3 tips to start investing in 2024
Make this the year you stick with your goal and put your money to work for the future.
December 13, 2023
Is your New Year's resolution to *really, seriously this time* start investing? You’ve got this! Here are 3 tips to help make this the year you stick with it.
1. Make a plan & write it down
What’s motivating you to invest? What steps will you take to make it happen? Grab a notebook, a pen, and start writing it down—and be specific.
Seeing your plan written out not only serves as a great reminder, but psychologists have found that people who “vividly describe or picture their goals” on paper are 1.2 to 1.4 times as likely to achieve them.1
Not sure what to do first? Consider using this list.
- Open a brokerage account (Already have a Plynk account? Mark this done!)
- Link your bank account
- Transfer money from your bank into your brokerage account
- Do some research on what to invest in (try Plynk Explore!)
- Make a trade (aka buy your investment!)
2. Break it up & be consistent
Rather than working toward one big goal like, “I want to invest $1,000,” try breaking it down into smaller, more manageable pieces. How about investing $84 each month or $20 each week instead? It feels much more doable in small amounts.
To make it even easier, you can put some financial goals on autopilot by setting up a recurring investment. Simply choose when, where, and how much to invest, and the money is automatically transferred and invested. This doesn't ensure that your investment will always go up, but it helps you work toward your goal without needing to remember to log in and place a trade!
3. Track your progress & celebrate small wins
Finally, keep your motivation all year long with these 2 tricks: Track your progress and reward yourself for reaching small milestones.
Studies have shown that tracking progress toward your goal increases the likelihood you’ll achieve it.2 And as you’re tracking, celebrate when you complete a task or hit a mini goal. This creates a positive association in your brain—when progress is rewarded with a pleasant outcome, you’re more likely to keep going!
Spent 30 minutes researching investments to buy? Reward! Put an extra $20 toward your investing goal? Reward! You get the idea.
Bonus tip: Have patience with yourself
If you find yourself getting off track, try not to dwell on it—we all experience this at one time or another. Instead acknowledge it, reflect on it, and set your sights on tomorrow (or next week, or next month).
What matters more in the long run isn’t that you missed a milestone or delayed making moves, but that you started in the first place! Try to get back on track as soon as you can because any progress, no matter how small, can add up over time to create big impact.
Next steps to consider
Make it easier to put aside money to invest by setting up a recurring deposit to your Plynk account.
Still not sure what you'd like to invest in? Plynk gives you options to invest based on your interests.