They say that time flies when you’re having fun, and I can hardly believe that this is my fifth tax year of investing in a Stocks and Shares ISA!
It’s fair to say that I felt nervous about investing in stocks, and as though I didn’t know enough. I knew I had to take the plunge whilst I was young enough to bounce back from any silly decisions, and had time to learn.
My investing style
To refer to ‘my investing style’ makes it sound like something planned out, but its not as planned as I would like! Basically, I’ve invested an amount monthly (between £50 and £200, which has fluctuated based on my employment status) and now and then, topped up with chunks of money.
We’re not talking huge chunks of money, perhaps £500 here, and £1000 there.
The result has been pretty good. We are definitely in a stronger financial position because, for short and medium term planning, we act like the money in investments doesn’t exist. That means we delay purchases for longer and a less tempted to dip into savings for treats than if we held the money as cash.
On the other hand, this isn’t a ‘how I saved a gazillion pounds in 5 years’ article and I want to make larger contributions to ‘future me’.
Investing aim for 2018/ 2019
I’ve decided to set myself a goal for the 2018/ 2019 tax year. The only goal I’ve had to date is to make a minimum monthly fund subscription (£50), which I was really thrilled to be able to make even during the period where I was unemployed in 2016. Fifty pounds is a lot of money to find when you’re down to one person’s income.
I was going to aim for investing £1000 more this tax year than last tax year (without giving specific numbers, you can perhaps tell I’m quite a way off a gazillion pounds yet!), but to push myself that bit further, I’m aiming for £1500 more instead.
Slow and steady wins the race
Investing isn’t just for wealthy business men, contrary to what the media would have you believe. In fact, there’s evidence that women make better investors than men (reuters.com).
It took me a while to find the courage to dip my toe in the water, and once I did, I made very few mistakes (I learned a lesson from the few I did make), and overall my performance far surpasses what I could have achieved in cash savings.
For me, slow and steady is proving to be winning the race.
What’s your approach to investing, are you doing as much as you want to and what is life looking like for your future self?