind. Maybe you want to make a certain amount of from your investments, or perhaps you want to retire early. You might just want a cash reserve you can burn through in order to learn more about markets. Try to articulate your goals so you know why you're doing what you're doing.

Reduce Your Expenses

The next step is taking a look at your current budget to see where you might be able to spend less. There are probably a few obvious places, such as entertainment spending. However, you should also look at things like your home and auto insurance or your subscription streaming services. Refinancing your student loans with a private lender can be another good way to save. You can use a student loan refinancing calculator to help you estimate what your payments would be.

Move Money Around

If you have money in very safe but low-interest accounts, such as savings or money market accounts, you might want to move that into your investment account. You should only do this with investments that are relatively safe unless it is money that you can afford to lose. You also shouldn't do this with your emergency savings fund. However, if this is money that is just sitting in those accounts, make it work for you by investing it.

Take on Gig Work

Gig work can be a good way to pick up extra money. One advantage of gig work is that you can do it whenever you feel like it, but you aren't obligated to work at any particular time. Another advantage is that just about anything that you know how to do can be monetized. That might be something that requires special skills, such as computer programming or web design. It could be teaching English or writing. It could also be driving, delivering food or mowing lawns. People will pay you to assemble their flat pack furniture, feed their pets when they are on vacation or tutor their children in math. All of the money that you earn can go straight into your investment account.

Sell What You Don't Need

Most people have stuff around the house that they don't need any longer but haven't gotten around to getting rid of. Old clothes, books, Blu-rays, furniture and kitchen equipment might be junk to you, but it could be just what someone else is looking for. Get together with a friend and have a big yard sale, or list your stuff for sale online. If your clothes are reasonably nice, a consignment shop may take them. You can take your books to a used bookstore.