I’ve never really grasped the world of investments, stocks, and shares, and although I understand why investing could be a good idea, I feel like it would take me a while to get into the groove. But could all these easy-to-use investment apps change my mind about my investing abilities?
Investing your money can both be a great way to grow your money towards things that matter to you the most, but it can also offer long-term returns for your money, meaning that it’s much more beneficial in the long run than just leaving your money in a current account. You might recall an article we wrote a while back about fashion stocks that are worth investing in, and these investing apps will help you invest your money in whatever you want, including fashion brands.
For starters, are stocks and shares the same thing? They’re actually not that different, stocks usually refer to general ownership of any company, whilst shares refer to specific ownership of a particular company. So you can have a collection of stocks, but have shares of a specific company. If a company is doing well, you’ll benefit from their success and vice versa.
Just remember, this type of investment should be regarded as a long-term thing, the value of your investments will go up and down and if you take your money out too early you might not get the most interesting rates. What I mean here is that this should be something you are willing to do for at least a year to truly see a positive result (or get more money out of it), so make sure you don’t change your mind within a few months. Be patient, and see what happens!
Moneybox was the first app I stumbled upon which literally blew my mind. It’s easy to use, aesthetically pleasing and costs £1! The way the app works is that it rounds up all your purchases, from your morning coffee to your late Uber ride from last night, and invests the spare change. So for example, if your coffee is £2.60, Moneybox will invest the remaining 40p rounding it up to £3 into any stocks you would like to invest in. Once you’ve downloaded the app, you’ll have the choice between 3 types of investing methods, from cautious to adventurous, and your money will be invested across thousands of companies via simple tracker funds.
Watch this video to understand how it works:
Wealthify, similarly to Moneybox, was established to make investing easy and accessible for everyone. The app is backed by Aviva, which is one of the most recognized financial services brands, and the investments available via the app are some of the biggest and more innovative companies in the world. The app was designed by a group of investment experts, software engineers, and entrepreneurs. With Wealthify, you can choose how much money you want to invest, from £1 to £1000, it’s completely up to you. You can also take your money out whenever you wish, making it one of the best platforms to invest your money if you’re not 100% sure.
Below are some other great fashion investments you can look into if the world of stocks and shares scares you a little!
Featured images via Unsplash
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