If you’re looking to grow your money, you could start by investing part of your monthly salary.
Step 1: Calculate what you NEED to live on
Calculate you monthly spend. What do you need to pay all your bills and live comfortably?
Step 2: Make as many spending cuts as you can
The idea here is to increase the amount you have available to invest by spending as little as possible.
Step 3: Put the spare money into a Stocks & Shares ISA
This makes all the gains you get from your investments completely tax free. The maximum amount an individual can put into an ISA is £20,000.
There are a number of excellent companies that can provide you with a stocks and shares ISA.
Step 4: Buy High Dividend Stocks
In blocks of a minimum of £2000, buy stocks and shares that deliver a high dividend yield. At time of writing, yields of around 6% are achievable.
