Investing in ASX shares can be a funny game. Everyone wants to invest more all the time, but it’s often hard to find the extra cash to buy.
Here are a few simple tips to help you save more cash and invest more money in your favourite ASX shares today.
3 easy ways to save more and buy more ASX shares
I think an easy way to start saving more money is to cut up the credit card and shut down any buy now, pay later accounts.
I personally have both of these, but I think they can be a tempting way to spend more money. If you’re looking to save more, removing the temptation of instant purchases with delayed expenses is a good place to start.
If there’s one thing that the coronavirus pandemic has shown me, it’s that cooking at home can save a heap of money. By reducing spending on takeaway and Uber Eats, you can save more cash to invest in ASX shares.
Finally, I think the best way to save more money is to create a detailed budget. Budgets help me focus on where my money is going and target areas to reduce.
Of course, you want to pay yourself first. Once I’ve got an emergency fund setup and have some fun money set aside, I’d look to invest more in ASX shares.
What should I invest in?
Once you’ve got some spare cash, it’s time to decide which ASX shares you want to buy.
If you’re just starting out, I think diversification is the key for long-term success. If I was buying my first shares again, I would probably invest in a broad market exchange-traded fund (ETF) like Vanguard Australian Shares Index ETF (ASX: VAS). This Vanguard fund provides exposure to the S&P/ASX 300 Index (ASX: XKO) and is a great way to get started.
For more targeted exposure, I like the Consumer Staples sector right now. These companies tend to provide more “essential” services and have steadier earnings across the business cycle.
That means I’d look at Coles Group Ltd (ASX: COL) or Bega Cheese Ltd (ASX: BGA) in the current market.
Foolish takeaway
It’s easy to be overwhelmed by the excitement of investing in ASX shares. These are just a few simple tips to help you save more and invest for your long-term future.
Man who said buy Kogan shares at $3.63 says buy these 3 ASX stocks now
When investing expert Scott Phillips has a stock tip, it can pay to listen. After all, the flagship Motley Fool Share Advisor newsletter he has run for more than eight years has provided thousands of paying members with stock picks that have doubled, tripled or even more.*
In this FREE STOCK REPORT, Scott just revealed what he believes are the 3 ASX stocks for the post COVID world that investors should buy right now while they still can. These stocks are trading at dirt-cheap prices and Scott thinks these could really go gangbusters as we move into ‘the new normal’.
Find out the names of our 3 Post COVID Stocks – For FREE!
*Returns as of 6/8/2020
More reading
- How to position your ASX share portfolio for a downturn
- Is another stock market crash coming?
- Why ASX dividend shares are still king in 2020
- Why I would buy Coles (ASX:COL) and this ASX dividend share
- Is the Wesfarmers (ASX:WES) share price a quality buy for ASX dividends?
Motley Fool contributor Ken Hall owns shares of Vanguard Australian Shares Index. The Motley Fool Australia owns shares of COLESGROUP DEF SET. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.
The post 3 simple ways to save more cash to buy ASX shares today! appeared first on Motley Fool Australia.
from Motley Fool Australia https://ift.tt/35xDTu5
Leave a Reply